Date:18.05.2016, 20:35 While climate change creates growing threats to the global economy, it also represents new opportunities for the insurance industry to demonstrate its leadership while also bolstering its bottom line. The business rationale for insurers to develop and promote climate risk resiliency is compelling, and there is a strong need for the industry to play a role. This in turn will reduce the need for insurers to retreat from exposed regions, leaving governmentand in turn, taxpayersto bear the full cost of future damages. 2. BUILD COMMUNITIES TO LAST. But in the case of rapid and unprecedented climate change, historic weather patterns may not always be reliable predictors of future conditions. Insurance companies will need to re-assess their risk exposure based on new and emerging climate data, and share these findings with regulators and policyholders. By developing new products and underwriting emerging clean energy developments such as wind farms and solar power arrays, insurers have an opportunity to not only speed up the transition to a low-carbon economy, but profit from it as well.
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