Climate change is becoming a bigger concern for businesses around the world. Miroslav Petkov and Michael Wilkins at Standard & Poor’s explain that this is because scientific evidence suggests the world will experience more frequent and extreme climatic events in the future, in which companies’ existing insurance and overall disaster risk management measures could prove ineffective.
Petkov and Wilkins say that companies should prepare to be tested, mainly by improving their disclosure to allow for a more thorough assessment of the risks they face to natural catastrophes. By increasing transparency, companies could be incentivised to strengthen their resilience to the impact of climate change. The end result being that the international community, as a whole, is better sheltered.
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