Tokio Millennium Re (TMR) signalled its support for President Obama’s Climate Action Plan, the goal of which is to mitigate the adverse effects of climate change. The re/insurer, whose management has repeatedly indicated a commitment to understanding the risks associated with climate change, recently hosted the 8th Summit on Global Warming and Climate Change in Hamilton, Bermuda.
TMR president and CEO Tatsuhiko Hoshina applauded the plan’s recognition of the private sector’s role in insuring assets and enabling recovery after disasters. TMR also approves of elements of the plan promising to explore best practices for insurers who wish to manage their own processes and investments in order to account for climate change risks, in addition to incentivizing policyholders to take steps to reduce their exposure to these risks.
According to an open letter posted on the company’s website: “TMR has played an active role in understanding global warming and climate change and its implications for the insurance industry. TMR will continue to remain at the forefront of the industry in researching and investigating the potential impact of climate change, with a view to developing strategies and best practices to enhance risk management.”
climate change, TMR, reinsurance