GCU joins worldwide study into the future of eco-friendly insurance.

10 December 2009

Some of the world's most respected academics took part in the UN backed survey

Some of the world's most respected academics took part in the UN backed survey

RESEARCHERS from Glasgow Caledonian University have contributed to the first-ever global survey into the impact of climate change on the £2.5trillion insurance market.

GCU, Oxford and Cambridge, were the only UK universities to take part in the United Nations backed study.

Global insurers, who currently control assets worth trillions of pounds, joined leading academics to focus on the industry’s approach to climate risks.

The 100-page plus final report was based on more than 2700 pages of data from 60 countries across the planet.

It was published ahead of the pivotal UN climate summit in Copenhagen, Denmark, and called on insurers to play a more active role in the world’s transition to a cleaner, greener economy.

John Hood, senior lecturer at Caledonian Business School, said: “It was an honour to be invited to participate in this research and I believe that it is a strong reflection of the high reputation that Glasgow Caledonian University enjoys in the areas of insurance and financial services teaching and research.

“All of the participants in the academic working group were from prestigious institutions in both the US and Europe, including Fox Temple School of Business (USA), the University of Karlsruhe (Germany) and the Universities of Oxford and Cambridge.

“The work involved a high level of engagement with both other members of the academic working group and also the insurance industry working group.

“The outcome of all of this engagement, and the primary research, is a comprehensive report in, what has hitherto been, an under-researched area.”

Achim Stelner, Under-Secretary-General and Executive Director, United Nations Environment Programme, said: “This landmark report is a testament to the fundamental role of the insurance industry in sustainable development.

“Today, the risk landscape is rapidly evolving, spawning new and complex risks that threaten our increasingly scare nature-based assets and undermine our common future.

“Steering the global economy onto a sustainable path and delivering a Global Green New Deal is not about sentiment, but about hard economics, real choices and a new compass for delivering genuine wealth creation.”