Mr Carney, 50, who has been head of the Bank for two years, warned that insurers were exposed to each of three types of risks that climate change posed to financial industries: physical risks like floods and storms, “liability risks” from future claims and “transition risks” – financial problems linked to the move to introduce a low-carbon economy.
He added: “The challenges currently posed by climate change pale in significance compared with what might come. The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security.
And I thought the whole point of insurance companies was that they ‘take on’ risk? What next – amandatory insurance for food and water security?