German insurer Allianz (ALVG.DE: Quote, Profile, Research) said on Wednesday it was looking at a wide range of business opportunities to help manage the growing risk arising from climate change.
The hurricane season of 2005, which included Katrina in the United States, led to a 15 billion euro loss for insurance companies globally and gave a wake-up call to better manage the growing global risk.
"Climate change is an enormous driver for changes in risk modelling," Armin Sandhoevel, chief executive of Allianz's new climate solutions unit, told Reuters in an interview on the sidelines of a business forum.
"It has become an economic driver for insurance companies worldwide," he said. Sandhoevel's unit was established in August and is looking at renewable energy financing, private equity funds, insurance packages for clean technologies and retail asset management funds....MORE
