Fla. CFO to Visit U.K. to Discuss Climate Effects on Insurance

Keith Allan, Her Majesty’s Consul General of Miami, invited Florida Chief Financial Officer Alex Sink to meet with British leaders in London in early November.

Sink will meet with experts at the London School of Economics and the Royal Bank of Scotland to learn how climate change presents both insurance and financial risks as well as investment opportunities for Florida. The CFO will also visit the London office of Enterprise Florida.

While abroad, Sink will meet with Lloyd’s of London to discuss the Florida Hurricane Catastrophe Fund and the impact that private reinsurance has in Florida’s property insurance market.

According to Lloyd’s, “The issue of climate change will be vital to the future of the insurance industry. Since the 1960s the number of natural catastrophes has doubled and insured losses increased nearly seven-fold…we must engage better together and that means insurers, business and government working together.”

Sink said, “London is the epicenter of the world’s global financial and reinsurance markets and the United Kingdom is an international leader in analyzing and combating the financial risks of climate change. Florida can benefit from our shared partnership.”

In April, Consul-General Allan presented the United Kingdom’s international perspective on climate change at the Florida Cabinet’s first Climate Change workshop sponsored by Sink and Agriculture Commissioner Charles Bronson.

“I have discussed the impact of severe weather conditions on the insurance sector in Florida with Chief Financial Officer Alex Sink,” Allan said. “The British Consulate-General is delighted to be able to support the CFO’s visit, which we believe will bring real benefits to the people of Florida.”

Source: Florida Department of Financial Services