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Green Building Support From the Insurance Industry Aims to Reduce Environmental Risks From Global Warming
EnvironmentStocks.com Reviews Efforts to Improve Safety of Coastal, Flood and Fire-Prone Areas by Minimizing Risks of Climate Change
| Source: EnvironmentStocks.com; International Barrier Technology, Inc.
POINT ROBERTS, WA and DELTA, BC -- (MARKET WIRE) -- October 25, 2006 --www.EnvironmentStocks.com
(ES), an investor and industry news portal for the cleantech sector,
provides insight into the growing support for 'green' technology by the
insurance arena. Insurers are showing new strategic directions as they
focus on reducing the risks associated with climate change in hopes of
minimizing the occurrence and impact of natural disasters such as fires,
floods, hurricanes, etc. By reducing harmful greenhouse emissions, thus
minimizing global warming, insurers are hoping to minimize losses, but also
establish new revenue channels. The green building arena and its
participants, such as environmentally friendly fire-resistant building
materials manufacturer International Barrier Technology, Inc. (OTCBB : IBTGF ) (TSX-V : IBH ), are looking to benefit from the additional support of
this sector, which is considered to be a driving factor toward future
market growth.
Climate change poses significant risks across the United States, the
consequences of which are often felt in coastal, flood-prone and fire-prone
areas, through escalating degrees of natural disasters. According to a
report from CERES, a coalition of investment funds, environmental
organizations and other public interest groups, 2005 realized near $80
billion worldwide in insured weather-related catastrophe losses.
Historically, the insurance industry has been pivotal in reducing the risks
and improving standards in fire and auto safety, as well as earthquakes,
making their work to minimize the threats associated with global warming a
logical and productive extension of their loss prevention efforts.
In addition, while climate change poses challenges and potential threats,
significant business opportunities have also been created. One area in
particular that will benefit from the support from the insurance arena is
the green building sector. Green building techniques represent major steps
toward reducing the harmful impacts on the environment caused by
traditional energy generation and building operations, and insurance
providers are beginning to reward businesses that incorporate these
techniques. This in turn bodes well for the technology providers who are
already seeing considerable growth in the number of builders incorporating
green building practices and products into their projects.
Fireman's Fund Insurance recently announced new coverage aimed at promoting
green building with the introduction of Certified Green Building
Replacement and Green Upgrade products. While conventional policies cover
building restoration to its original condition, Fireman's Fund is now
providing products that will enable commercial property owners and managers
to rebuild and replace using green alternatives.
By working closely with the U.S. Green Building Council's LEED program and
the Green Building Initiative's Green Globes program, Fireman's Fund
Insurance hopes to align their coverage with these key certification
processes.
One of the consequences associated with climate change is the growing
incidence of fires resulting from warmer weather and ensuing droughts.
International Barrier Technology (OTCBB : IBTGF ) (TSX-V : IBH ), a developer
of environmentally friendly fire-resistant building materials, has seen
first-hand the increased focus on fire protection, but also the growth
within the building industry for environmentally safe products. Having the
insurance industry providing further support for green building products
will no doubt boost demand as the insurers put their climate strategies to
work.
"Historically, building practices have been dictated primarily by Model
Building Codes, such as the International Building Code (IBC), which is
administered all over the U.S. by the International Code Council," reports
Dr. Michael Huddy, President of International Barrier Technology.
"Recently, however, insurance companies have taken on a more active role in
specifying building practices that may be even more stringent and demanding
than that referenced in building codes, especially in areas that are prone
to natural disaster such as hurricanes or wildfires. While this has been
done primarily to help insurance companies minimize their risk when they
offer policies in areas that are prone to greater loss of property and
life, it may also help direct the building industry in ways that in the
long run will help mitigate further climatic change."
Insurance giant American International Group, Inc. (AIG) has also
proclaimed its focus on reducing the impacts of global warming, but
identifies climate change mitigation as a strategy for generating
additional revenue rather than merely a loss reduction technique. Through
its various divisions, AIG plans on investing in projects and technologies
that contribute to the reduction of greenhouse gas emissions, which are
considered to be the major cause of global warming.
As the benefits of clean energy and environmentally friendly products and
technology continue to represent viable solutions for reducing damage to
the environment, it has also become a loss prevention and revenue-producing
strategy for insurers and businesses. With natural disasters continuing to
pose serious threats financially and physically, it is anticipated that the
support from insurers for reducing harmful emissions will grow even
further.
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Featured Clean Tech Sponsors: (The ES portal is compensated by Barrier as
disclosed in disclaimer below)
International Barrier Technology, Inc. (OTCBB : IBTGF ) (TSX-V : IBH )
For More Info: www.environmentstocks.com/Companies/IntlBarrier/Default.asp
or
www.intlbarrier.com.
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