In an effort to pin down the costs of global climate change, one of the world’s largest insurers announced yesterday that its research network is joining with San Diego’s Scripps Institution of Oceanography to study the effect of changes in the weather and sea level. Under the arrangement, Scripps will provide climate research to the Willis Group of London and its clients in the insurance industry, which could use the data to assess their exposure to financial risks from rising sea levels or weather-related catastrophes. Stephen Bennett, director of business development at Scripps, said in a statement that the partnership showed that ‘insurers and reinsurers are leading the commercial sector when it comes to considering the impact of climate change on a global scale. No monetary details of the arrangement were disclosed, but Tony Haymet, Scripps’ director, said that partnership with corporate clients such as Willis help make up for reductions in funding from Sacramento. Scripps is an arm of the University of California San Diego, which has been hit hard by state funding cutbacks. The deal between Willis and Scripps comes as insurers scramble to comply with a rule from the National Association of Insurance […]