One year ago today, Hurricane Katrina formed in the Atlantic Ocean. Within a week, it became the nation's worst natural disaster, causing $45 billion in insured property losses. Since Katrina and the record number of hurricanes that followed, the insurance industry has raised rates and pulled back coverage along the East and Gulf Coasts. But is this a sustainable strategy? A new CERES Report released on Tuesday estimates that the insurance industry has turned down $3 billion in premium renewals rather than face the risk of added losses.

Making matters worse, global warming is implicated in spawning not only more intense hurricanes like Katrina, but also in exacerbating a range of other weather-related disasters, including drought, wildfire, floods and life-threatening heat waves -- all of which have hit portions of the country this summer. Instead of remaining passive in the face of rising damage claims, the insurance industry is becoming more proactive. The Ceres report highlights dozens of ways that the industry is starting to address global warming by encouraging actions that cut down on greenhouse gas emissions. These range from reducing insurance premiums for "green buildings" and people who drive their cars less to providing insurance for new alternative energy and energy-saving projects.

The takeaway point of the study -- and a Fortune article written yesterday by Mark Gunther -- is that addressing global warming can be smart and profitable for companies that are looking ahead, while those who ignore the problem are as vulnerable as those who think they can ride out a storm like Katrina.

Do you believe the insurance industry is doing an effective job managing climate change? We welcome your thoughts.