Climate Hub
The Sustainable Insurer’s Climate Hub examines steps insurers can take to help address climate mitigation and adaptation challenges and identifies four key areas in which the industry can make a positive contribution to the challenges facing the world.
Reducing Emissions
- Industry must make quantitative progress in reducing carbon emissions
- Methodologies and frameworks will need to be in place to measure this progress
- Carriers must ensure clients have robust low-carbon transition plans before allocating capacity
Enabling Transition
- Brokers and carriers can work with clients to help firms manage their journey to net zero
- “Stick and carrot” approach can help change behaviour as economy transitions away from carbon
- Industry can develop products which enable the development of new technologies for low-carbon future
Building Resilience
- Solutions to close information gap can help industry develop risk transfer tools that help build societal resilience
- Innovative parametric tools can play important role in reducing economic hardship following climate-enabled events
- By “building back better” the industry can help create a more resilient society
Educating Society
- Industry can help communities understand, prepare for and reduce climate-related risks
- Initiatives can help educate client base and guide them through their own path to net zero
- These measures will in turn help reshape perceptions of the industry and potentially attract new talent
Reducing Emissions
Insurance-backed credits: an innovative step in the evolution of the carbon markets
ShareAction report slams “vague and lenient” fossil fuel underwriting restrictions
Activists lobby Lloyd’s insurers to follow Zurich’s oil and gas exclusions
Zurich to ban underwriting of new oil and gas extraction: reports
Lloyd’s confirms plans to finalise three-year sustainability roadmap
CarbonPool aims to establish carrier using carbon as balance sheet
Tokio Marine introduces transition plan requirement for ~70% of portfolio emissions
Oka brings first insured biochar credits to market
Rising demand for specialist carbon cover for corporate offset programmes: Chaucer
“Moral duty” of marine insurers to spur decarbonisation: Atrium paper
Report unveils insurance industry’s involvement in “climate chaos” gas terminals
Axa’s Powell: Unlocking the circular economy through insurance products
Enabling Transition
Building Resilience
IDF welcomes Axa, Scor and MMC to disaster risk reduction taskforce
IDF aims to mobilise insurance investments in resilient infrastructure projects
Swapping debt for nature can help drive an equitable transition to net zero
ARC expects to make four insurance payouts for drought season in southern Africa
PCRIC receives €10mn funding injection from BMZ under Global Shield
IDF issues “unprecedented call to action” to scale resilient infrastructure investment
Looking ahead to COP29: Insurers look to gain further ground in adaptation role
WTW secures USAID funding for “Resilience Wrapper” parametric pilot
Floodbase announces Mozambique and Malawi for parametric flood program pilot
ASR launches Africa and Middle East-focused parametric partnership
ARC unveils $11.7mn collab with US govt to expand parametric coverage in Africa
Lloyd’s signs MoU to encourage renewables and nature development in Sierra Leone