Insurance Insider (Re)Connect 2021 conference - The hot topic of "ESG"
In a recent post I wrote about everyone’s role in ensuring sustainable future https://www.dhirubhai.net/posts/wishman_ipcc-insurance-esg-activity-6833378050554515456-JVps
Climate change and in particular a path to net-zero is clearly – and finally - moving from a side topic onto the main board agenda.
I was delighted to hear that ESG was a key topic of discussions during this week’s Insurance Insider (Re)Connect 2021 conference Insurance Insider ReConnect
Isabelle Dubots-Lafitte of Odyssey Re reminded us of the severity of European floods that hit Germany and the Benelux in July 2021.?This was a 1 in 500 yrs. event!
Andy Marcell of AON confirmed that boards and investors now ask insurers about the impact of increasing severity and frequency of weather events on their balance sheets
Similarly, Catherine Thomas confirmed that AM Best routinely includes environmental factors in their rating analysis and expect firms to include environment impact in their underwriting and exposure management
Will Roscoe revealed that Beazley was launching an ESG consortium, and a syndicate-in-a-box dedicated to writing ESG risks
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Jan-Jacques Henchoz of Hanover Re reinforced the message that reinsurance had a significant role to play in building a more resilient society in the face of more extreme weather
Critically, John Neal’s statement that “climate change is an opportunity not a threat” we interpret as an opportunity for the insurance industry to demonstrate leadership, guiding clients towards a net-zero transition.
The key question remains though: how do we move from rhetoric to tangible actions towards net-zero?
Lloyd’s has just published the second report in their series “Insuring a Sustainable, Greener Future” launched by Bruce Carnegie-Brown last month.?In “Greener Transport”, www.lloyds.com/news-and-insights/futureset/join-the-reset/greener-transport, Lloyd’s charts a roadmap for action across aviation, maritime, and road transportation.
At CGI, our Ratabase rating engine [Ratabase insurance rating and underwriting software | CGI.com] now includes a range of environmental and climate rating factors, allowing insurers to include ESG factors in their everyday business.
So, in summary the insurance industry does indeed have an important role to play here!
Head of Pre-Sales @ DXC Technology | Innovative Thinker | Driving New Business Growth
3 年Great post Paul - as you mention, we have been doing extensive work on the role #Ratabase has to play in ‘sustainable insurance’ and have been working with Canadian Universities to bring together latest views and trends with regard to climate risk and combine them with our market knowledge. #sustainability isn’t just going to happen… we all have a part to play.