Business Wire

The Geneva Association: Insurance Industry Taking Action in Addressing Climate Change, Although External Hurdles Remain

Jaa

The insurance industry is contributing significantly to building socio-economic resilience to climate change and supporting the transition to a low-carbon economy in their role as risk management experts and investors, although a number of challenges are hindering the industry’s efforts to scale up its contribution, according to a new research report from The Geneva Association, the leading international think tank of the insurance industry.

The report ‘Climate Change and the Insurance Industry: Taking Action as Risk Managers and Investors’ is based on interviews with 62 C-level executives of globally active insurance and reinsurance companies, and offers insights into the role of the insurance industry in addressing climate change adaptation and mitigation.

Anna Maria D’Hulster, Secretary General of The Geneva Association, commented: “The study has confirmed that climate change is a topic that has made its way up to the boardrooms of the insurance industry, although insurers are neither the polluters nor the policy setters. Study participants reported initiatives in three aspects of the business: firstly, the liability side, where the industry already offers specialised risk transfer solutions that address the financial consequences of climate change; secondly, the investment side, where insurers increasingly integrate climate change considerations into their investment strategies; and thirdly, the operational side, where companies are reducing their carbon footprint.”

However, external hurdles hinder the expansion of the insurance industry’s contributions to climate change adaptation and mitigation. For example, the expansion of effective risk transfer solutions is currently impeded by limited access to risk information and lack of incentive to take up insurance due to post-disaster government aid. Additionally, the scaling-up of green investments is inhibited by factors such as a limited capacity of relevant markets to accommodate large-scale portfolio allocations, a need for well-defined asset classifications, and fragmented climate policy and regulatory frameworks.

Furthermore, executives interviewed indicated that climate resilient and decarbonised critical infrastructure represents an opportunity that poses specific challenges for the insurance industry. Insurance companies require risk data to assess such infrastructure projects throughout their lifecycle—from design and construction to operation and maintenance. Additionally they require a stable regulatory and political framework, a robust pipeline of opportunities, and an efficient market.

Dr. Maryam Golnaraghi, Director of The Geneva Association’s Extreme Events and Climate Risk research programme, commented: “Failure to address climate change has been identified as one of the highest potential socioeconomic risks to our society. Building resilience to climate change requires proactive risk management and adaptation strategies, and transitioning to a low-carbon economy needs to align governments and the private sector. The insurance industry plays a crucial role in building resilience and fostering economic and entrepreneurial pathways that address climate change.”

The Geneva Association is putting forward three recommendations to accelerate the contributions of the insurance industry to address climate change:

Recommendation 1: Third party stakeholders such as governments, policymakers, standard setting bodies and regulators across sectors work in a more coordinated fashion to address key barriers that hinder insurers from scaling up their contribution to climate adaptation and mitigation.

Recommendation 2: The insurance industry should continue to institutionalise climate change as a core business issue, expand its contributions towards building financial resilience to climate risks and support the transition to a low-carbon economy by collaborating with governments and other key stakeholders.

Recommendation 3: Governments and the insurance industry should explore ways to support climate resilient and decarbonised critical infrastructure through the industry’s risk management, underwriting and investment functions.

The core of the report is based on interviews with Chief Executive Officers, Chief Risk Officers, Chief Investment Officers and Chief Underwriting Officers from 21 globally active insurance and reinsurance companies, with total assets under management exceeding USD 4.7 trillion and a total premium volume in excess of USD 550 billion in 2016.

ENDS

Full report: Climate Change and the Insurance Industry: Taking Action as Risk Managers and Investors

Research brief: Climate Change and the Insurance Industry

Interviews with the author at The Geneva Association YouTube channel

Contact information

The Geneva Association
Daniel Perez-Whitaker
Director of Communications
+41 44 200 4906
daniel_perezwhitaker@genevaassociation.org
or
Isabel Barratt
Communications Manager
+41 44 200 4996
isabel_barratt@genevaassociation.org

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

CES Asia 2018 Announces Innovation Award Honorees27.5.2018 23:00Tiedote

The Consumer Technology Association (CTA) today announced its Innovation Awards Honorees for CES Asia 2018. Now in its second year, the CES Asia Innovation Awards Program celebrates outstanding product design and engineering in brand-new consumer technology products from CES Asia exhibitors. The program recognizes groundbreaking technologies across 20 product categories, including first-time category artificial intelligence (AI) located primarily in SNIEC, Hall N3 at CES Asia 2018. Additional areas of recognition include augmented reality (AR), virtual reality (VR), content, mobile, vehicle tech, smart home, digital health, wearables and more. CES Asia is a global show with exhibiting companies originating from 23 countries, regions and territories. An elite panel of judges with industry expertise in product design and engineering deliberated on the honorees for this prestigious awards program. The honored products excelled in five criteria: engineering, aesthetics, function and user v

FCF: Greenpeace Allegations Unfair and Deceptive26.5.2018 21:02Tiedote

FCF Fishery, Co. President Max Chou today released the following statement regarding recent misleading Greenpeace human rights abuse allegations made against the company: “We realize that as one of the world’s largest marine products integrated supply chain service providers with more than 30 subsidiaries, fishing bases, and shipping agents around the world, we are a prime target for organizations seeking to garner publicity and those not fully aware of the latest development and improvements that are currently taking place in the fishery industry. However, in their efforts to curb egregious human rights abuses, we believe it is unfair and deceptive to lump our company in with those who condone cruelty and neglect of their laborers. “Although we recognize the meaningful work of Greenpeace in exposing and eliminating human trafficking and sustainability abuses, we are equally disappointed that they are implicating FCF in old incidents and cases that have since been in all instances addr

NBC Universal, Havas Group and Endemol Shine Discuss a Future with AI, Blockchain and VR at IBC201825.5.2018 21:20Tiedote

As is fitting for the home of technical invention and innovation, IBC2018 will present a broad range of ambitious and timely elements to engage, inform and inspire content creators and owners from around the world that will visit the RAI, Amsterdam from 13-18 September 2018. The must-attend event includes fresh inspiring conference themes that will focus on innovative new platforms, audience engagement and interaction/immersion, as well as a wide-ranging exhibition that will encompass all the latest technologies from AI and VR to advanced cloud-based workflows. Registration for IBC2018 is now open at: https://ibc.itnint.com/IBC18/Online/RegLogin.aspx “The media landscape is evolving at an unprecedented rate, with new platforms, technologies and even new realities at our disposal that offer greater opportunities for content innovation and audience engagement,” said Michael Crimp, CEO, IBC. “IBC is preparing an outstanding programme of conference sessions, forums and exhibition features

Pavilion of France at the 16th International Architecture Exhibition – La Biennale di Venezia25.5.2018 12:26Tiedote

The concept for Infinite Places , developed by the Encore Heureux team, led by the architects Nicola Delon, Julien Choppin, and Sébastien Eymard, presents places produced by new and inventive processes that generate architectural processes of value. This exhibition project, which considers the territory as a whole, highlights initiatives on the part of civil society and communities that embody a certain free spirit of experimentation and the possibilities opened up by architecture. These projects are expressions of programmatic freedom and generosity, and they live up to the theme of Freespace adopted by the two commissioners of the 16th International Architecture Exhibition – La Biennale di Venezia, the Irish architects Yvonne Farrell and Shelly McNamara. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180525005191/en/ French Pavilion Venice Architectural Biennale, copyright S. Scher Statement of the curators « Through the I

SIA Acquires Card Processing Businesses in Central and Southeastern Europe from First Data25.5.2018 11:30Tiedote

SIA, a European high-tech leader in payment infrastructure and services, and First Data Corporation (NYSE: FDC), a global leader in commerce-enabling technology, have signed an agreement for SIA to acquire First Data’s card processing businesses in parts of Central and Southeastern Europe for €375 million. In 2017, these businesses generated a combined revenue of approximately €100 million for First Data. This acquisition by SIA provides card processing, card production, call center and back-office services, including 13.3 million payment cards, 1.4 billion transactions, in addition to the management of POS terminals and ATMs. These businesses are primarily located in 7 countries: Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia. As a result of the transaction, SIA will become a leading player in processing and services in the region. The agreement includes the transfer of about 1,400 First Data employees into SIA. “This acquisition is in line with our strategy to

BRIC HOLDING Offers Aimedis – ICO: Germany’s Leading eHealth Platform Goes Public25.5.2018 09:00Tiedote

Since Wednesday, May 16, investors finally have a chance to claim their share of a unique success story, the international market roll-out of Aimedis, by purchasing AIM tokens: AIM tokens are now available with a 20% presale bonus PLUS a 5% early bird-premium only at the Czech investment house BRIC INVEST https://www.bric-holding.com/home_en.html! Aimedis aims to shape the future of healthcare by providing an advanced and fully operational platform, secured by blockchain and supported by AI, that enables patients to take control, secure the exchange of their medical data, access the best healthcare providers, get advice, prescriptions, personal health upgrades and to become part of the health revolution. And we are not talking about the future: The revolutionary Aimedis platform is already deployed as a live working system and is already in use in major hospital groups in Germany! By issuing 300 million AIM tokens at a nominal value of 0,12 USD each, the Aimedis consortium will raise c

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme