A leading group of insurers would appear to have integrated climate change into “business as usual”, according to the latest review of ClimateWise members from PricewaterhouseCoopers (PwC).
Over the past five years, the 27 world-leading insurance companies that make up the ClimateWise membership have made significant advances in research and data used for modelling risk.
In addition, they have had considerable engagement with policy makers, highlighting where green investments could save costs for insurers and reduce risks for consumers in the future.
Commenting on the findings, PwC’s partner, sustainability and climate change team, Jon Williams, says: “Insurers can be seen as both drivers of change to reduce the risk and an industry that helps rebuild and protect local communities in times of difficulty.”
However, Mr Williams believes insurers need to do more to embed climate change into their underwriting processes, pricing and capital management whilst at the same time developing new products and services that respond to an increasing level of crises.
He adds: “This is particularly the case in developing markets, where the impact of climate change is potentially greater and needs to be better understood and managed.”
Category: Insurance News