Climate change poses a significant and enduring threat to the insurance sector.
However, insurers have the opportunity to play a crucial role in steering towards a more environmentally conscious economy. By prioritizing sustainability in their day-to-day activities and adopting responsible investment and asset allocation strategies, insurers can actively contribute to fostering positive change.
Furthermore, insurers are in a unique position to extend their influence beyond their internal operations, actively participating in initiatives aimed at minimizing climate risks.
With an annual contribution of £32 billion to the UK economy, the insurance sector, with its widespread connections to households and businesses, has the potential to motivate and support transformative actions. Through education and innovative insurance cover, the sector can encourage sustainable decision-making, ultimately contributing to a greener and more sustainable future.
The Association of British Insurers (ABI) has been actively addressing the impact of climate change and advocating for necessary actions. As outlined in the ABI's Climate Change Roadmap 2022*, the UK Insurance and Long-term Savings sector is committed to achieving Net Zero by 2050, aligning with the global objective of a 50% reduction in emissions by 2030. The sector aims to achieve Net Zero within its own directly controlled operations by 2025. By 2030, it also aims to proactively engage with suppliers, incorporating supply chain emissions into the sector's goal of a 50% overall reduction in emissions. Recognizing its important role, the industry acknowledges the responsibility to provide significant investment capacity to phase out carbon-intensive activities, replacing them with sustainable and renewable innovations.
Topics covered include:
- Greening the Bottom Line: How Insurers are Transforming Risks into Opportunities
- Beyond Compliance: Insurers Drive Climate Objectives Through Strategic ESG Integration
- Claims Management & ESG Principles. What is Changing?
- Supply Chain Monitoring To Manage New Risks.
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