Insurance Governance Leadership Network, August 2020
Despite the urgency of COVID-19, insurers are continuing to address a more slow-moving global crisis: climate change. The effects of climate change are already being felt across the globe. Insurers feel its impact in both underwriting losses and changes in asset values, not only from climate effects, but also as a result of the transition to a low-carbon economy. Insurers also face increasing pressure—from policymakers, investors, and employees—to divest carbon-intensive sectors or stop underwriting carbon-intensive activities.
During virtual meetings on June 2 and 9, 2020, IGLN participants discussed how global insurers are managing climate risk. This ViewPoints synthesizes the key points that emerged from both meetings and from conversations with network participants beforehand. It is organized around the following themes:
Responding to evolving climate risks
Mitigating climate change and promoting resilience