The frequency and severity of natural catastrophes is increasing steadily. The cause, of course, is climate change. The financial impact on the insurance industry has been significant, with assets valued in their trillions put at risk from flooding, hurricanes, wildfires, drought, and more.
Insurers must take action fast. We are already seeing non-traditional players disrupting the property and casualty (P&C) market. In some instances, programs are underway or planned specifically targeting natural catastrophe recovery, with leaders shifting investments into risk modeling and sustainable funds.
As consumers become more environmentally conscious, insurers and their evolving policy offerings can contribute to the way people and communities recover from climate-related disaster and to society’s overall climate resiliency. Our new report Sustainable Insurance argues that insurers are positioned to meet the changing demands of consumers as sustainable practices become key differentiators in an increasingly competitive insurance landscape.
To realise their sustainability ambitions, insurers must focus on six fields of play: strategy, engagement, business models, risk management, green IT & operations, and data.
Learn how P&C insurers can protect and power our journey to a more sustainable world.