Reinsurance News

AXA and Capco partner on climate-related risk management and reporting solution

9th June 2023 - Author: Luke Gallin

AXA Hong Kong and Macau, part of global insurance group AXA, has entered into a strategic partnership with technology and management consultancy firm, Capco, to enhance data-driven climate risk assessment and reporting.

financial-climate-riskThe new collaboration brings together AXA’s proprietary climate risk models with Capco’s climate consulting expertise for risk assessment, in an effort to assist companies as they try to meet new climate risk reporting requirements.

The idea is to offer a comprehensive climate-related risk management and reporting solution to financial institutions and other organisations.

Mandatory ESG reporting regulatory requirements are on the rise, and this partnership aims to provide a solution for both corporates and firms across numerous industries that are looking to meet their climate disclosure obligations.

“At AXA, ‘protecting what matters’ is the mission that drives our innovation to help customers better manage risks. We are committed to supporting the fight against climate change, and are excited to be the first insurer to provide this comprehensive proprietary climate risk management and reporting solution to companies in Hong Kong, in partnership with Capco, to live out our commitment to become a true partner to our customers,” said Sally Wan, Chief Executive Officer (CEO), AXA Greater China.

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The pair explain that the partnership will draw on Capco’s experience in helping clients build out their data-driven climate competencies and AXA’s depth and breadth of physical climate risk assessment coverage and capabilities.

Clients will be able to comply with evolving regulatory requirements, establish enterprise-wide climate competence, and overcome the key challenges posed by today’s fragmented climate data landscape.

Chelsea Jiang, Chief Technical and Innovation Officer, General Insurance, AXA Greater China, commented: “While ESG reporting can be complex to navigate, calls for enhanced ESG transparency have reached an unprecedented volume. We are very delighted to join hands with Capco to provide scientific quantitative insights and risk management recommendations to support companies in Hong Kong on their ESG disclosure effort, which is critical to their future success.

Capco’s CEO, Lance Levy, added: “Climate change sits front and centre on the corporate agenda, with the pressure mounting to ensure compliance with increasingly stringent climate disclosure regulations. The Hong Kong stock exchange’s recently announced consultation around mandatory climate-related disclosures for listed companies underlines how the stakes are rising fast in the ESG regulatory space. By bringing together AXA’s expertise in climate modelling and high-quality data with Capco’s expertise in building climate competencies, we are empowering companies to better measure, assess and report both their climate risks and the financial implications of those risks.”

“It is key that institutions have the best tools at their disposal to navigate the more onerous compliance landscape we now see emerging with confidence and assurance. We greatly value this opportunity to partner with AXA and look forward to working with them on this important initiative,” said James Arnett, APAC Managing Partner of Capco.

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