While industry momentum against climate change is building, guidance on where specifically to focus innovation efforts, as well as the success of communication between re/insurers and businesses, were both flagged as key areas still being refined and worked through.
These comments came during a panel brought together for an Aon-hosted fireside chat focusing on the prevention and mitigation of climate change, and the roles and responsibilities re/insurers have within it.
“There’s definitely demand,” noted Dr. Bronwyn Claire, Senior Programme Manager, ClimateWise.
“It’s not necessarily always trickling into actions… but the wave is coming.”
Maria Rapin, Chief Executive Officer, Nephila Climate, noted how investor interest in climate change is increasing, and that compulsory disclosures mandated by governments would increase momentum towards greener investments.
“That compulsory element for purchasing risk protection hasn’t been there so far on the climate side, even though we know the risk is out there and it exists,” she said.
“That’s starting to change in the regulatory environment, but also as there’s more pressure from investors, shareholders, stakeholders to do something.”
Rapin added that Nephila Climate was helping investors to understand the impact of climate change on their portfolios, and that the conversations were getting “deeper and more interesting’.
