The re/insurance industry is proving to be a powerful enabler in mitigating the effects of climate change, and has been spurred on by the shortcomings of government action, according to Andreas Berger, CEO of Swiss Re Corporate Solutions.
Berger noted that the industry has been accelerating its investment in low-carbon initiatives following the disappointing outcome of events such as the UN’s COP25.
Swiss Re Corporate Solutions in particular expects to see increased demand for sustainability solutions amid growing pressure from stakeholders, governments, and regulators.
According to Berger, the company is helping clients to safeguard their commitments to sustainability goals through initiatives such as the Solar Revenue Put that it offers in cooperation with kWh Analytics, which provides insurance coverage for solar production and revenues.
It also aims to provide more holistic value propositions to help its customers better understand their sustainability risks and leverage parametric capabilities.
And finally, when it comes to managing business in sustainable ways, Berger said that Swiss Re and Corporate Solutions aim to set an example for other companies, for example through its ESG benchmarking in asset management and its Sustainability Risk Framework.
“Despite the actions of some of the world’s most influential business and political leaders, we have a long way to go to achieve a carbon-neutral world,” Berger said.
“At Swiss Re Corporate Solutions we’re focusing on helping corporates transition to a net-zero emissions world – and our reputation as a strong partner in the renewable energy ecosystems is growing.”
Other solutions by Swiss Re Corporate Solutions that aim to help mitigate climate change include parametric windstorm coverage for a Green Bank in the US, whose investors were concerned about hurricane damage to rooftop solar panels.
Swiss Re also provides capacity for the construction and operation of the offshore St-Nazaire Wind Farm in France, and has insured more than 60 offshore assets that provide renewable energy.
