Reinsurance News

Zurich adds climate change to natural hazards risk advisory service

17th September 2020 - Author: Luke Gallin

Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future.

Zurich’s newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks.

Climate change is consistently viewed as one of the risk transfer industry’s biggest challenges and opportunities, and is increasingly on the minds of risk managers at companies of all shapes and sizes.

As highlighted by Zurich, in this year’s edition of the World Economic Forum’s Global Risks Report, the top five most likely exposures to impact businesses over the next ten years were all environmental.

The insurer states that its new Climate Change Resilience Services looks to tackle these issues by providing a broad set of solutions that reach beyond insurance, and help to protect businesses and employees.

Gabrielle Durisch, Head of Sustainability for Commercial Insurance, commented: “We have invested in technology and expertise to provide customers with tailor-made advice and tools that help them strengthen their resilience and prepare for future challenges. The scope of the new offering sets Zurich apart and underscores our commitment to sustainability and a 1.5°C future.

“As we undertake our own journey to sustainable business practices, we are encouraging and supporting our customers to become more sustainable and mitigate climate change related risks.”

Users are able to utilise Zurich’s risk engineering expertise in the interplay of natural hazards and climate change, and improve their resilience through physical and operational measures alongside insurance solutions.

Customers are able to map exposures along their value chain, for their global or regional operations, specific sites or even vital pieces of equipment, explains Zurich.

Furthermore, the insurer offers mitigation and adaptation solutions for these risks, which could range from weather events such as wildfires, to climate effects, such as temperature and sea-level rise. Additionally, it offers guidance of how to implement sustainability measures at site level, while maintaining the ability to withstand risks, says Zurich.

“The expansion of Zurich’s existing natural hazards risk advisory service to include climate change services is part of the Group’s ongoing commitment to provide security through insurance coverage while proactively building resilience together with customers. This includes sharing expertise, limiting the impact of adverse events on operations, and ensuring the safety of employees and businesses,” explains the company.

In June of last year, Zurich committed to setting new climate targets in line with the framework of the UN Global Compact Business Ambition Pledge, which aims to limit the rise in global temperatures to 1.5°C.

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