Zurich Resilience Solutions, the commercial risk advisory and services unit of Zurich Insurance Group, has joined forces with KPMG Switzerland, a prominent professional services firm, to provide cutting-edge advisory services addressing the multifaceted challenges posed by climate change.
Initially available in Switzerland, this strategic collaboration will soon extend its reach to encompass markets across Europe, the Americas, and the Asia Pacific regions.
The world is witnessing a surge in the frequency, duration, and severity of extreme weather events, posing an escalating threat to both businesses and communities worldwide.
Concurrently, consumer preferences are tilting towards climate-friendly products and services, while investors and regulators are intensifying their demands for sustainable business practices and transparent reporting from corporations.
In this ever-evolving landscape, businesses must confront not only the physical climate risks but also the transition risks, including policy changes, reputational impacts, and shifts in market preferences, norms, and technology.
A holistic approach to climate change risk management is essential, allowing companies to safeguard their assets, operations, employees, and the communities they serve, all while adhering to pertinent reporting standards, frameworks, and regulations.
The newly forged collaboration seamlessly merges Zurich Resilience Solutions’ prowess in physical risk assessment with KPMG’s expertise in transition risk assessment. This synergy equips businesses with the tools to comprehensively comprehend and mitigate their climate-related exposures.
Moreover, it enables them to enhance their physical and operational resilience, develop strategies for transitioning to a low-carbon economy, and capitalise on opportunities arising from this transformation.
At the core of this collaborative effort lies a tailored climate scenario analysis, designed to pinpoint critical exposures and gauge financial impacts throughout the entire value chain.
This empowers businesses to assess and implement adaptation and mitigation measures, fortifying their strategies for natural hazard-related loss prevention, long-term climate change-related investments, and regulatory sustainability reporting frameworks.
Sierra Signorelli, CEO of Commercial Insurance at Zurich, expressed her enthusiasm for the partnership, stating, “Our collaboration with KPMG exemplifies our commitment to leveraging our capabilities to assist customers worldwide in tackling the challenges of climate change. By working hand in hand with a like-minded organization that shares our values and combining our strengths, we can make a more substantial impact and drive meaningful change toward a more sustainable future.”
Marc Gössi, Global Client Lead Partner at KPMG Switzerland, emphasised the critical nature of climate risk management in the present landscape, asserting, “Effective climate risk management has become a paramount concern for businesses. The imperative lies in bolstering resilience across the entire value chain. By bringing together Zurich’s formidable physical risk capabilities and the specialized expertise of KPMG professionals, we empower our clients to make judicious and sustainable choices, underpinned by a comprehensive climate risk assessment that takes into account the broader picture.”
