Can insurers keep their climate promises?

With COP30 set to begin in Belém, Brazil next week, Bethany Thomas, head of sustainability at Allianz, outlined the kinds of net-zero pledges being made across the sector.

“Our approach is always evolving and developing. For us our underwriting portfolio decarbonisation targets are the new kid on the block and the newest targets included in our commitment, which really demonstrates we are constantly recognising, evolving and developing our approach,” she said.

Peter Wassell, technical director for repair solutions at Sedgwick, noted insurers are increasingly looking for data from businesses like his in order to evidence carbon reduction pathways and support their net-zero strategies.

Meanwhile, Judith Neumann, global head of industry advisory for sustainability and climate resilience at Guidewire, pointed to growing regulatory demands leading to comprehensive sustainability reporting and even the inclusion of nature on balance sheets and underwriting policies.

On what policyholders expect from insurers when it comes to climate change, Dominic Probyn, director of climate risk advisory at Aon, observed: “They are more concerned about how an insurer can help them now, either to address issues arising from climate particularly around weather and how that has become more volatile or ways in which the insurance industry can help them make investments in the transition more confidently.”

The discussion also explores the influence of regulators, political figures such as US President Donald Trump, and climate activists on the industry’s climate agenda.

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