How can ESG data help insurers reduce climate risk?

Climate change is one of the greatest, long-term risks facing the insurance sector.

The Association of British Insurers [ABI] has been vocal about climate change impact and the action needed. As reported in the ABI’s Climate Change Roadmap 2022*, the UK insurance and long-term savings sector is committed to reaching Net Zero by 2050 and to the global target of a 50% reduction in emissions by 2030.

It aims to reach Net Zero within its own directly controlled operations by 2025 and by 2030, it aims to have engaged proactively with suppliers, to include supply chain emissions within the scope of the sector’s target of reducing overall emissions by 50%.

The industry recognises it has a key role in providing the scaled investment capacity that will be needed to phase out carbon-intensive activities and replace them with sustainable and renewable innovations.

A wider role in helping customers and stakeholders to adapt to a changing climate, helping them take action to reduce emissions, mitigate the impact of temperature rises and become more resilient to the effects of a changing climate also forms part of the road map.

This content focuses on how insurers can contribute to a greener future by leveraging ESG data to reduce climate risk, whilst simultaneously boosting the sustainability of clients’ portfolios.

Topics covered include:
• Greening the bottom line - how insurers are transforming risks into opportunities.
• Beyond compliance - insurers drive climate objectives through strategic ESG integration.
• Claims management & ESG principles - what is changing?
• Supply chain monitoring to manage new risks.