ClimateWise supports the global insurance industry to respond to the opportunities associated with the zero carbon, climate-resilient transition.
ClimateWise is a global network of leading insurers, reinsurers, brokers and industry service providers united by a vision to build resilience to the risks and capitalise on the opportunities of the transition to a zero carbon, climate-resilient economy. The Platform is convened by the University of Cambridge Institute for Sustainability Leadership (CISL), which provides ClimateWise's Secretariat.
Members identify and actively address gaps in the knowledge on how the insurance industry can positively respond to the challenges and opportunities associated with transition.
3 June 2016 – New ClimateWise Insurance Advisory Council to engage global regulators on climate risk
Aware of the important role the financial system and its regulators need to play during a successful transition to a zero carbon, climate-resilient economy, the Council seeks to build on the momentum built following the global agreement reached at COP-21 in Paris last December to cap planetary temperature rises to below 2C.
Read the speech given by Maurice Tulloch, Chief Executive Officer, Aviva UK General Insurance and Chairman of ClimateWise.
The speech was given at the Energy and Climate Intelligence Unit event, hosted by Aviva London, which marked the launch of ClimateWise’s Annual Review 2015.
Insurers actively considering, responding to and disseminating their response to climate change are highlighting their commitment to maintaining a resilient and therefore profitable business over the long term.
In the Cambridge Institute for Sustainability Leadership report on insurance, Fellow Dr Ana Gonzalez Pelaez called for access to insurance within emerging markets to be accounted for by regulatory environments in order to aid sustainable development.
However, from an insurance perspective, operating in emerging economies presents many challenges – requiring insurers to have to rethink insurance for these markets.
AXA, one of the world’s largest insurance companies, has made a bold commitment to divest €500 million from coal and increase its investments in clean energy by €3 billion by 2020.
It is unlikely to be the last announcement by the insurance industry on this topic in coming months, and a lot of emphasis will undoubtedly be placed on the divestment aspect of this commitment, but how significant is it really?