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New ClimateWise Insurance Advisory Council to engage global regulators on climate risk

last modified Oct 05, 2016 04:20 PM
3 June 2016, supplemented 4 July 2016 – ClimateWise, the insurance industry leadership group facilitated by the Cambridge Institute for Sustainability Leadership announces members for its new ClimateWise Insurance Advisory Council.

ClimateWise, the insurance industry leadership group facilitated by the Cambridge Institute for Sustainability Leadership (CISL), is delighted to announce the launch of the ClimateWise Insurance Advisory Council (“The Council”) to progress the industry’s response to the zero carbon, climate-resilient transition.

The Council builds on the growing momentum following the COP 21 global agreement reached in Paris in 2015 that limited planetary temperature rises to below 2C. Parallel to the COP 21 process, the UK’s Prudential Regulation Authority (PRA) also published a landmark report, ‘The impact of climate change on the UK insurance sector,’ highlighting how insurance faces a variety of physical, transition and liability risks. This prompted the senior leadership of ClimateWise’s membership to call for the establishment of The Council – to ensure that regulators fully understand the challenges and opportunities associated with the zero carbon, climate-resilient transition, to identify where insurance can support other parts of the financial system in its response to climate risks and to inform other insurance and industry bodies on such a response.

The Council will be chaired by Maurice Tulloch, Chair of ClimateWise and Chairman, Global General Insurance, Aviva. The first meeting is scheduled for November 2016 and will convene twice a year.

Maurice Tulloch states:

“The insurance industry has a collective responsibility to become more systemic in our response to climate risk across the global financial system and I’m delighted to name today the members of the inaugural ClimateWise Insurance Advisory Council to drive this vision forward. The Council is designed to be a regular forum for the global insurance industry, and its regulators, to work together and I look forward to working with these industry leaders to tackle the challenges and opportunities ahead of us.”

Founding members of the ClimateWise Insurance Advisory Council are:

  • Maurice Tulloch, Chair of ClimateWise & Chairman, Global General Insurance, Aviva
  • Jon Dye, CEO, Allianz UK
  • Dominic Christian, CEO, Aon UK Ltd & Executive Chairman of Aon Benfield
  • Charles Philipps, CEO,  MS Amlin & Executive Officer of Mitsui Sumitomo Insurance (MSI)
  • Alex Hindson, Chief Risk Officer, Argo Group
  • Huw Evans, Director General, Associate of British Insurers (ABI)
  • Ricard Wennerklint, CEO, If…
  • John Parry, Chief Financial Officer, Lloyds
  • Steve Weinstein, Group General Counsel & Chief Compliance Officer, Renaissance Re
  • Eric Drattell, Senior Vice President & General Council, Risk Management Solutions (RMS)
  • Scott Egan, Group Chief Financial Officer, RSA Insurance Group
  • Martyn Parker, Chairman, Global Partnerships, Swiss Re
  • Charles Franks, Group CEO , Tokio Marine Kiln
  • Rowan Douglas, CEO for Capital, Science & Policy Practice, Willis Towers Watson
  • Stephen Catlin, Executive Deputy Chairman, XL Group plc
  • TBC, Zurich UK General Insurance

The terms of reference for the ClimateWise Insurance Advisory Council can be accessed here.

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Notes to editors

  • The first meeting is scheduled for November 2016 in London.

About ClimateWise

ClimateWise is a global network of over 30 leading insurance companies united by concern for climate change and the risks it presents to both society and the insurance industry. The insurance industry has considerable resources at its disposal in framing a collective response to climate change. As such, ClimateWise members participate in action research collaborations, to help inform their response to climate change, and annually report on the integration of the six ClimateWise Principles across their business activities.  

www.cisl.cam.ac.uk/climatewise

About the University of Cambridge Institute for Sustainability Leadership

The University of Cambridge Institute for Sustainability Leadership (CISL) brings together business, government and academia to find solutions to critical sustainability challenges. CISL provides the secretariat to the ClimateWise. Decisions of the ClimateWise do not necessarily represent the policies or positions of CISL or of the wider University of Cambridge.

www.cisl.cam.ac.uk