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Setting a benchmark for the insurance industry’s contribution to a resilient low carbon economy

last modified Apr 30, 2015 02:20 PM
15 December 2014 – Following the UN Climate Change negotiations in Lima last week, the contribution of all economic stakeholders, to addressing climate risk and encouraging strong national targets for action has never been more important. As Maurice Tulloch, the Chair of ClimateWise says, “Put the world on course for a strong climate change agreement in Paris 2015, or risk undermining our economies and making industry uninsurable.”

Insurance Industry benefits graphic

The ClimateWise Principles are the only international standard tailored specifically to the Insurance sector and adherence to these Principles demonstrates a commitment to orientate business practice towards a resilient low carbon economy.

This is the first independent review of business practice against the Principles, under the revised performance measurement approach, which incentivises a move towards monitoring and evaluating the materiality and impact of actions. This makes it easier for companies to manage risks and identify business opportunities while more clearly articulating value both internally and externally to stakeholders.

The rating agency Standard & Poor’s says, ‘Compliance with ClimateWise Principle 1 – ‘Lead in Risk Analysis’ can help to inform our rating analysis with regards to competitive position, capital adequacy, earnings and enterprise risk management.’

As a leadership group ClimateWise aims to continually drive best practice and work with others to collaborate to find ways forward to systemic challenges in our economies. This report sets out innovative examples of research, risk management and investment practice, amongst the insurance industry, that should become increasingly relevant indicators of progress towards a low carbon resilient economy. 

Read the summary of the ClimateWise Independent Review 2014 (20 pages)

Read the full ClimateWise Independent Review 2014 (48 pages)

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