March 2021 - This paper from ClimateWise highlights the role of insurance underwriting in mitigating climate risks and supporting the transition to a resilient net zero economy.
This research showcases the critical role of insurance underwriting in mitigating climate risks and in stewarding the transition to a net zero and resilient economy. Recognising the importance of strong leadership of the UK as President of COP 26 and the G7 in 2021, the paper focuses on the UK’s potential to lead and influence global policy, and serves as a springboard for further ClimateWise engagement and specification of insurance industry opportunities.
Findings
The paper underlines industry expertise in risk management and its contribution to build climate resilience through three key areas, which are data and expertise sharing, insurance products supporting net zero innovation and encouraging sustainable choices. To enable the industry to fulfil its role to full potential, it presents opportunities for policies and regulations, knowledge exchange and collaboration to support consistency, partnership and mainstreaming resilience.
Acknowledgements
The researchers and authors of the report are members of ClimateWise, particularly ABI, Aviva, Corporation of Lloyd’s, RSA, Tokio Marine and Zurich, together with CISL’s Dr Bronwyn Claire, Rachel Austin, Dr Nina Seega and Meng-Lian Li as well as Icebreaker One’s Jannah Patchay.
Citing this report
Please refer to this report as: University of Cambridge Institute for Sustainability Leadership (CISL 2021). The role of insurance underwriting in a changing climate: How policy can support sustainable underwriting
