Insurance in the Anthropocene

Guy Fraser Insurance, Market Insight

How sustainable insurance can solve the insurance industry’s talent crisis

The world’s climate is at a tipping point. Experts agree that even with the most recent Paris agreement pledges, temperatures are on track to rise by more than 3 degrees Celsius as detailed in a new report from the United Nations’ Intergovernmental Panel on Climate Change (IPCC). Furthermore, atmospheric CO2 levels are the highest they have been in three million years and 11% of the world’s population is currently vulnerable to climate change impacts such as droughts, floods, heatwaves, extreme weather events and sea-level rise.

In 2014, Lloyd’s of London, the world’s oldest and biggest insurance market, called on insurers to take account of climate-change risk and more recently posted losses for the second successive year as extreme weather events pushed claims to £19.7bn in 2018. 

Clearly, climate risk poses an existential threat to the insurance industry and long term it is arguably critical insurers prioritise Environmental, Social & Corporate Governance (ESG) and Sustainability above other risks such as data governance and cyber security. Afterall, what’s the point of insuring a building if it’s going to be underwater in 20 years’ time? 

What Has This Got To Do With Talent?

Please fill out your details below to download our article which explores how adopting a sustainable business model and embedding ESG into underwriting and broking processes can solve the sector’s talent crisis.

The article will also consider:

  • The damage expected from climate change
  • ESG and Sustainability in the insurance sector today
  • How insurers can embed ESG & Sustainability into daily operations (beyond just CSR and good PR.)

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