Alix Pearce’s Post

"#Extremeweather costs Aussies $4B annually and is set to rise to $35.2B by 2050, widening the gap between those who can afford insurance in high-risk areas and those who can’t. Australia’s general insurers cover 88M policies, protecting against worsening #bushfires, #cyclones, and #floods. This report underscores the urgent need for resilience and a strong transition plan."

Interested in thoughts here. The report sets out “what it takes to become a net-zero underwriter" and basically says measure your current emissions using the GHG Protocol/PCAF standard, rule a line to zero at 2050 and Bob’s your uncle. Much of the heavy lifting will be done by the decarbonisation of the grid and the shift to EVs anyway. It does state that underwriters should be “Engaging with clients and potential clients, particularly those with the most GHG-intensive and GHG-emitting activities, on their decarbonisation strategies and net-zero transition pathways”, but engagement is not a credible theory of change. The report does not specifically address fossil fuel underwriting except for the actions of some individual Insurance Council of Australia members as case studies. Does this go far enough? According to the IEA’s Net Zero by 2050 scenario there is no room for new fossil fuel development that is compatible with limiting global warming to 1.5C. Underwriting is an important enabler for fossil fuel project development, and while we can argue demand versus supply there is no doubt that underwriting fossil fuel expansionary capex today bakes in catastrophic climate change over decades to come. It's a good report - but I think they can do better.

🌍 We’re delighted to see Insurance Europe highlight the crucial role of insurers in promoting loss prevention and climate adaptation. Beyond simply providing coverage, insurers drive resilience by raising awareness in policyholders to incentivize measures like flood barriers or hailstorm-resistant materials. These actions not only mitigate losses for insurers but are essential for ensuring the affordability of premiums and maintaining insurability. 🇪🇺   At ClimateCharted, we take this a step further by helping insurers promote certified adaptation measures and accurately quantify their impact on premiums. By connecting adaptation directly to pricing, we ensure risks remain insurable while encouraging proactive measures to protect lives and properties. ☔   Together, let’s build a climate-resilient future where insurance is a key enabler of both adaptation and speedy recovery. 🚀 #AdaptationInAction #ClimateResilience #InsuranceInnovation ANIA European Insurance and Occupational Pensions Authority (EIOPA) IVASS - Istituto per la Vigilanza sulle Assicurazioni

What must we do – and what role does the insurance industry play - to protect communities against the devastation caused by #climatechange? As the UN’s #COP29 climate talks come to an end, Europe’s #insurance industry reaffirms its commitment to playing its part in fighting climate change. A key focus is supporting the EU’s ambitious goal of achieving a carbon-neutral future. It is clear we must radically cut carbon emissions to avoid catastrophic temperature rises. Mitigation efforts alone are not enough. Equally, governments, industries, including insurers, key stakeholders, and civil society must work together at all levels to adapt to the severe impact of climate change to make communities more resilient and climate-proof. Furthermore finally, it is crucial to look at protection and increase the proportion of policyholders with adequate insurance coverage, so that people and businesses can recover as quickly and smoothly as possible after a dramatic event. Insurers play a crucial role by: ➡ incentivising climate adaptation ➡ providing advice to authorities on risk management and prevention, also through public-private partnerships ➡ helping finance the transition to a carbon-neutral, resource-efficient and more sustainable economy. Find out: what insurers are doing across Europe to support the transition: https://lnkd.in/e_erM3c8 #InsuranceMatters

As the 2024 United Nations Climate Change Conference, known as #Cop29, begins in Baku, Azerbaijan, Insurance Post's latest data analysis examines the pace of providers racing to become net zero heroes. Thanks to Zurich Insurance, QBE Insurance, Admiral Group Plc, Aviva, Ecclesiastical Insurance UK, Ageas UK, Allianz, Hiscox, RSA and NFU Mutual for updating me on their efforts to slow the pace of climate change. #netzero #climatechange #insurance #esg

Founding Mitigrate my goal was to split the burden of climate adaptation across the board - cause the local authorities, the residents and the insurance companies 𝙣𝙚𝙚𝙙𝙨 𝙩𝙤 𝙬𝙤𝙧𝙠 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧, 𝙩𝙤 𝙗𝙪𝙞𝙡𝙙 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙘𝙚. Seeing Italy now forcing companies to purchase insurance to cover climate risks like floods and landslides I am curious to what will happen across Europe: 🚩 𝗘𝘂𝗿𝗼𝗽𝗲 𝗳𝗮𝗰𝗲𝘀 𝗺𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗰𝗹𝗶𝗺𝗮𝘁𝗲-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗹𝗼𝘀𝘀𝗲𝘀, 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝟮.𝟵% 𝗮𝗻𝗻𝘂𝗮𝗹𝗹𝘆 𝗳𝗿𝗼𝗺 𝟮𝟬𝟬𝟵 𝘁𝗼 𝟮𝟬𝟮𝟯 🚩𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝘀 𝗹𝗶𝗸𝗲 𝗰𝗮𝘁𝗮𝘀𝘁𝗿𝗼𝗽𝗵𝗲 𝗯𝗼𝗻𝗱𝘀 𝗮𝗻𝗱 𝗶𝗺𝗽𝗮𝗰𝘁 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴 𝗮𝗿𝗲 𝗽𝗿𝗼𝗽𝗼𝘀𝗲𝗱 𝘁𝗼 𝗺𝗶𝘁𝗶𝗴𝗮𝘁𝗲 𝗿𝗶𝘀𝗸𝘀 𝗮𝗻𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 🚩𝗔𝘀 𝗲𝘅𝘁𝗿𝗲𝗺𝗲 𝘄𝗲𝗮𝘁𝗵𝗲𝗿 𝗲𝘃𝗲𝗻𝘁𝘀 𝗲𝘀𝗰𝗮𝗹𝗮𝘁𝗲, 𝗮𝗰𝗰𝗲𝘀𝘀𝗶𝗯𝗹𝗲 𝗰𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝗶𝘀 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗳𝗼𝗿 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗲𝗳𝗳𝗼𝗿𝘁𝘀 The law underscores Europe’s urgency in addressing climate risks and aims to close the #insurancegap for businesses, particularly SMEs.  As climate related risk escalate, accessible and efficient coverage is critical for economic stability and sustainability. ⚠️ (Also - check out illuminem for intelligent reporting & cutting-edge insights from the world's largest sustainability expert network )

The insurance sector faces enormous challenges in mitigating climate risks. Insurers have been onboarding clients at breakneck speed without conducting the necessary due diligence on infrastructure quality. In a single quarter this year, we estimate approximately 60% of annual net premium margins industry-wide were wiped out by a single climate risk event (CRE). Read our latest analysis below. #insurance #climaterisk #COP29 #Kenya #ESG Visit our website www.rmmadvocatesllp.com to discover other insights

Even as developing countries raise questions about the effectiveness of the Baku Finance Goal, the same is termed an "insurance policy for humanity" by the UN Climate Change Executive Secretary. #COP29 #COP29Azerbaijan #BakuFinanceGoal #UNClimateChangeExecutiveSecretary #climate #climatechange #climatefinance

Hello LinkedIn family attending COP29 Azerbaijan! Join me as I discuss "How are technological innovations shaping the future of climate risk insurance, and what barriers exist to their widespread adoption?" I’ll be joined by fellow agricultural insurance enthusiasts and experts to explore meaningful insights on building Africa’s resilient future. Let’s dive into the ideas that matter. #ShapingResilience #AfricaFuture PULA Rose Goslinga Joning Lee Sukirti Vinayak

Here is my recent coverage of some interesting developments at London Climate Action Week for InsuranceERM. Among the hundreds of events, many key topics related to insurance were discussed: 💡 More TNFD Insurance Early Adopters Announced: The Taskforce on Nature-related Financial Disclosures (TNFD) is set to influence Legal & General’s business strategy. https://lnkd.in/ekYQ7kqb 💡 Leadership Updates from Lloyd's and Howden: The CEOs provided crucial updates on their approaches to climate change, including adapting policies and launching resilience projects. https://lnkd.in/e5q4Zjtx 💡 Prominence at COP29 Azerbaijan: Insurance’s role is set to gain significant prominence at the 2024 UN Climate Change Conference, according to COP29 leader Nigar Arpadarai. https://lnkd.in/eHj-f2sk 💡 Call for Boldness: Vanessa Chan, a US official, urges insurers to be less risk-averse in the pursuit of net zero. https://lnkd.in/eUd-7D7n 💡 The Sleeping Giant Awakens: Rowan Douglas of Howden emphasises the need for the insurance industry to become a key player in the climate transition. https://lnkd.in/eMsgKqaP Additionally, this week InsuranceERM announced its Climate Risk & Sustainability Awards to formally recognise individuals, teams, and companies that surpass client expectations and lead in climate risk management. With 17 categories for company, individual, and team performances, the awards aim to celebrate the leaders in this crucial field. Entries close at midnight (BST) on Friday, 16th August 2024. Enter here: https://lnkd.in/ehKtZmEu #LondonClimateWeek #Insurance #ClimateChange #Sustainability #ClimateAction #ClimateRiskAwards