This ClimateWise Thought Leadership article is the first in a series which will be published throughout 2012. Each article is authored by an executive from a ClimateWise member organisation and aims to inspire debate around a new issue related to managing climate change risk which the author believes could yield value for the insurance industry if adopted more widely.
The ClimateWise Thought Leadership Series is intended to provoke debate. Join the discussion on the ideas contained within this article on LinkedIn (Click the LinkedIn tile on the right of this page), or connect with us on Twitter (@ClimateWise) or email (firstname.lastname@example.org).
“Inherent uncertainty means that every statement made in relation to climate change risk must be caveated, but that is not an excuse for inaction. I suggest three areas worthy of thought for insurers and insurance brokers.”
In this inaugural issue, Chairman John Coomber sets out three new opportunities for insurers and insurance brokers to think about:
1. Providing coverage for today's most vulnerable communities to reach new customers
2. Measuring horizon risk to avoid risks becoming “unaffordable”
3. Partnering in mitigation programmes to identify opportunities from inevitable change in sectors such as energy
John presented these views while representing ClimateWise at a high-level debate in Brussels last week including, amongst others, the EU Commissioner for Climate Action, the Chair of the Intergovernmental Panel on Climate Change, the Deputy Assistant Secretary-General for Emergency Security Challenges at NATO and the Special Representative of the UN Secretary-General for Disaster Risk Reduction.
In June 2012, John explored the implications of climate change for the insurance industry in greater depth when he delivers one of the inaugural Barbon lectures in London to celebrate the Chartered Insurance Institute’s centenary.