Why join ClimateWise?
1. A robust, tailor-made climate change strategy
The risks and opportunities of climate change relate to aspects of an insurer's business as wide-ranging as underwriting, investments, public policy and customer-relations. The ClimateWise Principles were devised exclusively by and for the insurance industry in consultation with the University of Cambridge, representing a ready-made strategic framework for members to adopt.
2. A platform for collaborative action
By joining ClimateWise, insurers join a network of members with shared commitments, providing an unparalleled platform for information sharing and joint action. Members are currently working together on issues as broad-ranging as hurriance risk in the Gulf of Mexico and how to finance the preservation of the rainforests.
3. New business opportunities
Insurers need to ensure they are seizing the new business opportunities of climate change and not being left behind. ClimateWise provides an exclusive network to learn from industry peers about the rapidly changing business context relating to climate change as well as benchmarking their performance against the rest of the industry. Furthermore, with ClimateWise's close links to the many other Corporate Leaders Groups on Climate Change run by the University of Cambridge Programme for Sustainability Leadership, members benefit from access to the work of all of these networks too.
4. Reputational risk
Consumers, investors and governments are all asking difficult questions of insurers to understand how they are managing their exposure to climate risk. ClimateWise has a reporting framework that is recognised around the world as the global minimum standard for the industry and because ClimateWise is a voluntary initiative, this holds even greater weight in terms of reputational risk management.
5. Influencing policy-makers
ClimateWise provides a direct link between the collective voice of insurers and international climate negotiators under the auspices of the United Nations. By coming together on the international stage, ClimateWise members enjoy far greater influence over policy-makers than they would otherwise have alone.
6. Communicating corporate commitment
Key audiences, including employees, clients, trade press and supply chains, can all relate to this industry intiative directly, providing members with an unrivalled means by which to communicate their corporate commitment to act on climate change to all of their major stakeholders.
Member commitments
Business can only become members of ClimateWise if:
- their core business is in insurance
- they have a demonstrable corporate commitment, at Company Board level, to action on climate change
- they have a demonstrable commitment to action against all six of the ClimateWise Principles where they are relevant to their business, and will report annually on their progress
- they pay the annual membership fees
To discuss ClimateWise membership, please contact the Secretariat.
