There can be little argument with the scale of the challenge that the world faces from climate change, and insurers are no different. In fact, insurers face a complex challenge because climate change risk affects both sides of the balance sheet, namely assets and liabilities. With Net Zero commitments now a reality, from a corporate perspective, insurers need to define their own Net Zero strategy, sustainability policies, and the steps they are taking to achieve it.
In this paper, we examine the challenges climate risk presents to insurers and introduce the concept of an integrated ESG-C Risk Assessment Framework. It provides insurers with a model to think about and address the challenges arising from Climate Risk.
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This article is published as part of the Moody's Climate Risk Insurers series.