The examples presented by the Hub, collected from all around Europe, may serve as a source of inspiration, as well as a link to the best tools that the re/insurance industry may use to improve compensating for losses, risk-modelling, awareness-raising, developing new products and building sustainable investment portfolios.
Compensating for losses, risk-modelling, awareness-raising, developing new products, building sustainable investment portfolios - (re)insurers help adapt to and mitigate the effects of climate change in many different ways.
On the underwriting side, the Hub provides examples on risk modelling and expertise, as well as how insurers may incentivize "green" behavior and prevention. The "risk awareness and prevention" section hosts extensive information on the solutions chosen by the European countries for an effective disaster risk management, ranging from purely optional private market cover to national pools and compulsory cover for certain risks, including the current insurance coverage for different natural hazards.
Another section is dedicated to the examples of public-private partnerships (PPPs), through which (re)insurers join forces with public authorities and other public or private entities in sharing expertise, data and experience in areas such as risk management, prevention and adaptation. Investing, is the fourth topic in the Hub, is instrumental for the transition to a carbon-neutral economic model and insurers, as Europe's largest institutional investors, are already playing an important role in this regard by implementing sustainability-related disclosures, standards and strategies into their portfolios. Their experience is summarized in the Hub pages dedicated to the topic.
The "Reporting & transparence" section resumes the experience acquired by insurers across Europe after an already long history of voluntarily reporting based on well-established ESG reporting standards. In recent years, many insurers have been reporting using the UN Guiding Principles Reporting Framework and the recommendations of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures, among others.
The last section of the Hub is dedicated to "Industry commitments, alliances & coalitions". The examples listed show how key insurers - in their roles as risk managers, insurers, investors, and underwriters - are supporting the transition to a net-zero economy.
Explore Insurance Europe's Sustainability Hub to see how Europe's (re)insurers are contributing to combatting climate change and its effects and meeting sustainability goals.