No more ‘institutional silos’ on climate change, says The Geneva Association

01-04-2021

No more ‘institutional silos’ on climate change, says The Geneva Association

Maryam Golnaraghi, director of climate change and emerging environmental topics, The Geneva Association

The Geneva Association’s task force has drafted one of the most comprehensive looks at climate change risks for insurers to date, and recommends slow but steady action.

This first report by the Geneva Association Task Force on Climate Change Risk Assessment for the Insurance Industry comes at a crucial time. Regulators and central banks worldwide are beginning to look more closely at the prudential and investment risks of climate change to banks and large insurers. Public pressure and scrutiny from institutional investors are likewise increasing. If businesses do not come up with answers for managing these risks, they may be forced upon them.

As The Geneva Association report notes, the Financial Stability Board (FSB) Task Force on Climate-Related Financial Disclosures has identified a need for “decision-relevant, clear, consistent and comparable climate information”. It seeks to help insurers deliver this with a framework for climate risk assessment and scenario analysis for P&C and life re/insurers.

Maryam Golnaraghi is director of climate change and emerging environmental topics at The Geneva Association. A former adviser on climate change to the World Bank and chief of the Disaster Risk Reduction Programme of the World Meteorological Organization, she led the task force that developed the report. She spoke about her work in a discussion on Intelligent Insurer’s Re/insurance Lounge, the online, on-demand platform for weekly interviews and panel discussions with leading players in the market.


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