Climate threats need faster, more coordinated action, says Conduit Re’s Andrew Smith, and regulators should look to insurance to help build up their arsenal.
“The world isn’t taking climate action quickly enough, and insurance is just a part of that. Insurance is a tool in a wider fight,” said Andrew Smith, chief risk and sustainability officer at Conduit Re.
His comments came as he spoke to Intelligent Insurer during the roasting European heatwaves of July 2022, when record-breaking temperatures and wildfires across France, Greece, Portugal, Spain and the UK were a major topic of conversation.
Smith said that climate change “threatens” economic activity and economic prosperity, which makes dealing with the issue essential for the re/insurance community.
Climate change is important for everyone, he said. “It has an impact on all of our stakeholders—whether that’s our cedants and their underlying customers, or our investors, our staff, our families, and our communities here in Bermuda and internationally.
Conduit Re, Climate Change, ESG, Andrew Smith, Insurance, Reinsurance