Reports in the first month of 2002 by accounting firms and academics are highlighting key ESG issues for the insurance industry. Deloitte released its 2022 CxO Sustainability Report, which offers a glimpse into the key ESG issues companies should consider this year. The survey was conducted amongst 2,000 executives in 21 countries. Key findings of the report include:
However, only 19% of the executives surveyed admitted to implementing four of the five following measures:
To read the Deloitte 2022 CxO Sustainability Report click here.
On January 18, 2022, Lloyds released a report using geopolitical scenarios to model climate change transition risk. The report highlights the following three possible geopolitical reactions to the coming climate change transition:
The report also described four opportunities for insurers in response to these scenarios:
To read Lloyds the Shifting Powers report click here.
The journal Nature Climate Change on January 31 published a paper by a team of academics with findings that will have significant implications for both property and casualty insurers and life insurers. The researchers found that, even with significant greenhouse gas emission reductions in the near term, annual losses due to flooding in the United States will increase by 26% by the year 2050 due to climate change alone, not accounting for inflation, and that this increase will disproportionally impact Black communities while remaining concentrated in the Atlantic and Gulf states.
See Wing, O.E.J., Lehman, W., Bates, P.D. et al. Inequitable patterns of US flood risk in the Anthropocene. Nat. Clim. Chang. (2022) available here.
The post Recent Reports Highlighting ESG in the Insurance Industry appeared first on Insurance & Reinsurance.
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