Krutham’s Post

Southern England: This region has seen a marked increase in summer heatwaves, with temperatures reaching highs that strain both infrastructure and ecosystems. Prolonged heat poses risks to health, electricity grids, and water supply, creating pressures that drive up both operational costs and insurance premiums. Explore our blog below to see the other areas impacted in the UK. #climatechange #sustainability #environment

Insurers will increasingly play a central role in promoting effective climate adaptation efforts. As central hubs between climate finance and tangible adaptation measures, they have many levers and options to promote global climate adaptation. To name only two: 1)  Price signalling, e.g. home owners who fortify their roofs to be ready for hail storms, could be charged with a lower premium, or a lower deductible. 2) Another option would be to include requirements that relate resilience in the insurance policy: if an insurance-taker does not take any measures against the risk to which he/she is exposed, the pay-out will be lower. For maximum effectiveness, insurance also needs to be incorporated into a long-term, comprehensive climate adaptation strategy. Climate adaptation requires both physical resilience – the minimising of vulnerability to hazard, and the provision of systems for response and recovery – and financial resilience to the risks which remain. Insurers are called to action! Insurance for climate adaptation - opportunities and limitations https://lnkd.in/dR9m_7BT #climaterisk #insurance #insurers #climateaction #locationhealth #finance #riskmanagement #climateadaptation #adaptation #resilience #climatechange

By integrating climate change, businesses can not only reduce risks but also potentially negotiate better terms with insurers. In this blog, we explore why rising insurance premiums are no longer just a financial inconvenience but a direct consequence of the UK’s changing climate. As extreme weather events increase in frequency and intensity, insurers are recalculating risk, and businesses in flood-prone or heat-impacted regions are seeing premiums climb as a result. How can we support you? --------------------------------- We will establish a robust foundation for integrating climate change by assessing and aligning your organisation’s strategy, governance, risk management, and reporting with relevant climate change frameworks. Email help@simplifyclimate.co.uk to schedule a discussion with our consultants. #climatechange #insurance #weather #sustainability https://lnkd.in/eSt8GRVU

We are incredibly grateful to all who participated in the 3rd Climate Resilience Dialogue, themed “Accelerating Climate Adaptation: Public-Private Collaboration in Insurance Systems.” This dialogue brought together insightful discussions on public-private partnerships, disaster risk management, and innovative climate insurance systems, with valuable lessons from the Bavarian case study. Participants also explored actionable policy recommendations for the EU and shared best practices for enhancing climate resilience. Speaker Highlights: 🎤 Roland NUSSBAUM presented three critical components of the integrated French NatCat Insurance System, including the NatCat Insurance Regime, Risk Prevention and Reduction, and Risk-based Decision Making. Exploring the system's potential adaptability, Roland also discussed the key pre-conditions for implementing this approach in other countries. 🎤 Dr. Oleksandr Sushchenko offered a deep dive into public-private climate insurance systems in practice He shared learnings from the multi-peril insurance system in Bavaria and the pioneering KLARA framework in Lower Saxony. Missed the session? Don’t worry—you can catch the full conversation here: https://lnkd.in/e6cX5Uny and download all presentation slides here: https://lnkd.in/eQUPsdX5. 💬 Stay connected with us on social media and subscribe to our newsletter for more updates! 🔗 X (formerly Twitter): https://lnkd.in/eF5Gc9Gd   🔗 YouTube: https://lnkd.in/etgsg9nR  🔗 Newsletter: https://lnkd.in/eCb8nmk5 #EUMission4Adaptation #ClimateResilience #Insurance #Climaterisk #EU Global Infrastructure Basel Foundation (GIB) Vivian H. Mission Implementation Platform for Adaptation to Climate Change (MIP4Adapt)

🌍 Italy takes bold action on climate risk! Starting January 2025, Italian businesses will be legally required to insure against natural disasters like floods and landslides. With 80% of losses currently uninsured, this law is a game-changer for climate resilience. Insurers will also encourage risk mitigation with premium discounts and innovative tools like catastrophe bonds. A €5 billion state-backed fund supports this initiative, but is it enough for major catastrophes? 📖 Dive into the full story: https://lnkd.in/gNPVqsxT #ClimateChange #RiskManagement #Sustainability #Italy #NetZeroCompare

Australia’s worsening climate change may see insurance companies and banks withdraw their services from communities vulnerable to extreme events, potentially triggering “cascading effects” across the economy, a new government report warned. The government released its first National Climate Risk Assessment on Tuesday, highlighting 11 priority areas which were at “significant risk” from climate change, including water security, agriculture and economic resilience. The assessment showed that pressures on Australia’s financial system from a surge in climate-related disaster claims could lead to a “plausible worst-case scenario” whereby insurers and lenders pull out of highly-exposed communities. “Such a shock in the local financial system may have cascading effects on infrastructure and the built environment,” the report said. That could create “vulnerabilities in various communities with further potential flow-on impacts or pressures on other systems such as health and social support and primary industry and food.” Australia has already seen a surge in insurance premiums partly as a result of repeated natural disasters, including extensive wildfires and flooding. The assessment also warned of broader international dangers to Australia’s economy as a result of climate change, including surges in migration from badly-affected regions as well as disruptions to international trade routes. #auspol #climaterisk

📄 What's in the National Association of Insurance Commissioners (NAIC) National Climate Resilience Strategy? 👇 Find out below! ❓ Want more info? Then subscribe to Climate Proof and check out our full write-up here: https://lnkd.in/eZyNrybz #climaterisk #climateadaptation #climateresilience #sustainability #insurance #riskmanagement

📖 What the Insurance Nerds at Pula are Reading: Explore how countries make decisions about climate and disaster insurance. Learn why donors must align with countries' needs and how subsidies can help communities facing climate risks. Discover more about the importance of these decisions for vulnerable populations. ODI Global Shield against Climate Risks #Insurancenerds #Climateanddisasterriskfinancing #InsuranceSolutions

Floods, wildfires, rainfall and storms, the climate change consequences we are experience are never ending. How are you as an insurer calculating the risks? ⛈ Insurers that offer relevant value-added services and preventive solutions can reduce the protection gap for the customers but also lower their environmental footprint and improve their profitability. 💡 Initiatives might include working with cities, communities, building societies to build more resilient infrastructure, implement early warning systems, offering education initiatives and support in decision making for policyholders. 🔄 By incorporating sustainable practices, leverage data-driven insights and adopting a systemic risk management, insurers can deliver sustainable and profitable solutions for customers, the society as a whole and themselves. 💬 In a short and concise Point of View we interview: Aurélie FALLON SAINT-LO Global Head of Underwriting from AXA, Nigel Walsh, the Managing Director of Insurance at Google Cloud and Liza Garay- de Vaubernier Global Head of Sustainable Insurance at Capgemini about their views of handling the climate change from an insurance perspective. Please read the full Point-of-View here: https://lnkd.in/dBaBbUFC Do you want to discuss Sustainable Insurance more in person? Don’t hesitate to contact me or some of my colleagues; Helén Jensen I Johan Bergström I Ann Hellenius   #Insurance #underwriting #sustainability

🌍 Urgent Climate Risks: Is Europe Insured for the Future? The European Environment Agency's latest report sends a clear message: Europe faces escalating climate risks, from wildfires to extreme weather events. As these threats intensify, the role of insurance companies will become increasingly pivotal. With 36 significant climate risks identified, half requiring immediate attention, insurance providers must step up to offer comprehensive coverage. Southern Europe, designated a "hotspot" region, is particularly vulnerable, necessitating tailored insurance solutions to protect homes, businesses, and livelihoods. This comes at a cost. As temperatures soar, the challenges mount, amplifying the urgency for proactive risk management from companies, individuals and governments. Yet, amidst the crisis, lies an opportunity for insurance companies such as RSA to lead in sustainable practices and resilience-building initiatives. The seriousness of managing climate risks underscores the imperative for decisive action. Let's ensure insurance coverage aligns with the growing climate risks, forging a resilient and sustainable future for Europe and beyond. By collective action, let's safeguard communities, investments, and our planet. #ClimateAction #InsuranceSolutions #Resilience 🌍🚨 https://lnkd.in/eqkdaSPm