Insurers Urged to Proactively Manage Climate Risks for a Sustainable Future

Insurers are urged to take a proactive, long-term approach to addressing risks in the present and future. Calvin Gray emphasizes the importance of creating long-term solutions for clients and incorporating insurance into risk management conversations. At RSA, efforts are being made to combat climate change, with a commitment to achieve net zero emissions by 2050 and partnerships like the Intact Centre on Climate Adaptation to help communities adapt to climate-related challenges.

Peter Verhesen, RSA’s Head of Marine Europe, stresses the need for risk management in the maritime industry to mitigate climate change threats. Insurers must step up to address climate change to prevent natural catastrophes from impacting portfolios and premium spend. By providing strong risk management solutions to clients, insurers can help improve decision-making and reduce exposure to natural perils.

Raising awareness about the risks of natural catastrophes is crucial for clients to develop stronger climate strategies and risk management practices. Clients with effective risk management strategies will benefit from wider coverage and better premium rates compared to competitors who are not adequately prepared. Insurers play a vital role in de-risking industries and shaping climate-friendly behaviors through product offerings and partnerships to build a sustainable future.

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