No silver bullet solution to climate change: Zurich
Insurers are reluctant to look at climate change as an opportunity rather than a risk, according to a new Zurich Australia report.
The report, Climate change and the insurance industry – no silver bullet solution, was released last week.
It challenges insurers to protect their clients against climate change while capitalising on the challenges that arise through innovation.
Alice Cahill, Zurich’s Corporate Responsibility Manager, told insuranceNEWS.com.au the report, which has been 12 months in preparation, has helped the company devise “a really clear strategy”.
This includes the company’s recent announcement that it will automatically provide flood cover for its commercial customers.
Ms Cahill says brokers also play a key part in the climate change market.
The company has developed a strategy for brokers and insurers to navigate the complex risks involved. It provides five “levers” – reducing the hazard, reducing their vulnerability, optimising their exposure, recognising new opportunities, developing capacity to manage new risks and deliver opportunities.
“We’re not aware of any other insurer focusing on brokers through their business models,” Ms Cahill said.
The company has also piloted a one-day “climate-ready” broker training seminar, which will be officially introduced into its business by the end of the year.
Also see ANALYSIS.
The report, Climate change and the insurance industry – no silver bullet solution, was released last week.
It challenges insurers to protect their clients against climate change while capitalising on the challenges that arise through innovation.
Alice Cahill, Zurich’s Corporate Responsibility Manager, told insuranceNEWS.com.au the report, which has been 12 months in preparation, has helped the company devise “a really clear strategy”.
This includes the company’s recent announcement that it will automatically provide flood cover for its commercial customers.
Ms Cahill says brokers also play a key part in the climate change market.
The company has developed a strategy for brokers and insurers to navigate the complex risks involved. It provides five “levers” – reducing the hazard, reducing their vulnerability, optimising their exposure, recognising new opportunities, developing capacity to manage new risks and deliver opportunities.
“We’re not aware of any other insurer focusing on brokers through their business models,” Ms Cahill said.
The company has also piloted a one-day “climate-ready” broker training seminar, which will be officially introduced into its business by the end of the year.
Also see ANALYSIS.