05/12/2024
Despite some contentious issues with the speed and form of progress at COP29, solving climate change remains a multistakeholder challenge – and risk managers need to have a seat at the table.
03/12/2024
In this episode Marsh leaders discuss how risk professionals can leverage advanced tools, technologies, and dynamic strategies to help their organisations navigate today's complex climate landscape.
12/11/2024
With various groups looking to advance frameworks for net-zero insurance metrics, attention is now on how insurers can drive positive change with a commercial, real-world benefit, as opposed to restricting appetite and applying exclusions.
Climate and sustainability
Exploring the possibilities for our world ahead
Today, companies in every sector are rapidly adapting traditional business models to improve their sustainability and reduce their impact on the climate. These developments come alongside the escalating frequency and severity of extreme weather-related events that test organisations’ resilience.
The ability to anticipate, measure, and manage risks will be a critical advantage as the transition unfolds. At Marsh, we help businesses ensure they are resilient throughout the transition: analysing the evolving risk environment, preparing for what may happen, and insuring against new types of risk.
We can provide your organisation with an environmental, social, and governance (ESG) lens on risk management, helping to deliver a competitive edge and commercial advantage. Together, we’ll build a proactive plan to support financial stability in your own company, while helping create a world that is sustainable for generations to come.
Each business faces vulnerabilities unique to its day-to-day operations; however, climate change has accelerated several major areas of risk in every industry, including:
Companies will need to create a proactive risk management strategy and program that addresses each of these risks, as most will experience the impact of all three in the coming years.
Increasingly, insurers are assessing the sustainability (ESG rating) of their insureds and their commitments to transition as they look to reduce emissions in their underwriting portfolios. For some companies this may result in restricted access to risk transfer, while for others it could lead to improved terms. A further consequence is product innovation to support insureds to build back better following a loss and in recognition of new exposures.
No matter your industry, you may need to consider the following insurance implications:
Although the assets each organisation must consider in its risk management approach to climate change vary significantly, a comprehensive insurance policy portfolio that includes the above coverages can help mitigate losses and address risk vulnerabilities as a whole.
ESG can be a key driver of growth as well as part of business resilience. Therefore, leaders across every industry sector are focused on sustainability initiatives to reduce risk and leverage opportunity. Today, ESG needs to be part of corporate strategy and be embedded in the business and operating model.
We can help you:
For today’s leaders, maintaining day-to-day operations, while making the transition to more sustainable processes, will prove critical to remaining profitable, keeping up with consumer expectations, and staying ahead of regulatory changes.
At Marsh, we can help you create a proactive risk management program to mitigate climate change risks, protect your assets, and invest for the future of your company and the planet.
Global
Amy Barnes heads Marsh’s climate and sustainability strategy. Prior to this she held a number of leadership roles with Marsh’s global energy, power, and renewables business. She has a respected depth and breadth of experience assisting some of the largest and most complex companies manage risks.
Head of Climate and Sustainability Insurance Innovation
Global
With more than 20 years’ insurance industry experience, Ryan is responsible for leading the global development of insurance solutions that support Marsh’s clients through the climate transition and help them achieve their commitments around sustainability and climate change. Prior to his current role, he was most recently Chief Executive, UK and Ireland, of Bowring Marsh, Marsh’s international placement business. Mr. Bond is a board member of the British Insurance Brokers’ Association (BIBA) and is also Chair of BIBA’s International & Wholesale Advisory Board.
