Climate_change_and_the_insurance_industry_-_taking_action_as_risk_managers_and_investors.pdf

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Climate Change and theInsurance Industry: Taking Actionas Risk Managers and InvestorsPerspectives from C-level executives in the insurance industry
The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofuncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from theworld’s top insurance and reinsurance companies. It organises international expert networks and manages discussionplatforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralorganisations.Established in 1973, The Geneva Association, officially the ‘International Association for the Study of InsuranceEconomics’, is based in Zurich, Switzerland and is a non-profit organisation funded by its Members.@TheGenevaAssoc
1Climate Change and the Insurance IndustryMaryam Golnaraghi, Director, Extreme Events and Climate Risk research programmeThe Geneva AssociationClimate Change and theInsurance Industry: Taking Actionas Risk Managers and InvestorsPerspectives from C-level executives in the insurance industry
2@TheGenevaAssocThe Geneva AssociationTalstrasse 70, CH-8001 Zurich|Tel: +41 44 200 49 00|Fax: +41 44 200 49 99[email protected]January 2018Climate Change and the Insurance Industry: Taking Action as Risk Managers and InvestorsPerspectives from C-level executives in the insurance industry© The Geneva AssociationPublished by The Geneva Association—The International Association for the Study of Insurance Economics.Photo credits:Cover page—Shutterstock
3Climate Change and the Insurance IndustryContentsForeword5Executive summary71. About this study92. Latest developments in addressing the climate change goals and targets103. A review of the foundations of the insurance business model163.1. Transfer of risk163.2. Liability-driven investment strategy164. Findings of the study174.1. Governance and climate change174.2. Climate change and the liability side184.3. Climate change and the investment side194.4. Challenges hindering the insurance industry in scaling up its contributions21The liability side21The investment side21

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