Sustainable Finance Week top 10 takeaways - day three
16 June 2021
The focus of the third day of #GYSFW21 was how insurance helps mitigate the impact of climate change through climate funding, resilience, adaption. Here are our top 10 takeaways from the event.
- Sustainability has moved beyond altruism into a new business imperative for the insurance sector.
- Insurance will undoubtably be one of the industries most affected by climate change.
- Guernsey Green Finance has been taking concrete steps towards addressing the need for greater education around sustainability.
- One of the more challenging areas for insurers when it comes to implementing sustainable criteria is risk assessments.
- Regulatory pressure is fast intensifying, especially around climate risk, but more work needs to be done in order to meet FCA/ PRA expectations.
- ESG investing in highly nuanced and requires an individual consideration of the E,S and G. The data gap is still an issue.
- Innovation is needed to close the protection gap when it comes to disaster cover.
- The wide-ranging definitions of what ‘net-zero’ from a portfolio perspective actually means is damaging to the market.
- Cooperation is central to developing an insurance industry fit for the future.
- Overall, insurance is a resilient sector that has dealt with broad societal shifts before.
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