Sustainable Finance Week top 10 takeaways - day three

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.

1. Sustainability has moved beyond altruism into a new business imperative for the insurance sector.
   
   
2. Insurance will undoubtably be one of the industries most affected by climate change.  
   
   
3. Guernsey Green Finance has been taking concrete steps towards addressing the need for greater education around sustainability.
   
   
4. One of the more challenging areas for insurers when it comes to implementing sustainable criteria is risk assessments.
   
   
5. Regulatory pressure is fast intensifying, especially around climate risk, but more work needs to be done in order to meet FCA/ PRA expectations.
   
   
6. ESG investing in highly nuanced and requires an individual consideration of the E,S and G. The data gap is still an issue.
   
   
7. Innovation is needed to close the protection gap when it comes to disaster cover.
   
   
8. The wide-ranging definitions of what ‘net-zero’ from a portfolio perspective actually means is damaging to the market.
   
   
9. Cooperation is central to developing an insurance industry fit for the future.
   
   
10. Overall, insurance is a resilient sector that has dealt with broad societal shifts before.

See related content

Guernsey's insurance sector aims to make its ESG commitment official

MGA Association hears of Guernsey’s ambitions

More sophistication being seen in use of captives