Tabitha Kimani's post

Reinsurers in Europe, North America, Asia & Australia believe significant changes should be made to incorporate climate risk impacts.
2022 is the year that saw unprecedented progress in climate reporting regulation around the world. The significant developments in the last year mean that climate reporting will soon become mandatory in many jurisdictions.
In the European Union, the requirements will take the shape of the European Sustainability Reporting Standards (ESRS). In the US, the Securities and Exchange Commission’s (SEC) proposed Climate Change Disclosures will form the requirements. In the UK, the first wave of companies has started to report under the Task Force on Climate-Related Financial Disclosures (TCFD) framework, which will also eventually become mandatory in other jurisdictions.
Beyond reporting compliance, insurers have begun to understand the impact climate could have on risk management, strategy, and their overall business. Many have already been working on developing, implementing, and improving their climate and ESG-related data, models, systems, and processes.
Barbara Zonneveld, the Director-Product Management said, “Insurers around the world cannot ignore the impact of climate change on their business, reporting, and strategy. We have observed in our interviews that some insurers in jurisdictions such as the USA are more inclined to wait for the requirements to be finalized. They also seem to opt to follow the minimum compliance path. However, with the speed of recent global regulations and increasing investor pressure, they may soon find themselves in the scope of mandatory frameworks, such as from the ISSB, who are working on creating a global reporting baseline.”
Lack of adequate climate disclosures can also make their business look riskier to international investors. Climate change has quickly become one of the more important risks faced by insurers. Its appropriate internal measurement and management will be vital to ensure long-term business strategy resilience.
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