8% ADMIT HAVING MINIMAL OR NO UNDERSTANDING OF CLIMATE TRANSITION

Climate transition is a complex topic: Airmic

Eight per cent of respondents in this week’s Airmic Big Question admit they only have a minimal understanding of the climate transition or none at all. The survey results underscore the need to ensure even more widespread understanding of what the complex topic of the climate transition entails for organisations, given how critical climate risks are today.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, Airmic, said: “The climate transition is a complex topic encompassing a range of areas from economics and science. Issues with quantifying Scope 3 emissions continue to vex Airmic members too because of long-standing problems with the quality of data available to them. Through platforms such as our Climate Special Interest Group, Airmic seeks to bring risk professionals together to work through some of these issues facing them and their organisations.”

Meanwhile, in collaboration with KPMG and the Lloyd’s Market Association (LMA), Airmic has embarked on a project examining how the insurance sector as a whole can better support organisations through the climate transition.

Hoe-Yeong Loke, Head of Research, Airmic, said: “For real progress to be made towards net zero, more dialogue is needed between insurers, brokers, insurance buyers, risk and sustainability professionals to ensure that climate actions have the right intended consequences on the global economy. This calls for more collaboration in the insurance industry on how to deal with climate risks, and on the measurement, management and risk financing of those risks.”

Julia Graham, CEO of Airmic added: “Climate change is probably the biggest challenge for the insurance industry. Without radical change, insurance may become unaffordable for many and parts of the planet uninsurable or uninhabitable.”

If you would like to request an interview and or have any further questions, please let me know.

We will be sharing the results of the Airmic Big Question with the press weekly.

You can also find the results here.

Media contact: Leigh Anne Slade
Head of Media, Communications and Interest Groups, Airmic
Leigh-Anne.Slade@Airmic.com
07956 41 78 77