65% ARE INVOLVED IN THEIR ORGANISATION’S CLIMATE TRANSITION PLANS

Airmic members playing an increasing role in the climate transition

Sixty-five per cent of respondents in this week’s Airmic Big Question say they are involved in their organisation’s climate transition plans. The survey results underscore the growing role that risk professionals are playing in ensuring the comprehensive success of the climate transition.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, Airmic, said: “Organisations are increasingly looking to Airmic members to be subject matter experts in sustainability who are working with the C-suite, to formulate realistic climate transition plans. This calls for risk professionals on the whole to upskill themselves to tackle the major challenge today that is climate change.”

In the survey, respondents said they have been called upon for a range of tasks such as in developing transition scenarios alongside colleagues in the environment team. In one instance, a Director of Risk was the individual in the organisation most deeply involved in developing its transition plan and implementing it.

For respondents who said they played a minimal or no role at all in their organisation’s climate transition plans, they play a second line role in providing expertise, support, monitoring and challenge on risk-related matters.

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. Airmic seeks to bring risk professionals together to work through some of these issues facing them and their organisations, through platforms such as its Climate Special Interest Group.

Hoe-Yeong Loke, Head of Research, Airmic, said: “Airmic members are also important insurance buyers. They are well positioned to bring synergy between insurers – large corporations which are making some of the most consequential climate commitments in the world today – and the businesses and organisations they are helping to navigate the climate transition.”

Reaching net zero is now an imperative, as governments and organisations are increasingly committing to climate action. Risk professionals have a role to play at the front lines of businesses, whether they are navigating their organisations through the impact of physical climate risks such as rising sea levels, or addressing intangible risks that are the result of reputational threats from greenwashing and from a new wave of regulations.

Alex Frost, Head of Research, Airmic, said: “Climate risk is the major risk of the 21st century in every region and in every sector. While many Airmic members are deeply engaged in formulating organisational response, these results show that there is still work to be done to highlight and advance the role risk managers and insurance buyers can and must play in promoting climate resilience. Airmic will therefore continue to advocate for the importance of the risk function in operational and strategic responses to climate risk, and educate to ensure our members have the right tools and skills available.”

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