For property and casualty (P&C) insurance companies, CO2 emissions stem from four different sources. The insurer’s own operations. The emissions from the insurer’s own operations arise from vehicles owned by the insurer, energy consumption in facilities, business travel, employee commuting, waste generated in operations, and… Read More »Understanding CO2 emissions in the insurance value chain
Claims Carbon, the first insurance focused climate tech startup, raises €1,1m seed round. The Stockholm based climate and insurtech startup helps insurers reach net-zero in their entire value chain.
On September 20th, 2022, the world’s largest sovereign wealth fund, the Norwegian Oil Fund, presented its 2025 climate action plan. The fund lays out significant ambition aiming at “driving our portfolio companies towards net zero in 2050”. This is against the backdrop that delayed climate… Read More »Sovereign wealth funds step up scope 3 focus
Insurance companies are well positioned to contribute in the global combat against climate change and it is encouraging to see that the insurance exposure – which stands for a large portion of the total emissions of an insurer – is receiving more and more attention.
The global property and casualty (P&C) insurance industry is a massive 1.6 trillion dollar industry and a key part of the financial system offering financial protection and risk mitigation to individuals and businesses. As the recently established Net-Zero Insurance Alliance (NZIA) points out, the insurance… Read More »The carbon footprint profile of a P&C insurer
On March 24th, Norrsken House and City of Stockholm hosted the first Stockholm Impact Meetup, an event to showcase the best of the Stockholm impact community. ClaimsCarbon was one of the seven exciting and impactful startups featured in the event.
Extreme weather gives rise to a growing carbon footprint through increased material and energy usage when things that have been damaged are repaired. One could see insurers, reinsurers, and state-run natural perils protection schemes take a stab at how to ensure that the negative climate impact from the extreme weather event itself is minimized. Tools such as sustainable claims settlement with greener repairs, correct pricing of carbon risk, and funding of carbon removal projects could be included in today’s (re)insurance schemes.
Due to the increased focus on scope 3 GHG emissions, more and more financial institutions have begun reporting their scope 3 emissions. That’s good news from a climate perspective, because in order to define meaningful reduction targets, one must first understand the emission sources. It is, however, also worth acknowledging that there are challenges involved in determining these emissions.
It’s important to distinguish between carbon offsetting and carbon removal, because they offer two very different outcomes when it comes to reaching net zero. Considering the climate crisis we’re facing, it’s clearly not enough that businesses just pay others to avoid emissions in their place, because emissions still enter the atmosphere and remain there. If we want to reach net zero fast enough, carbon removal is needed.
Only 15% of the respondents to the WEF annual risk report feel positive about the outlook for the world. In hindsight of Covid-19, almost all material risks have significantly increased in the perception of this influential group of decision makers.
It’s interesting to note that Climate action failure is now clearly the number one risk both in the medium and long term, whilst Extreme weather is on top of the list for the short term.