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
Given the challenges the world is facing in reaching net zero, it’s great to see that many large insurance companies are showing leadership and setting strong examples by disclosing ambitious climate goals.
Forerunners will be in a unique position to meet the needs of stakeholders and attract new customers through public disclosure of emissions, progress toward climate targets, and demonstration of environmental stewardship.
So far, most of the insurance industry’s work around climate and greenhouse gas emissions has focused on direct operations and investment portfolios. Next, insurers should establish baselines for their underwriting portfolios and supply chains, in which claims settlement plays a crucial role.
The insured emissions and the claims carbon footprint complement each other fittingly. The insured emissions are relevant for commercial insurance and it’s mainly a question of disclosing which type of companies and industries “you are willing to do business with”. The claims carbon footprint, on the other hand, works across both retail and commercial insurance and only focuses on the actual footprint of the insurance product itself.