As various industries start to understand how their footprint impacts the environment and what effect their activities will have in the long run, the insurance industry has been feeling the pressure to do the same. Lloyd’s of London, for example, has pledged within the next decade to stop supporting industries most damaging to the environment. Additionally, there are indications that the new U.S administration will be focused on looking at coverage insurers have been providing to businesses viewed as having a damaging effect on the environment. The session will address the role that the insurance industry will need to play in order to help combat the adverse effects of climate change as well as a potential impact of these efforts on the claims business. Among the points of discussion will be:
- What efforts have insurers undertaken to understand how the businesses they cover are affecting climate change?
- How will these efforts impact the claims business?
- How is climate change driving insurers to reevaluate their models around claims?
- The increase in hurricanes and wildfires has been attributed to climate change. How can insurers help educate their policyholders about these risks and strategies to lessen their impact and claims?
- What proactive steps are insurers taking to lessen their environmental footprint?
- How will this affect the types of businesses and risks they cover?
- Carey Bond, Head of Claims, Americas - Lloyd's of London