ClimateWise is a global leadership group which works to help the insurance industry respond to climate change. It carries out valuable work in areas such as sustainable claims management. The organisation also publishes regular articles from some of the industry’s top leaders and is involved in the development of sustainable risk transfer mechanisms in emerging economies.
As well as working with insurers, ClimateWise also collaborates with other businesses, academics and policy-makers. ClimateWise has recently signed a communications partnership agreement with ICMIF. This means ICMIF will be sharing news with the Federation’s membership about the work of ClimateWise. These articles and reports will support the efforts of ICMIF and its members to promote sustainability and provide guidance to mutual and cooperative insurers on the subject.
When announcing the new partnership with ICMIF and two other organisations ClimateWise said:
“These partnerships have a clear goal: to raise insurer awareness of climate change as a strategic risk for the industry, and share ways of driving practical action to manage this risk within partners’ respective regions and beyond…This will serve to highlight issues of mutual interest in addressing climate change risk, which can then be built upon – by establishing links with member companies or pooling resources around particular issues affecting the global industry.”
The other organisations that ClimateWise has signed partnership agreements with are CNseg (The Confederation of Brazilian Insurance Trade Associations) and SAIA (the South African Insurance Association).
Throughout 2012, ClimateWise will be publishing a series of ‘Thought Leadership’ articles which ICMIF will share with its membership. Each article will be authored by an executive from a ClimateWise member organisation, and will aim to prompt debate about a new issue related to managing climate change risk. Each article will be timed to coincide with significant international events or milestones. The opinions expressed are the authors’ own.
The first thought leadership article is entitled “Moving beyond the uncertainty of climate change risk – Applying the insurance principles of measurement, mitigation and diversification to the world’s most challenging risk” which has been written by John Coomber, former CEO of Swiss Re and Chairman of ClimateWise.
The second thought leadership article is “The value of ecosystem resilience to insurers – Exploring the role of insurance as a global connector and driver of shared risk management to generate shared value” by Ian Kirk, Chief Executive of Santam Group, South Africa. The article explores the implications of a key theme at the Rio+20 conference for the insurance sector.
Like ICMIF, some ClimateWise members are involved in the UNEP-FI Principles for Sustainable Insurance (PSI) which were launched at the Rio+20 Summit in June.