As members of ClimateWise, RSA is playing an active role in addressing society’s most critical sustainability challenges
Climatewise is the global insurance industry leadership group on climate change. Facilitated by the University of Cambridge Institute for Sustainability Leadership, the Climatewise group is founded on six core principles that support members to disclose their specific response to the risks and opportunities of climate change to the financial markets.
In addition the Climatewise Insurance Advisory Council, which RSA joined in 2016, commissions research that draws on the insurance industry’s data, analysis, modelling and expertise that will help the world transition to a zero-carbon, climate-resilient future.
An example of this research is how insurers’ climate models can play an active role in helping other parts of the financial sector better understand their exposure to the physical impacts of climate risks and how to manage those risks. The models could highlight concentrations of climate risk to real estate lending portfolios, triggering a dialogue on the availability of insurance. By highlighting the climate-risk protection gap—the growing divide between total economic and insured losses attributed to climate change—stakeholders can be aligned around common responses.
“The insurance industry is well-positioned to play an important role in helping society adapt to changing environmental risks and opportunities. I am proud to represent RSA on the ClimateWise Insurance Advisory Council to drive that agenda.”
—Scott Egan, RSA Group chief financial officer
RSA is providing data, expertise and guidance to the research project through our Group investment function, overseen by our chief financial officer Scott Egan who also represents RSA on the Insurance Advisory Council.