CLIMATEWISE CALLS FOR COLLABORATION TO TACKLE CLIMATE RISKS

Insurers have been urged to turn their focus towards the products they sell in order to make a meaningful contribution to a net-zero economy. Carriers have dedicated time and effort to the asset side of their balance sheets, but innovation is yet to be seen across the climate-related products they sell, industry group ClimateWise said in a new report. The insurance research collaboration group pointed to the deficiencies of the products on offer and said there was urgent need for “climate-ready” insurance products, which would satisfy the concept of net-zero underwriting. Insurers must collaborate with brokers and other industry participants to come up with attractive opportunities that will help their customers manage their own transition, ClimateWise said. The report draws on the expertise of more than ten ClimateWise members including Aon, Allianz, Aviva, Axa, Lloyds and Zurich.