Zurich Insurance Group has announced the launch of its Climate Change Resilience Services to help businesses better prepare for current and future risks associated with climate change, or The Artist Formerly Known As The Weather.
The move makes sense for the global insurance brand, as many large companies are now being targeted by climate activists such as XR, so anything that can be done to promote recycling, sustainability and less consumption of resources can only be good PR, plus it may save big companies money too. For example, using green parts to repair damaged cars as part of the default claims/FNOL process is one story the UK insurance sector – and car manufacturers – could do more to promote.
Here’s some comment from Zurich;
Gabrielle Durisch, Head of Sustainability for Commercial Insurance, said: “We have
invested in technology and expertise to provide customers with tailor-made advice and
tools that help them strengthen their resilience and prepare for future challenges. The
scope of the new offering sets Zurich apart and underscores our commitment to
sustainability and a 1.5°C future. As we undertake our own journey to sustainable
business practices, we are encouraging and supporting our customers to become more
sustainable and mitigate climate change related risks.”
Climate change is consistently rated as one of the top areas of concern for risk managers
and business owners in the World Economic Forum’s Global Risks Report. In the 2020
edition, the top five most likely risks to impact businesses in the next decade were all
environmental.
The Climate Change Resilience Services address these concerns by providing a wide
range of solutions extending far beyond insurance and helping to protect businesses and
employees. Customers can tap Zurich’s market-leading risk engineering expertise in the
interplay of natural hazards and climate change, and strengthen their resilience through
physical and operational measures as well as insurance products.
Customers can map exposure along their value chain, for their global or regional
operations, specific sites or even vital pieces of equipment. In addition, Zurich offers
mitigation and adaptation solutions for these risks, which could range from weather
events such as wildfires, windstorms and floods, to climate effects, including
temperature and sea-level rise. It also provides guidance on how to implement
sustainability measures at site level, while maintaining the ability to withstand risks.
The expansion of Zurich’s existing natural hazards risk advisory service to include
climate change services is part of the Group’s ongoing commitment to provide security
through insurance coverage while proactively building resilience together with
customers. This includes sharing expertise, limiting the impact of adverse events on
operations, and ensuring the safety of employees and businesses.
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