KPMG Global – Embracing Change & Securing Growth: Climate & the Insurance Sector

This KPMG Global article covers key topics:

  • Innovating insurance – In our view, those that do move to understand and participate in the shift to a decarbonized economy stand to win significant competitive advantage. Innovation and experimentation are not just for climate scientists and technologists — they are also critical to the insurance sector. Recently, we have been seeing significant innovation in the sector.
  • Recognising the opportunities – leaning into the Sustainable Markets Initiative Insurance Task Force Products and Services showcase August 2022, that spotlights some of the innovative products and ideas that insurers are creating to respond to the new reality.  While a 2022 publication, it has some excellent global examples from the insurance industry including organisations such as AIG, Allianz,  AXA, Direct Line Group, Marsh, Munich Re and Lloyds across a range of sectors including construction; renewable energy; and biodiversity, extreme weather and disaster recovery and decarbonisation of carbon intensive companies.
  • Climate to the core – some insurers are using balance sheet to inspire and encourage change.
  • Think holistically – KPMG professionals can offer one piece of advice that holds for insurance players, regardless of size, market or sector: real value can be easier to access when the issue is managed at an enterprise level. Finance, underwriting, claims, customer service, HR, operations, IT and many others all have a role to play in helping a company transform for the future. The activities of one will likely impact the activities of the others. An integrated and holistic strategy is key.

You can access the full article on KPMG’s website by following this link.

We’d like to thank our Corporate Partner KPMG for making this information available.