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Reenvisioning the Role of Insurance in the Midst of a Climate Crisis

Oct 11, 2022

It鈥檚 difficult to argue that we鈥檙e feeling the impacts of climate-related risks and liabilities across all sectors of the insurance industry. However, we are also seeing many opportunities industry-wide to innovate and bring new products and solutions to the market.聽

According to a recent , in the face of the current global climate crisis, insurance is well-poised to create and offer new solutions, such as:聽

  • Insuring the net-zero transition: Businesses, particularly those in high-emissions sectors, are doubling down on efforts to reduce their carbon emissions. One way they are doing this is by transitioning entire operations over to greener power sources, such as solar, wind, and electric. This requires major (and costly) technology investments鈥攁nd those investments need to be protected and insured.

  • Creating new risk-transfer solutions for rising physical risks: As climate-driven weather events continue to wreak havoc, demand for parametric insurance solutions will also rise. As an industry, we will need to take a long, hard look at how we can offer parametric coverage at scale, continue to hone our risk modeling, and promote these products to insureds.

  • Providing adaptation and resilience services: As experts in risk management, insurers can offer expertise in how clients mitigate their climate-related risks and minimize losses. This opens up a whole new suite of consultative services for insurance professionals鈥攅verything from risk assessments and risk advisory to incentive programs encouraging clients to rebuild with resilience in mind after a major loss.

While these new opportunities to better support insureds are exciting and promising, McKinsey notes that entering this new market won鈥檛 necessarily be easy. Many insurers may have gaps in their climate capabilities (such as a lack of historical underwriting data and expertise) to successfully launch these new products and services. Building partnerships both outside and within the insurance industry can fill those gaps by providing additional funding, technologies, data, and expertise.聽

Read the to learn more.聽

As a leading wholesale insurance broker, 麻豆放映免费 is committed to innovation and reimagining what it means to offer exceptional insurance solutions to our agents, so you can support your clients through whatever climate-related challenges lie ahead. Contact us today to speak with one of our specialists. You can read more industry insights 丑别谤别.听

The 麻豆放映免费 Environmental Insurance Team

The 麻豆放映免费 Environmental Insurance Team

麻豆放映免费鈥檚 team of environmental underwriters have dedicated their entire careers to the environmental sector 鈥 they are environmental professionals that happen to sell insurance. Our brokers have backgrounds as environmental consultants and geologists, which gives you and your clients a significant advantage. When it comes to environmental coverage, you don鈥檛 want a generalist broker. With the 麻豆放映免费 team, you can trust our brokers have worked every angle of the environmental industry and can customize our exclusive program capabilities for any environmental coverage need.
climate change | environmental insurance | market trends

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Whether they realize it or not, most every business has some sort of environmental exposure. It鈥檚 more important than ever for companies to evaluate their environmental risk profile and secure appropriate insurance coverage. At 麻豆放映免费, we don鈥檛 have generalist brokers; our dedicated team of environmental brokers has worked every angle of the environmental industry and knows it inside and out. By partnering with 麻豆放映免费, you鈥檒l have an industry-leading wholesaler on your side, working with you and your clients to secure the coverage 鈥 and peace of mind 鈥 your clients need.

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