将气候变化风险评估纳入保险业核心业务决策

Anchoring Climate ChangeRisk Assessment in Core BusinessDecisions in InsuranceThird report of the Geneva Association task forceon climate change risk assessment for the insurance industryMaryam Golnaraghi(task force coordinator and lead author), Director Climate Change & Environment,The Geneva AssociationCore technical group and drafting team:Gijs Kloek,Achmea |Mark Schaltuper, Valerie Wilson,AIG |Sebastian Fischer,AllianzBen Carr, Bianca Hanscombe,Aviva |Madeleine-Sophie Déroche,AXAMaria McGowan,Manulife |Margaret Eve Childe,formerly of Manulife |Hjörtur Thráinsson,Munich ReIan Adamczyk, Sean Collins, Jennifer Gottschall, Caitlin Zanoni,Prudential FinancialMatt Blakely, Chris Falkous,Reinsurance Group of America (RGA)Michèle Lacroix, Paul Nunn,SCOR |Martin Bertogg, Martin Weymann,Swiss ReZ. Ming Li, Devashish Kumar,Tokio Marine |Adrien Mellot, Dennis Noordhoek,The Geneva AssociationReview team:Pedro Nascimento de Oliveira,Aegon |David Buckle, Jennifer Waldner, Anthony L. Zobl,AIGDora Elamri, Rémi Meynadier, Olivier Poissonneau,AXAGloria Jimenez,formerly of Chubb, Alexandra Waldman,ChubbTetsu Kidokoro, Hidenao Makiuchi,Dai-ichi Life |Jörg Steffensen,Hannover RePierre Bernard, Andrei Belik,Laura Willett,formerly of Intact Financial CorporationBrandon Blant, Mandy Dennison, Benjamin Jasmin,Intact Financial CorporationSarah Chapman, Herman Ko,Manulife |Diana Keegan,formerly of MetLifeOrli Almog, Anna Warm, Matthew Wessel,MetLife |Amy Gibson, Chad Kleindorfer,Elena Kostova-Oksanen, Georgiana Willwerth-Pascutiu,Reinsurance Group of America (RGA)Yun Wai-Song,SCOR |John Campbell, Kei Kato,Tokio Marine 1Anchoring Climate Change Risk Assessment in Core Business Decisions in Insurance 2www.genevaassociation.orgThe Geneva AssociationThe Geneva Association was created in 1973 and is the only global association of insurance companies; our membersare insurance and reinsurance Chief Executive Officers (CEOs). Based on rigorous research conducted in collaborationwith our members, academic institutions and multilateral organisations, our mission is to identify and investigatekey trends that are likely to shape or impact the insurance industry in the future, highlighting what is at stake forthe industry; develop recommendations for the industry and for policymakers; provide a platform to our membersand other stakeholders to discuss these trends and recommendations; and reach out to global opinion leaders andinfluential organisations to highlight the positive contributions of insurance to better understanding risks and tobuilding resilient and prosperous economies and societies and thus, a more sustainable world.Geneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor and Content ManagerPetr Neugebauer, Digital Media ManagerSuggested citation: The Geneva Association. 2022.Anchoring Climate Change Risk Assessment in Core BusinessDecisions in Insurance. Authors: Maryam Golnaraghi and theGeneva Association task force on climate change riskassessment for the insurance industry. September.© The Geneva Association, 2022 All rights reservedwww.genevaassociation.orgPhoto credits:Cover page— zhengzaishuru, sdecoret, and Toa55 / Shutterstock.com ContentsAcknowledgementsTable of abbreviations1.Executive summary2.Context3.The evolving regulatory landscape for climate change risk assessment3.1Regulatory developments since June 20213.2Insights into regulatory objectives and related questions for re/insurers – GA survey results4.Key considerations for anchoring climate change risk assessment in decision-making4.1Climate change is a modifier or accelerator of existing risks4.2Current state of climate change risk assessment in the insurance industry4.3Issues for the boards of directors and executive management4.3.1Strategic importance of aligning inside-out and outside-in climate risk assessmentapproaches4.3.2Four strategic considerations to drive internal processes4.4Design and utilisation of company-specific business use cases to frame climate changerisk assessment exercises4.5Three examples of business use cases4.5.1Case 1: P&C liabilities – Implications of physical risks on ERM4.5.2Case 2: P&C and life investments – Transition and physical risks4.5.3Case 3: Life & health liabilities4.6Considerations for forward-looking scenario analysis4.6.1About benchmark climate change scenarios5.Status of data and tools for climate change risk assessment6.RecommendationsReferencesAppendix: About benchmark climate change scenarios 3Anchoring Climate Change Risk Assessment in Core Business Decisions in Insurance456101313141818182020222325252832363638404348 4www.genevaassociation.orgAcknowledgementsThe GA task force is deeply grateful for the participation of 16 regulatory and supervisory bodies ina roundtable hosted by The Geneva Association on 5 July 2021, as well as in follow-up discussionsconcerning the regulatory objectives and priorities for climate change risk assessment exercises anddisclosure. In particular, we