气候变化与保险业：作为风险管理者和投资者采取行动

The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofuncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from theworld’s top insurance and reinsurance companies. It organises international expert networks and manages discussionplatforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralorganisations.Established in 1973, The Geneva Association, officially the ‘International Association for the Study of InsuranceEconomics’, is based in Zurich, Switzerland and is a non-profit organisation funded by its Members.www.genevaassociation.org @TheGenevaAssoc 1Climate Change and the Insurance IndustryMaryam Golnaraghi, Director, Extreme Events and Climate Risk research programmeThe Geneva AssociationClimate Change and theInsurance Industry: Taking Actionas Risk Managers and InvestorsPerspectives from C-level executives in the insurance industry The Geneva AssociationTalstrasse 70, CH-8001 Zurich|Tel: +41 44 200 49 00|Fax: +41 44 200 49 99secretariat@genevaassociation.orgwww.genevaassociation.orgClimate Change and the Insurance Industry: Taking Action as Risk Managers and InvestorsPerspectives from C-level executives in the insurance industryPublished by The Geneva Association—The International Association for the Study of Insurance Economics. 2www.genevaassociation.orgwww.genevaassociation.org@TheGenevaAssoc© The Geneva AssociationCover page—Shutterstock January 2018Photo credits: ContentsForewordExecutive summary1. About this study2. Latest developments in addressing the climate change goals and targets3. A review of the foundations of the insurance business model3.1. Transfer of risk3.2. Liability-driven investment strategy4. Findings of the study4.1. Governance and climate change4.2. Climate change and the liability side4.3. Climate change and the investment side4.4. Challenges hindering the insurance industry in scaling up its contributionsThe liability sideThe investment sideFinancing and market-related factorsFinancial and insurance regulationsClimate change–related policy and regulatory frameworksTechnologyData and transparency for informed investing4.5. Role of the insurance industry in supporting climate resilience and decarbonisation of critical infrastructureThe liability sideThe investment side5. Conclusions and recommendationsReferencesAnnexesAnnex 1: A brief look into the foundations of the insurance business modelThe insurance industry’s value chainThe risk transfer functionThe investment functionFinancial and insurance regulatory systemTypical investment patternsAnnex 2: Key organisations supporting climate resilience and adaptationAnnex 3: Key organisations addressing the transition to a low-carbon economy 3Climate Change and the Insurance Industry579101616161717181921212121222222222323232532393940404041424344 ForewordAnna Maria D’HulsterSecretary General,The Geneva Association 5Climate Change and the Insurance IndustryThe insurance industry is uniquely positioned to further understanding of the risks thatclimate change imposes on societies and their livelihoods. This is because insurers play adual role as risk managers protecting society’s assets and long-term investors funding theeconomy. The insurance industry’s societal mandate is to devise innovative risk-transfersolutions that minimise the financial consequences of uncertainty. In the face of climatechange, such a mandate is now more relevant than ever.This report is based on interviews with 62 C-level executives of globally active insurance andreinsurance companies. It details the array of activities undertaken by the insurance industryto address climate change adaptation and mitigation.Two-thirds of the companies that participated in our study are actually dealing with climatechange in a holistic way, i.e. taking into consideration physical, liability and transition risks.They have integrated climate change into their business model. The remaining 33% ofinsurers are taking action by primarily focusing on the physical risks of climate change – riskswhich remain at the core of the insurance business model.No single industry or government