IAG’s Post

New Regulation - Insurance and Ecological Transformation   Today, SUSEP Ordinance 8.300/2024 was published, establishing a Working Group (WG) with the goal of discussing and proposing recommendations to enhance the regulation of insurance products and coverages related to the Federal Government's Ecological Transformation Plan.   The WG consists of employees from the Superintendence of Private Insurance (SUSEP) and external experts listed in the annex of the ordinance. The coordination will be overseen by the Director of the Market Organization and Conduct Regulation Directorate (DIORE) or their alternate in case of absence. The Working Group will be divided into four subgroups, each dedicated to one of the following thematic axes of the Federal Government's Ecological Transformation Plan:   Sustainable finance; Bioeconomy and food systems; Circular economy; and Energy transition.   https://lnkd.in/dfeGszWN

The insurance sector will play a key role in the transition to net zero, both as risk manager and green investor. Key insurance sector developments and action plans were discussed at the EU Global Sustainable Insurance Summit held at the Central Bank of Ireland and hosted by the ISFCOE - International Sustainable Finance Centre of Excellence and the United Nations Environment Programme Finance Initiative (UNEP FI). My colleague Johnny Meehan and I attended this event and we have summarised some of the key takeaways below.

Reflecting on insights from the Enhancing resilience through sustainable Insurance Projects roundtable, Kelvin Massingham highlighted a key practical imperative: "𝘴𝘩𝘪𝘧𝘵𝘪𝘯𝘨 𝘨𝘳𝘦𝘦𝘯 𝘧𝘪𝘯𝘢𝘯𝘤𝘦 𝘪𝘯 𝘈𝘧𝘳𝘪𝘤𝘢 𝘧𝘳𝘰𝘮 𝘨𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘰𝘳 𝘥𝘰𝘯𝘰𝘳-𝘥𝘳𝘪𝘷𝘦𝘯 𝘵𝘰 𝘮𝘢𝘳𝘬𝘦𝘵-𝘥𝘳𝘪𝘷𝘦𝘯". The insurance industry has a pivotal role of the insurance industry in offering risk transfer solutions to private investors, making the risk-adjusted returns of green projects attractive. This aligns with our objectives to enhance climate adaptation funding mechanisms and foster partnerships for sovereign climate adaptation.

So many great takeaways in the The Geneva Association's latest report: Climate Tech and Insurance, by the brilliant Maryam Golnaraghi, Ph.D.: "Derisking new climate technologies is foundational to unlock capital and expedite commercial deployment for energy transition and industrial decarbonization. Insurance industry plays a critical enabling role. " Follow Maryam and the Geneva Association for more information on their groundbreaking work, and advocacy for industry collaboration and cross-sectional engagement. #climatetechnology #climatetech #energytransition #profitablesustainability #sustainability https://lnkd.in/dXzvX9VZ

📢 We're proud to announce the publication of our 2023 Corporate Sustainability Report, showcasing our commitment to sustainability. Our promise to society is to minimize our environmental impact, promote social responsibility, and relieve our customers of economic risk.  Protector asserts that if a general insurance company excels in its core business, it contributes to sustainability. Consequently, we've built our sustainability efforts on the following four pillars: People 👩💼👨💼  Climate resilience 🌦️🛡️  Climate-efficient solutions ♻️💡  Responsible business behavior ⚖️🏦 Protector is a signatory of the UN Principles for Sustainable Insurance, aligning our approach with these global guidelines. We report our climate footprint following the GHG Protocol, allowing us to further optimize our sustainability efforts. In 2023, our emissions in CO2 equivalents per million GWP was 12.95 tons. This is a reduction from 13.68 tonnes per million GWP for 2022. We are, as promised, working on limiting these emissions.  Discover more on our sustainability webpage: https://lnkd.in/deMtbaeN. If you have any questions or suggestions, reach out to our Head of Corporate Sustainability, Sølve Folkestad Dahl Together, we can make a difference! 🌳🤝 Protector Forsikring, Danmark Protector Försäkring Sverige Protector Insurance UK Protector Vakuutus Protector Forsikring ASA #sustainability #esg #climateaction #corporateresponsibility #ClaimsCarbon #csr #PrinsiplesForSustainableInsurance #ProtectorInsurance

Sustainability is becoming central to insurance underwriting but aligning it with company culture and processes is no easy task. As standards like ISSB climate requirements take hold, insurers are compelled to prioritize sustainability, particularly since insurance-associated emissions (IAEs) can account for over 50% of total emissions.     Read insights from Alex Hindson and Dan Spreckley of Crowe UK to understand the progress and challenges in this essential transition: https://lnkd.in/eSNBgTtB    #Crowe #Underwriting #Sustainability #ClimateRisk 

What can insurers do to address climate change and protect their business interests? Explore five ways the industry can help protect natural capital and reduce its liability through smart investments, innovative products, and greater engagement. 🌳 Natural capital valuation: Insurance models often overlook nature risk, but frameworks like the Natural Capital Protocol now help value natural assets using advanced tech. 🛡️ Asset protection: property insurance is used to protect natural assets, with incentives for nature-based solutions to boost agricultural resilience. ⬇️ Liability reduction: Insurers can cut claims by promoting sustainable practices through policy innovations and offering discounts for protective measures. 📈 Facilitating capital flows from Financial Markets: Insurers can steer funds toward climate and nature goals by integrating nature's value into underwriting, with new policies like carbon credit insurance. ✍️ Policy advocacy: Insurers should push for policies that support sustainable practices, nature-based solutions, and risk-sharing mechanisms, while helping develop biodiversity reporting standards. Download the report to get insights from Deloitte Sustainability's Ricardo Martinez and David Sherwood on navigating climate change and property insurance: https://deloi.tt/3UkoCp4

Marking Earth Day and promoting environmental protection is crucial… 🌍🌿 But what happens next? How do we keep the momentum going? For us, the effort doesn't stop after today. Read our Sustainability Report for 2023! #EarthDay #SustainabilityReport #WeAreApex #cayman #caymanislands #bermuda #funds #insurance #captives

This #EarthDay, Monday April 22nd, join EcoClaim’s CEO Jodi Scarlett, Specialty Program Group Canada’s President & CEO Cameron W. Copeland and Platinum Pro-Claim Restoration’s CEO Tony Scott as they host a panel in their partnership with Encircle! We have over 300 registrants already from around the world so be sure to sign up! ‘As more and more businesses begin to pay attention to their impact on the planet, insurance carriers are following suit, exploring their own goals and setting targets to limit their carbon footprint. With catastrophes and property claims accounting for significant waste, it’s certain that carriers will pass on the pressure directly to their supply chain. If you’re interested in future-proofing your restoration business and preparing for the sustainability requirements coming down the pipeline from insurers and regulatory bodies, join our expert speakers for a virtual discussion on: What is Environmental, Social, and Corporate Governance (ESG) and how does it affect the property restoration industry? The regulatory mandates and trends to be aware of in the next 3-5 years. The financial & cultural benefits of implementing eco-friendly practices. Where to start: how to incorporate sustainability into your daily operations.’ https://lnkd.in/gUCPYNeQ

**Revolutionizing Carbon Credits: Unveiling Unmatched Insurance and Transparency** In a major step towards enhanced sustainability initiatives, the Well Done Foundation has introduced a new wave of insured carbon credits. This innovation promises not only to bolster climate action but also to provide a level of security and transparency previously unseen in carbon offset markets. These insured carbon credits are designed to mitigate risks associated with carbon investments, ensuring that environmental contributions deliver their intended impact. By offering insurance, the Well Done Foundation is driving confidence and transparency, encouraging more organizations to participate in carbon offsetting programs. How do you see insured carbon credits impacting your organization’s environmental strategy? #CarbonCredits #Sustainability #ClimateAction #RiskManagement #EnvironmentalInnovation #TransparentSolutions - - - - - - - - - - P.S.: Looking for a creative outlet? Check out our creative books at www.sleepyhippie.com for inspiration and fun