The need to deliver on the commitment for a net-zero global emissions economy by 2050 is more urgent than ever. The 26th UN Climate Change Conference of the Parties (COP26) will be critical to raise climate ambition against the growing threats of climate change. It will bring governments, civil society, and the private sector together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC).
To support the aims of COP26 and raise climate ambition, the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), together with partner organisations, has put together a special PSI COP26 Sustainable Insurance Series comprised of five virtual events.
This comprehensive and ambitious series of events will span climate change mitigation, net-zero insurance, adaptation and resilience actions. It will feature insurance industry participants, insurance regulators and supervisors, financial policymakers, governments and other key stakeholders of the sustainable insurance landscape.
Insurance leadership in the race to zero
Re/Insurance Leaders and UNEP FI gathered for a virtual dialogue on the COP26 insurance agenda. Under discussion was the newly formed Net-Zero Insurance Alliance (NZIA) as one example of collaborative action taken by the industry to win the Race To Zero. Organised by the Swiss Re Institute.
Speakers:
- Moderator: Thierry Léger, Group Chief Underwriting Officer, Swiss Re
- Line Hestvik, Chief Sustainability Officer, Allianz
- Renaud Guidée, Group Chief Risk Officer, AXA & Chair, Net-Zero Insurance Alliance
- Butch Bacani, Programme Leader, UNEP’s Principles for Sustainable Insurance Initiative
The Net-Zero Insurance Alliance: How can insurers do more zero now, so there’s less net later?
Members of the Net-Zero Insurance Alliance shared key approaches and opportunities for insurers to decarbonise their underwriting portfolios, as well as their motivations and ambitions in joining the Alliance.
Speakers:
- Butch Bacani, Programme Leader, UNEP’s Principles for Sustainable Insurance Initiative
- Diana Diaz, Programme Supervisor, UNEP’s Principles for Sustainable Insurance Initiative
- Renaud Guidée, Group Chief Risk Officer, AXA & Chair, Net-Zero Insurance Alliance
- Roland Umbricht, Head of Global P&C, Allianz
- Franco Urlini, Group P&C, Claims and Reinsurance Director, Generali
- Stefan Golling, Member of the Board of Management, Munich Re
- Jean-Paul Conoscente, CEO, SCOR Global P&C
- Thierry Léger, Group Chief Underwriting Officer, Swiss Re
- Hayley Robinson, Group Chief Underwriting Officer, Zurich Insurance Group
- Ilias Tsakiris, CEO, American Hellenic Hull Insurance Company
- Jean-Jacques Henchoz, CEO, Hannover Re
- Caesar Mwangi, CEO, ICEA LION Group
- John Neal, CEO, Lloyd’s (tbc)
- David Knibbe, CEO, NN Group
- Dai Gou Sung, CEO, Shinhan Life Insurance
- Owen Morris, Chief Underwriting & Data Officer, Aviva
How are US insurance regulators taking action on climate change risks?
Organised by the PSI and the US National Association of Insurance Commissioners and supported by the UN-convened Sustainable Insurance Forum.
Speakers:
- Ricardo Lara, Insurance Commissioner, California / Co-Chair, Climate & Resiliency Task Force, US National Association of Insurance Commissioners
- David Altmaier, Insurance Commissioner, Florida / President, US National Association of Insurance Commissioners
- Andrew Mais, Insurance Commissioner, Connecticut
- Kathleen Birrane, Insurance Commissioner, Maryland
- Raymond G. Farmer, Director of Insurance, South Carolina
- Mike Kreidler, Insurance Commissioner, Washington
- Moderator: Butch Bacani, Programme Leader, UNEP’s Principles for Sustainable Insurance Initiative
Climate change adaptation and financial resilience as a sustainable finance priority of the German G7 Presidency
This event organised by the German Ministry of Finance will look into how central banks, supervisors, insurers and civil society can raise their ambition in building climate-resilient communities and economies.
Speakers:
- Jörg Kukies, State Secretary, German Ministry of Finance (BMF)
- Sabine Mauderer, Member of the Executive Board, German Central Bank (Deutsche Bundesbank)
- Christopher Townsend, Member of the Board of Management, Allianz
- Joachim Wenning, CEO, Munich Re
- Marlehne Thieme, Chair of the Board, Welthungerhilfe
- Other insurers (tbc)
- Moderator: Butch Bacani, Programme Leader, UNEP’s Principles for Sustainable Insurance Initiative
We Are All At Risk: Collaborative Efforts to Invest in Resilience and Close the Financial Protection Gap – Launch of the V20-led and PSI-hosted Sustainable Insurance Facility (SIF)
Organised by the V20 Ministers of Finance, UNEP’s Principles for Sustainable Insurance and Munich Climate Insurance Initiative (MCII)
The event featured the G20 and partner organizations discussing their vision of a climate-resilient world and unveiling collaborative solutions to reach this goal. Building on the First V20 Climate Vulnerables’ Finance Summit in July 2021, these included a fire side chat on the new strategic partnership between the Insurance Development Forum (IDF) and the V20 to build a Global Risk Modelling Alliance (GRMA) and the launch of the V20-led Sustainable Insurance Facility.
The Sustainable Insurance Facility (SIF) is the new mechanism to enhance and accelerate the country-led development and uptake of climate-smart insurance solutions for MSMEs. As such, the SIF aims to stimulate the domestic and regional insurance industry and economy, and represents the first global disaster risk finance mechanism led by climate vulnerable countries. Supported by the InsuResilience Global Partnership and Germany, the SIF is exemplary of the V20’s efforts to close the financial protection gap, which currently lies well above 90 per cent in climate vulnerable developing countries.