ESG – What does it all mean for Insurance?
>> Event Overview
The Environmental, Social and Governance (ESG) and Climate Change agendas have the potential to radically change how every aspect of the financial system works and at the centre of that will be insurance and how we respond. This truly is the “Climate Decade” and there will be new roles and expectations for the insurance industry. The big question is – what is responsibility of the insurance industry? How do we harness the many opportunities that these agendas bring? There is no doubt that meeting expectations around ESG issues are real, immediate and can no longer be ignored.
- The insurance industry is set to foot the bill for a range of environmental and climate change related events in the years to come and will need to play its part in building the world’s resilience to these new dangers;
- The expectation will be for us to find ways to increase our positive contribution to the environment and society. Investors, lenders, customers, employees and governments will all demand that we go well beyond simply collecting premiums and investing the money in an “acceptable” way;
- Regulators across the world are cracking down on companies that fail to take ESG seriously and may consider imposing tougher reporting requirements;
- We’re seeing this shift already with more and more carriers asking questions about ESG and syndicates starting to give dedicated capacity to clients with ESG risk.
Ultimately, we need to turn an issue that is too often merely seen as box ticking compliance issue to what it really is, a major opportunity – but to do that requires a mind-set and cultural shift in our thinking.
>> Learning Objectives
By the end of the session, participants will be able to:
- Understand how ESG factors have now become an important part of financial decision making.
- Consider how ESG impacts all stakeholders within the insurance industry and points the direction to new commercial opportunities.
>> More about our speaker
Nick has been engaged in trading complex insurance risks at Willis Towers Watson and its preceding entities since 1981. His career has predominantly involved advising multi -national corporations and structuring risk solutions in the Global Insurance and Re Insurance Markets. He has led brokerage practices in London, New York and Toronto.
Nick is a Client Relationship Director with responsibility for delivering the services and products of Willis Towers Watson to a number of multinational customers. He is part of the WTW Climate and Resilience Hub a global, multi-disciplinary team focussing on creating solutions and products to quantify and de-risk climate exposure. Nick is a regular contributor to World Economic Forum events and co-leads the day to day relationship between the Forum and Willis Towers Watson.
In addition to his regular responsibilities within Willis Towers Watson Nick is Chairman of the Non–Marine Executive of the London International Insurance Brokers Association (LIIBA), a board director of British American Business and Senior Warden of the Worshipful Company of Insurers.
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