Stakeholders Set Priorities and Action Plan at Geneva Association Climate Change Forum
Developing and scaling up the integration of the next generation of risk models requires cross-sectoral collaboration, and the insurance industry plays a critical role as risk managers and investors. This was a key takeaway of the 2019 Climate Change Forum held 11-12 July in London, organised by The Geneva Association, the global association of insurance companies, and sponsored by Tokio Marine Holdings.
The 2019 Climate Change Forum set out to build a roadmap for advancing and augmenting physical and transition climate risk modelling, focusing on core insurance, investment and asset management decisions. Participants included representatives of the insurance and asset management industries; regulators and rating agencies; members of the United Nations Environment Programme-Financial Initiative (UNEP-FI), the Financial Stability Board's Task Force on Climate Related Financial Disclosure (TCFD), the EU Technical Expert Group on Sustainable Finance and the Sustainable Insurance Forum Secretariat; climate scientists and risk modelling practitioners; and the co-chair of an Inter-governmental Panel on Climate Change (IPCC) working group.
Jad Ariss, Managing Director of The Geneva Association, said: "Companies in all economic sectors need climate information to mobilise investments for transitioning to a low-carbon economy. The insurance industry, with its leadership in risk modelling, can contribute significantly to the global private-sector response to the TCFD's recommendations and global sustainable finance initiatives - improving its own capacities and societal resilience at the same time."
Maryam Golnaraghi, Director of Climate Change and Emerging Environmental Topics at The Geneva Association,
