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Insurers’ role, essential to addressing impacts of climate change - APCIA

The American Property Casualty Insurance Association (APCIA) and The Geneva Association recently hosted a virtual policy event to discuss the important role that insurers play in forming investment strategies and advancing product development to support responsible transition pathways.

Entitled “Changing Climate: Mitigation and Insurers’ Role in the Energy Transition”, the event had in attendance industry executives: Nick Ashooh, APCO Worldwide’s senior director of corporate and executive communication, who moderated the panel, which included Robert Gordon, APCIA’s senior vice president, policy, research and international; Maryam Golnaraghi, The Geneva Association’s director of climate change and environment; Billy Pizer, Resources for the Future’s vice president of research and policy engagement; and Ian Giammanco, Insurance Institute for Business and Home Safety’s (IBHS) managing director of standards and data analytics and lead research meterologist.

Gordon highlighted the importance of property casualty insurers in obtaining accurate price signals and constructing mitigation strategies when it comes to weather-related losses to help policymakers and the public understand and reduce their risk of loss. In addition, he noted insurers have a critical role in supporting the energy transition through their diversified underwriting and investment strategies.

“Together, insurers’ partnership with policyholders helps create products that support their own transition pathways and therefore supports a resilient economy,” said Gordon.

Golnaraghi shared new policies and subsidies in the US and other countries that have contributed to the commercialization and deployment of new climate technologies, such as green hydrogen, that are essential for energy transition.

“The Geneva Association is collaborating with reinsurers, the US Department of Energy and other key stakeholders to create an insurability readiness framework for a wide range of risks to overcome hurdles to mobilizing private capital, expedite commercialization and market adoption,” said Golnaraghi.

“Insurers play a unique role through business clients working to transition to a future net-zero economy. Insurers can support that transition with their products and services,” said Pizer.

Giammanco also shared that the IBHS has developed science-based building standards and solutions to help reduce damage and loss from severe weather.

“These are the first steps needed to adapt to our changing climate. We work to incorporate our research into building codes to take this even further as we know those provide the best path forward to shape communities and make a significant impact on a broad population,” said Giammanco.

Original Source: Insurance Business


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