Climate Change Forum 2021
Airmic & Swiss Re Corporate Solutions
9 December 2020
Live Stream Event
9.00 – 9.15
Welcome and shared purpose of this Forum
9.15 – 9.45
Climate tipping points
A ‘tipping point’ occurs when a small change in forcing triggers a strongly non-linear response in the internal dynamics of a system, qualitatively changing its future state. Tim will summarise recent evidence regarding climate tipping points, which supports declarations that we are in a ‘climate emergency’. He will also show his latest results identifying a human climate niche and projecting how it will move in the future. Then he will turn to identifying positive social tipping points that will need to be triggered to have any hope of limiting global warming to well below 2 degrees Celsius.
9.45 – 10.15
Insights from an early mover corporation in addressing climate change
Climate change entered Swiss Re’s agenda as early as the mid 1970s, as an early notion on human climate impact triggered by phases of extreme weather. Tracking a changing risk landscape is at the core of any general insurer assuming extreme weather risk on its balance sheet. In the meantime, an early notion has turned into a major agenda item and is linked to Swiss Re Corporate Solutions adopting a strong approach to Sustainability, which is an omnipresent barometer in everything we do. Martin will lead us through a learning journey of an early mover with a broad external stakeholder group: to share some obvious but also some unexpected research findings and learnings relating to underwriting risk, asset management and the company’s own operations.
10.15 – 10.30
10.30 – 11.30
The Dragon’s Den: ‘elevator pitches’ addressing technology used to support climate change risk
Growing digital disruption, relentless competitive pressure and the growing consequences of a warming planet are pushing existing and new risk and insurance providers into departing from traditional ideas towards more innovative solutions. Will these help to build our future? In this session, our audience will take part in interactive elevator presentations from four leading innovators with solutions designed to support the management of climate risk and insurance. Audience participation will be encouraged!
11.30 – 12:00
Decarbonisation – the time to act is now!
Decarbonisation means reducing, and ultimately eliminating, carbon dioxide emissions – but to keep within 2 degrees of global warming we can only use one-fifth of fossil fuel reserves. However, can opportunity be taken from adversity? This session will provide an overview of decarbonisation, illustrated by reference to a number of sectors. The session will move on to consider the Maritime Decarbonisation Hub and the Marine Solution Readiness Level model, which is being developed by Lloyd’s Register Foundation to look at the risks of the various pathways that can be taken to 2050, including technology, investment and community, in order to assist stakeholders in identifying the risks. The session will close with a focus on renewable energy.
12:00 – 12:30
Reporting requirements – how climate change will affect business
The UK has a long history of innovation and resilience in the face of adversity, and is a global leader in the fight against climate change. Financial disclosures are a key part of tackling climate change. The UK Government has confirmed its intention to make climate-related disclosures aligned with those recommended by the Task Force on Climate-related Financial Disclosures (TCFD) mandatory for large UK companies and financial institutions by 2025, with a significant portion of mandatory requirements to be in place by 2023. This session will explore how the requirements could develop and the potential implications for UK companies and risk professionals.
12.30 – 13:00
13.00 – 13:45
Metrics – can we really quantify climate risks?
With Task Force on Climate-related Financial Disclosures (TCFD) and Environmental, Social, and Corporate Governance (ESG) climate reporting fast approaching for many UK organizations, this session will include a practical overview of some of the strategies that can be employed for physical climate change quantification and how these are included in catastrophe models, tools and products. It will consider examples of which natural disasters are most impacted by climate and macro trends, and what insurers are doing about it. Proven resilience measures can reduce physical property damage and business interruption – in conclusion, examples of risk engineering solutions in practice will be explored.
13.45 – 14:30
Climate change as a risk multiplier of the ‘S’ and ‘G’ in ESG
Facing a tough economic outlook, or the most severe economic crisis in 300 years, as recently termed by the UK Chancellor, high-quality companies are likely to be preferred by stakeholders. The use of environmental, social and governance (ESG) information has been increasingly part of stakeholder assessment of organisations. This session will consider a selection of key factors that are likely to be material next year through the lenses of ‘E’, ‘S’ and ‘G’.
14.30 – 15:00
Outlook of priority areas for industry and government to ensure a transition to a green and climate resilient economy
Swenja will give a keynote presentation on recent developments in climate risk management, providing insights from her work on promoting prevention and risk reduction through her concept of a Triple Resilience Dividend, which she is currently applying to a wide range of contexts, including a case study with the city of Lowestoft on the UK’s east coast as part of the Zurich Flood Resilience Alliance. Swenja will also share early findings from the Third UK Climate Change Risk Assessment and close with an outlook of priority areas for industry and government to ensure a transition to a green and climate resilient economy.
This event has now passed.
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