Vacatures voor Schade Specialisten

The impact of climate risk on insurers

Bron: Helen Stijnen, Ted van der Aalst en Anne Cecile Moreno, KPMG - 07 juni 2021

Climate change poses a significant risk for society, companies and, hence, for the insurance industry. Both the underwriting and asset portfolio are exposed to this risk, from the physical perspective (e.g. damage to insurer's or policyholder's assets) and transition to a low-carbon economy perspective (e.g. depreciation of CO­2-heavy sectors). To ensure that the insurance industry remains solvent and viable in the long term, climate change should be integrated into the insurer's risk management framework. As a minimum this means that insurers analyze in the Own Risk and Solvency Assessment (ORSA) the consequences of climate change to their risk profile. How to best start this integration and what needs to be considered in the ORSA?

The ORSA as a risk management and strategic tool

Given the high uncertainty associated with climate change, organizations are adopting scenario analysis techniques to understand, identify and analyze these risks. Scenario analysis considers a range of plausible futures and analyzes their potential impact on the organization. A scenario not only describes the outcome, but also the developments leading to that outcome, in order to complete the narrative of the scenario and ensure that it becomes tangible. They are pure hypothetical constructs: the purpose is not to predict the future, but rather to explore the impact of a range of possible futures. Scenario analysis enables the organization to move from a traditional risk management approach focused on short-term reactive mitigation to a more strategically focused risk management approach that incorporates both mitigation and adaptation to developments over time. In the context of climate-related risk, the importance of scenario analysis is explored in our practical insights report.

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