8/27/2023 0 Comments Abacus insurance underwriters![]() ![]() ![]() ![]() Insurers have high ESG ambitions and serious responsibilities but also pronounced capabilities gaps: Simplifying ESG: what you should focus on now Gain clarity 49% of insurance CEOs say their company does not have the ability to measure their greenhouse gas (GHG) emissions today, despite the SEC’s proposal for new climate disclosure requirements.25% of global insurers told us that “understanding ESG-related regulations and guidelines” is the main challenge in pushing forward their ESG agenda, followed by “understanding how best to take action on ESG” (17%) and “matching ESG initiatives with customer needs” (15%).Not only do key stakeholders want explanations of how insurers are addressing the issue, they’re also formally mandating them. This will result in a significant shift towards TCFD-aligned disclosures for US insurers, forcing carriers to think about climate change in multiple facets of their business and confront how they address it.Īs a result, a formal and clearly defined ESG strategy is no longer optional. Survey questions align almost entirely with the Task Force on Climate-Related Financial Disclosures (TCFD) framework. In addition, the National Association of Insurance Commissioners (NAIC) released an updated climate risk disclosure survey in April. Although insurers are awaiting more specific guidance from the SEC on some proposal topics, they’re facing a move from existing voluntary disclosures of climate-related risks to mandatory requirements that potentially carry increased legal liability. The proposal is the SEC’s response to growing investor demands to understand what companies are doing to manage increasing climate change risks and the transition to a low carbon economy. The US Securities and Exchange Commission (SEC) released its climate disclosure requirements proposal in March. Moreover, recent regulatory developments are forcing insurers to meet expectations with actions, especially on climate concerns. While these stakeholders’ perspectives and areas of influence vary, they share one thing in common: increasing expectations. Carriers have long viewed a robust governance structure and understanding of the impact of extreme weather events on balance sheets as protective of company value.įor starters, employees, business partners, agents and end customers - not just regulators, standards-setters and investors - are vocally expressing concern about ESG-related issues. Talk to a member of our team today to discuss your personal insurance requirements, call Abacus Insurance Services on 01843 22 66 11.At its core, insurance is about mutualizing and managing risks, principles that are inextricably linked to environmental, social and governance (ESG) criteria. We understand that making decisions alone can be a challenge, which is why we are here to help to make things easy and straightforward. Our knowledge and expertise of our insurance services allow us to work efficiently to help you protect the things that you love and value the most. Working face-to-face or by telephone, we work closely with you to ensure that you discover the best services for your needs and no time is wasted. We consistently aim to provide efficient insurance services that match client requirements to the best suited policy. Your queries and questions will be competently dealt with by an experienced member of our team and you will not be dealt with by a call centre or an automated telephone system. Taking professionalism and customer service very seriously, we pride ourselves on customer care. We’re backed by all major UK insurers and so are able to offer highly competitive premiums for each and every one of our insurance products. Operating locally, we work as a trusted and reliable insurance service. Having been established for more than 20 years, we have independently grown into one of the largest general insurance brokers in the South East. Whether you’re seeking cover for your car, travel purposes, wedding or commercial, we specialise in all general insurance products and provide an all-round dependable service. We hold an extensive range of individual insurance solutions to meet your specific needs. At Abacus Insurance, we are an authorised insurance business, regulated by the Financial Conduct Authority. ![]()
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