Target Two Degrees

Due to its form of business, the insurance sector is especially sensitive to the risks posed by climate change and is a major player in the fight against it. The industry has long identified climate change as an emerging risk and an increase in temperature of more than 2°C could lead to a lack of affordable insurance.

Insurance Europe and over 2 000 signatories to its target two degrees campaign supports limiting a rise in global temperatures to less than 2°C, and it is pleased with the positive outcome of the negotiations at the Paris COP21 climate change summit in December 2015.

To see examples of how insurers are tackling climate change, click on a word below:

Climate Change Word CloudData-sharing Data-sharing Adaptation Adaptation Platform Mitigation Mitigation Green Partnership Platform Information NatCat Tools Cover Impact Mapping Commitment NatCat Greenhouse Gas Certificate Guidelines Flood Municipalities Strategy Academia Transparency Prevention Expertise Data-sharing Impact Projects Damage Investment Zoning Apps Tools Sustainability Loss Insurability Consumer Awareness Apps Prevention Expertise Tools Data-sharing Certificate Assessment Zoning Information Loss Consumer Prevention Cover NatCat Tools Flexibility Data-sharing Risk-Analysis Municipalities Apps Damage Strategy Impact Projects Investment Impact Sustainability Data-Sharing Green Academia Apps Platform NatCat Flood Green Commitment Flexibility Cover Greenhouse Gas Expertise Renewable Solutions Investment Mapping Tools Partnership Insurability Awareness Solutions Transparency Renewable Loss Apps Cover Zoning Green Impact Municipalities Projects Tools Mapping Investment Damage Zoning Platform Guidelines Impact Apps Prevention Loss

Insurers are not only changing their practices in order to reduce their emission of greenhouse gases, they also contribute to mitigate the effects of climate change in many other ways. For example, by developing products that incentivise policyholders to also reduce their carbon footprint or by investing in renewable energies.

It is just as important and urgent to reduce our carbon footprint as it is to adapt to the inevitable consequences of climate change. Insurers have repeatedly stressed that, in order to enhance the affordability and availability of insurance in the face of climate change, public authorities must also prioritise the implementation of adaptation and prevention measures, for example through climate-resilient building and zoning plans. Furthermore, national governments must address the expected increase in weather-related disasters through national adaptation strategies that target the specific natural catastrophe risks of their countries.

 

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