The PSI COP26 Sustainable Insurance Series

 

The UNEP-PSI COP26 Sustainable Insurance Series

1, 3 & 9 November 2021

 

About this series

To support the aims of COP26 and raise climate ambition, UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), together with partner organisations, has put together a special “PSI COP26 Sustainable Insurance Series”.

It was probably the most comprehensive and ambitious series of events for the insurance industry during COP26, spanning climate change mitigation/net zero and adaptation/resilience, and actions by insurance industry participants, insurance regulators and supervisors, financial policymakers, governments and other key stakeholders.

The following 5 events took place on the 1st, 3rd and 9th of November:

•COP26: Insurance leadership in the race to zero (Organised by the Swiss Re Institute)

At this event, insurance and reinsurance leaders and the UN discussed the newly-formed Net Zero Insurance Alliance (NZIA) as one example of collaborative action taken by the industry to accelerate the race to zero. The NZIA focuses on decarbonising underwriting portfolios and we invited risk managers, underwriters, investors, regulators and other insurance ecosystem players to join this public online live dialogue.

•The Net-Zero Insurance Alliance at COP26: How can insurers do more zero now, so there’s less net later? (Organised by the PSI)

The Net-Zero Insurance Alliance (NZIA) was launched at the G20 Climate Summit in Venice last July by its founding members—AXA (NZIA Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group—under the auspices of UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), the largest collaboration between the UN and the global insurance industry. In the run up to COP26, the NZIA has expanded its membership, announcing five new members—American Hellenic Hull (Cyprus), Hannover Re (Germany), ICEA LION Group (Kenya), NN Group (The Netherlands), and Shinhan Life Insurance (Republic of Korea). At this event, we unpacked approaches to net-zero insurance that insurers can take to immediately decarbonise their insurance and reinsurance underwriting portfolios, while the NZIA and its partners develop a global standard to measure and disclose insured emissions and a target-setting protocol for the alliance.

•How are US insurance regulators taking action on climate change risks? (Organised by the PSI and the US National Association of Insurance Commissioners & Supported by the UN-convened Sustainable Insurance Forum)

The US is the world’s largest insurance market, and insurance regulation in the US is state-based. This event convened US Insurance Commissioners from various states to discuss how they are taking action on climate change risks and helping build resilience, the work of the Climate & Resiliency Task Force of the US National Association of Insurance Commissioners (NAIC), as well as key topics such as climate risk disclosure by insurers and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

•Raising the ambition on climate change adaptation and insurance protection – How can insurers, the G20, V20 and German G7 Presidency in 2022 strengthen climate and financial resilience? (Organised by the German Ministry of Finance & Supported by the PSI)

Climate change and nature loss are increasingly impacting communities and economies worldwide and widening social inequality, particularly in a post-COVID world. The global insurance protection gap for health, mortality and natural catastrophe risk rose by 6.3% to USD 1.4 trillion in 2020 amid the COVID-19 pandemic. The pandemic stressed healthcare systems, particularly in emerging markets, and led to lower health and mortality resilience. Meanwhile, resilience against natural catastrophes remains to be the lowest. Given this overall context, how can the insurance industry and key stakeholders raise their ambition on climate change adaptation and insurance protection? What should the German G7 Presidency in 2022—as well as other multilateral forums such as the G20 and V20—prioritise to help ensure a socially inclusive and just transition to a resilient, net-zero emissions economy?

•We are all at risk: Collaborative efforts to invest in resilience and close the financial protection gap – Launch of the V20-led and PSI-hosted Sustainable Insurance Facility (Organised by the V20 Ministers of Finance, PSI, Munich Climate Insurance Initiative, and InsuResilience Global Partnership)

Chaired by the V20 Presidency and held in partnership with UNEP’s Principles for Sustainable Insurance Initiative (PSI), the Munich Climate Insurance Initiative (MCII) and the InsuResilience Global Partnership, this event convened representatives from the V20, G20 and partner organisations to discuss collaborative solutions to better understand, reduce and manage climate risk, building on the First V20 Climate Vulnerables’ Finance Summit last July.  The V20-led Sustainable Insurance Facility (SIF), which is hosted by the PSI, is a new mechanism to enhance and accelerate country-led development and uptake of climate-smart insurance solutions for micro, small and medium-sized enterprises (MSMEs).

Programme 

5 events were held on the following schedule:

  • COP26: Insurance leadership in the race to zero: 1 November 2021 | 9:45-10:30 am CEST |
  • The Net-Zero Insurance Alliance at COP26: How can insurers do more zero now, so there’s less net later?: 3 November 2021 | 1:00-3:00 pm CEST |
  • How are US insurance regulators taking action on climate change risks?: 3 November 2021 | 4:00-5:30 pm CEST |
  • Raising the ambition on climate change adaptation and insurance protection: 3 November 2021 | 6:00-8:00 pm CEST |
  • We are all at risk: Collaborative efforts to invest in resilience and close the financial protection gap: 9 November 2021 | 3:00-5:00 pm CEST |

Video recordings

COP26: Insurance leadership in the race to zero: 1 November 2021 | 9:45-10:30 am CEST |

The Net-Zero Insurance Alliance at COP26: How can insurers do more zero now, so there’s less net later: 3 November 2021 | 1:00-3:00 pm CEST |

How are US insurance regulators taking action on climate change risks?: 3 November 2021 | 4:00-5:30 pm CEST

Part 1:

Part 2 (on Webex)
https://unep.webex.com/unep/ldr.php?RCID=1d843da13049590d315a16a748f7920f
Password: Ytp7Ss4i

Raising the ambition on climate change adaptation and insurance protection: 3 November 2021 | 6:00-8:00 pm CEST |
https://german-climate-pavilion.de/login?redirect=%2Fmedialibrary

We are all at risk: Collaborative efforts to invest in resilience and close the financial protection gap: 9 November 2021 | 3:00-5:00 pm CEST |
https://www.youtube.com/watch?v=v6TScd3XXr8


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