Global insurance industry group ClimateWise, convened by the University of Cambridge Institute for Sustainability Leadership, has released a white paper exploring the potential contribution of innovative insurance products in the transition to a net-zero economy.

The report draws on the expertise of several ClimateWise members including Aon, Allianz, Aviva, AXA, Lloyds, Zurich, and makes recommendations to support the insurance industry’s meaningful part in the decarbonisation of the global economy.

A number of driving forces are shaping the demand and opportunity for product innovation towards net-zero across the industry, including customers, policy makers and shareholders. These drivers, alongside the expertise and influencing potential of the insurance sector to shape the agenda and policies, have informed the white paper’s key priority areas for insurance product innovation to support climate mitigation and adaptation.

Neal Baumann, Deloitte Global insurance industry leader said: “The insurance industry clearly has a critical role to play in enabling the net-zero transition. Through product innovation aimed at de-risking the transition, and by embedding net-zero enablement right through the core insurance value chain, the industry must play an elevated role in supporting an accelerated, economy-wide, path to decarbonisation. Driving this agenda forward will require new ways of thinking and bold leadership across our industry. This paper provides a timely call to action with respect to both the need to apply a broader lens to innovation on this urgent topic, and some of the key areas of opportunity we must lend our expertise, energies and resources to.”

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