Sustainable Insurer: November 2024 Edition

Hello and welcome to the November edition of Sustainable Insurer, the monthly digest of all the major developments in the industry’s efforts to build a more sustainable future.

In this month’s edition we examine the discussions that took place over the past two weeks at COP29 in Baku, as well as the burgeoning role of (re)insurance in the global dialogue on climate.

The headline outcome was the new climate finance target of $300bn per year for developing countries, which fell short of demands for $1trn annually.

There was also progress on improving the validity and insurability of the carbon markets with endorsements to launch a UN-backed global carbon market, and a template for letters of authorisation.

We also hear from Howden’s Daniel Fairweather on the role that insurers can play in helping realise the value of nature-based assets through the Taskforce on Nature-related Financial Disclosures, which follows a similar approach that most companies take to enterprise risk management.

Elsewhere, Mika Nabeshima, group chief sustainability officer at Tokio Marine Holdings, outlines how to set sustainability strategies and priorities in large multinational companies based on the role that P&C insurers play in supporting economic and social development.

In this edition we also speak to Matthew Genazzini, newly appointed executive director of the Microinsurance Network, about his vision for developing the NGO’s presence across the African continent by replicating its regional coordination across Latin America.

Also on the theme of inclusive insurance, a new report by the Geneva Association has proposed the concept of insurance inclusion gaps, referring to socio-economic groups that are excluded from or underserved by insurance markets in advanced economies, such as the elderly, immigrants and Gen Z.

And as the Convex Seascape Survey published its second annual update, head of sustainability Rachel Delhaise spoke to Sustainable Insurer to explain how greater understanding of the value of blue carbon will enable more capital flows to this currently underserved area of climate-related finance.

We also bring our latest monthly tracker table of recent announcements and initiatives launched across the sector.

Visit sustainable-insurer.com for regular updates as the industry continues its drive for a more sustainable future.