Insuring Disaster: why urgent action is needed to protect the UK’s insurance sector
The City is one of the oldest and most important global insurance hubs. It should lead the pack on addressing systemic risks. This includes risks related to environmental and social factors.
However, the Climate Change Committee has raised the alarm about the UK’s “adaptation deficit”, which could pose severe consequences for the insurance industry without urgent Government action.
ShareAction’s recent survey of 70 of the world’s largest insurance companies on responsible investment shows that the industry is not on top of major ESG risks and that the UK’s largest insurers could do better.