The world is rapidly changing. Climate disasters are more prevalent and insured losses from natural catastrophes are increasing. For the insurance industry, the loss and damage to property and life is significant and has resulted in huge pay-outs, in turn threatening the survival of many businesses.
The financial implications of these scenarios have forced many insurers to re-evaluate their approach to underwriting. But addressing the cause — the increased carbon in the atmosphere — can help to prevent climate disasters, reduce the subsequent damage to property and safeguard businesses.
In this report, KPMG professionals highlight key considerations for insurance organisations on their journey to net zero. We discuss the importance of baselining emissions and share industry insights and frameworks to help with the progression of transition plans.