After the IPCC launched the Climate Report last August, we confirmed that climate action must be a priority inside the internal processes of the companies. However, there are always some questions: where to start? What can insurers do for the environment?
Inside the insurance sector, specifically inside the commercial lines, as unfortunately, natural catastrophes such as big floods or fires are more and more common. Consequently, there is a common concern about small businesses.
So, what actions can we take inside the insurance industry to fight for the environment? Today we are going to explain some tips and climate principles that you can implement as an insurer:
Cooperation for sustainable development actions
A clever way to start is by following the Sustainable Development Goals (SDG) by the United Nations since it can be used as a guide for organizing your actions for the climate. At the same time, externals such as organizations, foundations, or different companies of the sector are always a good idea to cooperate in the development of a sustainable society.
New insurance products: sustainable insurance
New underwriting processes have already started to implement different variables related to sustainability in order to encourage insurance companies to start taking part in the climate action. In consequence, it is going to be possible to give bonuses to those SMEs that are more sustainable. What is more, there are already some tools that accelerate underwriting processes and generate this type of sustainable analysis. Tools that measure sustainable indicators, like Wenalyze.
These are some of the tips and principles on which sustainable insurance is based. However, there are many more eco-friendly actions in which our industry can take part. Do you have more ideas about what can insurers do for the environment?? Let us know in the comments below.