Finance & insurance
ABI statement of principles
Location
UK-wide
Sector
Finance
Summary
This is an agreement between the UK Government and the Association of British Insurers’ members to ensure that flood risk is effectively managed and that people continue to obtain competitively priced insurance. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB)
Allianz Group
Location
UK-wide
Sector
Finance, Flooding
Summary
Allianz Group created the first flood catastrophe bond and micro-insurance products for vulnerable populations. This case study is presented in a literature review on business adaptation to climate change carried out by the Network for Business Sustainability. For further details see Network for Business Sustainability report Business adaptation to climate change.
Aviva’s flood simulation exercise
Location
Yorkshire & Humber
Sector
Finance
Summary
Aviva involved their local community in a flood simulation exercise to explore how they could improve their response to an emergency situation. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB)
Barclays Environmental Risk Management
Location
UK-wide
Sector
Finance, Non-sector specific
Summary
Barclays carried out research, with Acclimatise, into impacts across sectors with a view to incorporating into the bank’s assessment of corporate risk. This case study is contained within the CBI publication Future proof: Preparing your business for a changing climate (pdf, 400 KB).
Community resilience work by Insurance Council of Australia
Location
International
Sector
Construction, Finance
Summary
ICA have been promoting action on resilience by property owners, the government and insurers, for example on stronger building codes and intelligent landuse planning. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
Digital aerial mapping
Location
International
Sector
Finance
Summary
Royal Star Assurance have been working to introduce risk differentiation in the Bahamas and Cayman Islands by developing digital elevation models and underwriting applications. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
Hail protection for caravans
Location
International
Sector
Finance, Manufacturing
Summary
Allianz SE is cooperating with brokers and caravan manufacturers to implement loss reduction measures. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
Location
Horn of Africa
Sector
Finance & insurance, Other professional, scientific and technical activities
Summary
Swiss Re provided financial sponsorship for an Oxfam America project in the Horn of Africa. The project began in 2008, with an aim of designing an affordable drought insurance package for farmers in Ethiopia. This involved risk reduction, (minimising vulnerability), risk transfer through drought insurance, prudent risk taking, diversifying, using technology and exploring value-added activities.
HORA – a natural disaster zoning system
Location
International
Sector
Finance
Summary
A system was developed to provide information on the risks of earthquakes and floods with the aim of raising awareness of insurance policy-holders and the insurance industry. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
HSBC
Location
International
Sector
Finance
Summary
HSBC are involved in a climate change research facilitation programme with the Met Office to allow fund managers to make more accurate assessments across investment portfolios. This case study is contained within the CBI publication Future proof: Preparing your business for a changing climate (pdf, 400 KB).
Mayesbrook Park restoration
Location
London
Sector
Finance
Summary
RSA is working with Thames Valley River Restoration Trust to introduce SUDS in Mayesbrook Park so that it is better able to deal with flooding while supporting wildlife. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
Munich Climate Insurance Initiative
Location
International
Sector
Financial intermediation
Summary
Munich Re is the initiator of the Munich Climate Insurance Initiative (MCII) launched in 2005, and it has been the sponsor of the MCII office on the United Nations University campus in Bonn since 2008. MCII is a non-profit initiative formed by insurers, climate change and adaptation experts, NGOs, and policy researchers intent on finding solutions to the risks posed by climate change.
The Three Little Pigs project
Location
International
Sector
Construction, Finance
Summary
This is a research project of the Insurance Research Lab in Canada, carrying out novel experiments on extreme wind effects, moisture penetration, energy efficiency and mould growth. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
The Travellers Companies Inc
Location
International
Sector
Finance
Summary
The Travellers Companies have set up initiatives to reduce exposure and risks associated with climate change (information provision and pricing strategies, new terms & conditions). This case study is presented in a literature review on business adaptation to climate change carried out by the Network for Business Sustainability. For further details see Network for Business Sustainability report Business adaptation to climate change.
Windstorm mitigation credit system
Location
International
Sector
Finance
Summary
Incentives in the form of reduced premiums are offered for homeowners to improve windstorm risk reduction measures. For further information, see the ClimateWise Adaptation report (pdf, 1.2 MB).
