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Climate change impact on insurers



In recent years, we have seen dramatic changes in the climate, impacting a wide range of sectors, including the insurance industry. Insurance companies are being forced to face the increasing risk caused by climate change and adapt to new realities. This is where a new tool called Green0meter comes to the rescue.


A 2022 study from KPMG shows that climate change has far-reaching implications for insurance companies. The study highlights that climate change will affect a range of areas including property, agricultural and transport losses, and that insurers will need to be able to address these new challenges and adapt to the new climate environment.


There have been significant recent changes in the insurance and climate change landscape. In April 2023, Zurich decided to leave a coalition of insurers focused on climate change, just days after Munich Re took a similar step. These moves have been criticised and called a step backwards in the fight against climate change, and show that there is pressure on insurers to act more effectively on climate change.


Green0meter is an innovative tool that helps measure and reduce the impact of climate change on businesses and organisations. It is software that enables insurers and other companies to reduce their carbon footprint while minimising the impact of climate change on their business.


According to a recent study by EIOPA, the European Insurance Market Authority, insurance companies in the Czech Republic still have insufficient measures in place to adapt to climate change. Green0meter can help insurance companies improve their ability to respond to climate challenges and adapt to new conditions.


As we can see, the Green0meter tool can help Czech insurance companies to respond to climate change and minimise its impact on business. However, climate change has far-reaching implications for insurance companies, not only for their business but also for their clients, especially those in the retail sector. Increasing weather unpredictability and its impact on real estate, agriculture, infrastructure and other areas means greater risk and cost for insurers. Compared to banks, which are less exposed to the direct impact of climate change, insurers are more severely affected and must adapt to the new reality. This is confirmed by the French regulator ACPR, which in its study stresses that climate change will have a greater impact on insurance companies than on banks.


With the Green0meter tool, insurance companies in the Czech Republic have the opportunity to minimise their impact on the climate while preparing their business for the new conditions. To be able to successfully address the risks associated with climate change, insurers must improve their ability to measure and predict the impact of climate change and adapt to the new reality. Green0meter can be a key tool for insurers to manage risk and maximise performance in the new climate reality.


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