Insurers have an unprecedented risk landscape to underwrite and price. Rapid change and adaption has never been more important.
โ๐๐ด ๐ธ๐ฆ๐ญ๐ญ ๐ข๐ด ๐ฅ๐ช๐ณ๐ฆ๐ค๐ต๐ญ๐บ ๐ช๐ฎ๐ฑ๐ข๐ค๐ต๐ช๐ฏ๐จ ๐ฉ๐ถ๐ฎ๐ข๐ฏ ๐ฉ๐ฆ๐ข๐ญ๐ต๐ฉ, ๐ต๐ฉ๐ฆ ๐ฉ๐ฆ๐ข๐ต ๐ฉ๐ข๐ด ๐ค๐ข๐ถ๐ด๐ฆ๐ฅ ๐ญ๐ข๐ณ๐จ๐ฆ-๐ด๐ค๐ข๐ญ๐ฆ ๐ค๐ณ๐ฐ๐ฑ ๐ฅ๐ข๐ฎ๐ข๐จ๐ฆ ๐ข๐ฏ๐ฅ ๐ญ๐ช๐ท๐ฆ๐ด๐ต๐ฐ๐ค๐ฌ ๐ญ๐ฐ๐ด๐ด๐ฆ๐ด, ๐ต๐ฉ๐ฆ ๐ด๐ค๐ช๐ฆ๐ฏ๐ต๐ช๐ด๐ต๐ด ๐ด๐ข๐ช๐ฅ, ๐ธ๐ช๐ต๐ฉ ๐.๐. ๐ค๐ฐ๐ณ๐ฏ ๐ข๐ฏ๐ฅ ๐ด๐ฐ๐บ๐ฃ๐ฆ๐ข๐ฏ ๐ค๐ณ๐ฐ๐ฑ๐ด, ๐๐ฆ๐น๐ช๐ค๐ข๐ฏ ๐ค๐ข๐ต๐ต๐ญ๐ฆ, ๐ด๐ฐ๐ถ๐ต๐ฉ๐ฆ๐ณ๐ฏ ๐๐ถ๐ณ๐ฐ๐ฑ๐ฆ๐ข๐ฏ ๐ฐ๐ญ๐ช๐ท๐ฆ๐ด ๐ข๐ด ๐ธ๐ฆ๐ญ๐ญ ๐ข๐ด ๐๐ฉ๐ช๐ฏ๐ฆ๐ด๐ฆ ๐ค๐ฐ๐ต๐ต๐ฐ๐ฏ ๐ข๐ญ๐ญ ๐ด๐ฆ๐ท๐ฆ๐ณ๐ฆ๐ญ๐บ ๐ข๐ง๐ง๐ฆ๐ค๐ต๐ฆ๐ฅ.”
Insurance Journal, David Stanway
๐๐ฑ๐ญ๐ซ๐๐ฆ๐ ๐ฐ๐๐๐ญ๐ก๐๐ซ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ 100%โฆ
The Intergovernmental Panel on Climate Change (IPCC) highlights an urgent need for global action to combat climate change. The report reveals countries are falling short in their mitigation efforts. Renewable energy shows signs of growth, but fossil fuel emissions continue to rise.
๐๐ง๐๐ฅ๐ฎ๐๐ง๐๐ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ซ๐ฌ ๐ฐ๐ข๐๐ฅ๐โฆ
The inability of insurers to profitably underwrite risks will ultimately become a very influential factor in changing behavior. The insurance industry has often played an influential role in consumer protection, automotive safety, and work safety protections.
Carriers clearly play an influential role in the fight against climate change. Unlike requests for specific changes, the greatest influence may be in the rating and underwriting pressure.
๐๐๐๐๐ข๐ง๐ -๐๐๐ ๐ ๐ญ๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐ข๐ฌ ๐ง๐๐๐๐๐โฆ
Insurers with EIS Product Studio and EIS Rating Analytics, can rapidly deploy products with hyper-focused rating to cultivate business with greater profitability. And drive change in the world to reduce climate change. And thereby reduce the volatility of extreme weather related events.
Exactly how insurers can influence the larger macro activities of fighting climate change remains to be seen. But insurers clearly have a vested interest in reducing climate change. Developing innovative products that reward climate friendly customer behavior may be one option to get the indirect knock-on effect of mitigating climate change may be one option.
To do that insurance carriers will need a leading-edge technology platform. One that integrates efficiently, completely, and seamlessly with all modern services via API. EIS Ltd provides that platform and is looking for the ambitious insurers in the market to not just adapt to the changing risk landscape, but dominate the market.
๐๐จ๐ ๐๐ญ๐ก๐๐ซ ๐ฐ๐ ๐๐๐ง ๐๐จ ๐ญ๐ก๐ข๐ฌโฆ
Governments and businesses must accelerate efforts to reduce greenhouse gases and invest in adaptation measures.
Weโre all in this together.
SOURCE
Insurance Journal, David Stanway, โHuman-Induced Climate Change Plays โOverwhelmingโ Role in July Heatwaves: Scientistsโ