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Our latest global report finds that the insurance industry has a central role in building wider understanding about climate-related risks and in mitigating against those risks.
On 27 June 2019, the UK became the first major economy to pass laws to end its contribution to global warming by 2050. This requires the UK to reduce all greenhouse gas emissions to net zero. Climate change has become a concern that can no longer be ignored so the UK’s implementation of international climate obligations is positive.
The newly appointed Head of Innovation at Lloyd’s, Trevor Maynard, has called for the insurance industry to “ramp up” its investment in innovative new products and technologies. Speaking at the Old Library in Lloyd's earlier this year, out of the three emerging risks he highlighted - autonomous vehicles, food system shock and synthetic biology – synthetic biology is probably the most unfamiliar to many insurance professionals.
That will begin to change as the industry develops: in March 2016 synthetic biology was reported to have yielded the first man-made species, created by American entrepreneur J. Craig Venter. Risk professionals will need to catch up quickly.
Wildfires are rarely out of the news at the moment and their frequency, and intensity, is increasing. Whilst North America and Mediterranean Europe have suffered the most recent devastating losses, the risk of UK wildfires exists and this risk is growing.
The various manifestations of climate change are creating significant challenges for insurance sector both in the UK and internationally.
The recognition that we are seeing a rapid, powerful convergence of big technology changes cannot be ignored.