Insurance industry ambitions to forge a global alliance to ensure it makes an effective contribution to the drive to achieve Net Zero carbon emissions have crumbled in the face of threats from US lawmakers.
The marine insurance industry faces myriad challenges including geopolitical tensions, uncertain macroeconomic conditions, ESG issues and a shortage of talent. Inland marine insurers are being further impacted by increased reinsurance costs and severe weather conditions, and as a result are increasingly turning to technology to improve the underwriting process.
John Scott, Head of Sustainability Risks at Zurich Insurance Group, is an experienced chief risk officer whose focus now is on bringing risk management thinking to ESG issues, especially climate change. Here he talks about the evolution of risk data and the role of regulation in shaping the industry’s approach.