Climate change & energy security

According to the Emerging Risks Initiative (2020), published by the CRO Forum, which consists of Chief Risk Officers from large multi-national insurance companies, the changes in the global climate will continue “to trigger more frequent severe events, especially floods and heatwaves. The increasing cost of claims is compounded by higher value insured properties concentrated in vulnerable locations (e.g. on the coasts).”

Electricity must be secured

Climate change will affect the generation, transmission and distribution of electricity and we need to be prepared for potential future disturbances. Reliable energy sources and the reliable delivery of power to homes and businesses is vital to modern life. Electricity enables commerce and society at large, and it must be secured - especially when the world around us is changing.

So, what are the future challenges that will impact solar and wind energy production? What about the production of other sources of energy, how will they remain stable when temperatures reach new highs and lows? How will increased extreme weather events, for example, impact nuclear power plants, or the local electrical grid? These are important questions for both societies and commerce around the world.

Climate-change impact on the energy system - study

In this issue of Risk Consulting magazine, we look at an ambitious research project from Sweden. As a sponsor and active participant in this ‘Climate-change impact on the energy system’ study, If P&C Insurance has been supporting the work which will help lay out a roadmap towards a more secure energy future for the Nordics. We also look at exciting new technologies pioneered by Ping An, an If partner in China, which utilises artificial intelligence to assess transparency in climate risk disclosure.

Furher interesting reading in this issue

Be sure to also read the article on the race to build fully autonomous vehicles. From driver aid’s which protect pedestrians, drivers and their passengers, to the latest technological innovations around smart, driverless cars and more environmentally friendly modes of transportation.

We also provide information on If’s Safety Academy in Finland capturing insights into electrical fire prevention. Finally, learn how drones have become an important tool in the insurer’s toolbox.

We are by your side, from enabling renewable energy projects to consulting on your risks and loss prevention to help secure your business and its continuity into the future.