Risk Consulting 4/2021. Insights into risk management and loss prevention.

Concrete steps for climate action

At the time of writing, we are learning about the outcomes of the Glasgow Climate Change Conference, also known as COP26, in the United Kingdom. It is clear to all, even those of us who were not participating in the event, that the decisions made by leaders at this landmark event will set the course for our future.

Regardless of where you live, the climate will continue to change. The demand for change and concrete measures to mitigate global warming will also only increase in intensity and volume. According to various news sources and organisations, many expected much more from COP26, from their leaders, while others are happy to see that at least some progress was made.

Increasing sustainability and transparency in If

Over the past year, we have been working hard on pushing the agenda for increased sustainability and transparency in If as well. First, by introducing tangible ESG measures to our Underwriting process, intergrating the Ten Principles of the UN Global Compact in our insurance operations and more recently, by joining the Science-Based Targets initiative.

Making such a transition demands that we truly live in accordance with our own values, our ambitions and find the right path forward. To prosper, we really must ask ourselves if there is anything more, we could be doing? We ultimately need to consider; what can we do to support the objectives to make a meaningful contribution to society and the environment. By making specific, fundamental changes in the way we work as an insurance company, we can make a difference. We certainly intend to fight climate change with the tools that we have available.

We also challenge other insurers to take a stand and focus on the greater, common good in their everyday work.
In this issue of Risk Consulting, we will look at flooding in Germany from last summer, as well as rising raw material prices and feature insights into the reasons why ransomware will continue to impact businesses into the future.
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Written by

Poul Steffensen, Head of BA Industrial, If