Steering Towards a Resilient Net-Zero Future
Asia, home to nearly 60% of the global population, is at the forefront of experiencing the acute impacts of climate change. Its diverse ecosystems and dense population centres make it uniquely vulnerable. This reality underscores the urgent need for a transition to net-zero emissions by 2050, a goal that is both ambitious and essential for safeguarding our future.
The insurance industry has traditionally been viewed as a financial safeguard, providing necessary protection in the aftermath of disasters. However, the evolving landscape of climate change and the urgency of transition to a net-zero economy demands a reimagining of this role.
In our first climate paper published in November 2023, Too Hot to Insure, we analysed how the public and private sectors are incorporating climate-change-related risk into insurance pricing and underwriting and highlighted that the insurance sector is at risk of reaching an insurability tipping point if we do not act now.
Following that, we started to consider how the insurability tipping point can potentially be avoided, leveraging on the insurance industry's unique strengths and capabilities. This led to an exploration of the various roles that the insurance industry can play to help steer towards net zero, beyond its traditional role as a provider of financial protection.
With the insurance industry's vast reach, expertise, and capabilities, this paper encompasses our thoughts on what has been done well and what more the industry can do to accelerate efforts towards net zero. With this paper, we aim to foster discussions, raise awareness, and inspire collaborative actions across the insurance industry to harness its unique capabilities in steering Asia—and by extension, the world—towards a more resilient, net-zero future.
Authors: Min Hung Cheng, Felicia Khoo, Yao Lei
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