The crucial role that insurance plays in the resilience of societies, communities and countries has become clearer than ever during the COVID-19 pandemic.CatastropheRisk Management
Now, the part that insurance capital plays in improving economic resilience has been examined in careful detail in the report Optimising Disaster Recovery’ carried out by AXA XL in partnership with the Centre for Risk Studies (CCRS) at Cambridge Judge Business School.
Climate risk is at the heart of the study and it is a function of hazard, exposure and vulnerability, the report outlined.
AXA, of which AXA XL is a subsidiary, earned the number three spot on the top 10 “most praised” companies for its fossil-fuel divestment policies in SIGWATCH’s 2020 ranking, and has long embraced a strategy not only of adapting to climate risks but also of taking advantage of its expertise to provide solutions.
The report was also published on the same day that the wider insurance industry was called on to do more when it comes to climate action, with Anna Sweeney, executive director of the insurance supervision division at the Bank of England, highlighting the role of insurance companies in managing climate-related risks.