Insurance Covered
Sustainability and insurance (With Rachel Delhaise)
Sep 23, 2024
Rachel Delhaise, Head of Sustainability at Convex Insurance, shares her journey from a broker to a sustainability leader in the insurance industry. She discusses the evolving role of sustainability within insurance and its impact on tackling climate change. Delhaise highlights the importance of measuring sustainability goals and introduces the Seascape Survey, focused on carbon storage in seabeds. She also emphasizes the connection between marine life and carbon absorption and the need for a balanced approach to profitability and environmental responsibility.
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Quick takeaways
- De-risking transition is vital for insurance firms to balance profitability with long-term sustainability, crucial in a lower carbon economy.
- Sustainability in insurance encompasses environmental and social responsibilities, highlighting the importance of community support and education initiatives.
Deep dives
The Importance of De-risking Transition in Sustainability
De-risking transition is essential for developing effective sustainability strategies within insurance firms. This concept involves creating transition plans to manage risks associated with the move toward a lower carbon economy, including how to decarbonize investment and underwriting portfolios. Companies are increasingly recognizing that insurance plays a crucial role in supporting clients as they navigate this transition, emphasizing the need for a thoughtful approach to sustainability. The complexity of this process requires insurers to balance short-term profitability with long-term sustainability goals while continuing to engage with sectors reliant on fossil fuels during the transition.
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