Zurich launches market-focused Climate Initiative

Zurich Financial Services Group (Zurich) is today announcing the launch of a global initiative focused on the development of products and services addressing the evolving risks associated with climate change, as well as the establishment of a long-range carbon management strategy.

"Kicking-off our global Climate Initiative today, I am convinced, sets Zurich on the course of becoming a leader in the identification and management of climate related risks, as well as preparing us to take meaningful and sustainable steps to manage our own carbon footprint," remarked James J. Schiro, Zurich's CEO.

While Zurich entities around the world have already been actively addressing customers' needs and expectations in this area, the new climate initiative will establish a consistent and focused approach to the risk class globally, and facilitate economic and policy-oriented research that can then be integrated into the Group's product development activities. As part of the effort, Zurich has established an internal Climate Office that will be charged with driving an understanding of climate related risks across its businesses. Reporting directly to Zurich's Global Chief Underwriting Officer, Mike Kerner, the Climate Office will be fully embedded in Zurich's underwriting infrastructure, demonstrating Zurich's market-focused climate change approach.

In addition, Zurich has established a Climate Change Advisory Council consisting of both internal functional leaders and external advisors that will directly report to Zurich's Group Management on strategic and operational issues associated with climate change. Signaling the significance of these roles, Zurich announced that the first two external members of the Climate Change Advisory Council will be former US Congressman Sherwood Boehlert and Ernst Ulrich von Weizsacker, Dean of Donald Bren School of Environmental Science & Management at the University of California, Santa Barbara. Both individuals are highly respected in the field of climate and environmental policy, and will add considerable value to Zurich's climate efforts. Additional Climate Change Advisory Council members are expected to be named in the coming months.

"Bringing the expertise of Sherwood Boehlert and Dean von Weizsacker to bear on our climate efforts will ensure that we remain focused and effective," commented Schiro. "They are both leaders in their fields."

The final element of Zurich's climate initiative is the launch of an applied research program with organizations and institutions to examine the critical economic, finance and policy issues associated with climate change. The first such partnership Zurich proudly announces is with Dean von Weizsacker's Bren School, where Zurich will fund a distinguished visitors program. As part of this partnership, the Bren School will assess Zurich's carbon footprint and develop a consistent approach as to how Zurich can actively manage its carbon emissions in a meaningful and sustainable manner.

"The risks associated with climate change go well beyond rising sea levels, and reflect the burgeoning regulatory and financial infrastructures being created to address this major societal concern," explained Kerner. "Tapping into the experts in these fields will ensure that our products remain fresh and innovative, and effectively address the rapidly changing risk profile."

Source: Zurich