During our client panel discussion, Lori Goltermann hosted a conversation with Ma. Victoria A. Tan, Head of Group Risk Management and Sustainability Unit at Ayala Corporation and Richard Dudley, Aon’s Global Head of Climate Strategy to talk through the key risks, impacts, and opportunities related to climate change and environmental transitions.
What stood out during this discussion was how critical it is for us ‘to perform as we transform’. To add, pressure from investors, stakeholders, regulators, and insurers is increasing, and organisations across the globe are paying more attention to governing their ESG risks whilst maintaining their financial performance. To guide us through these changes, our panellists advised that we focus on three facets of climate change: resilience, enabling transition financing and navigating liabilities.
Opportunities for Clients:
Collaboration is critical as this problem cannot be fixed in isolation
Data and analytics play a pivotal role in assessing opportunities against potential risks
Address what is possible to control – Scope 1, 2 or 3 emissions across the value chain
Structural Changes Required:
Articulating the role in risk financing – how the risk transforms into reinsurance
Liabilities on the insurers: provide longer duration products like the products for pensions and personal endowment techniques
Predictive pricing is needed across industries