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Risk in Context Podcast: Risk managers’ critical role in climate risk mitigation and adaptation

In this episode Marsh leaders discuss how risk professionals can leverage advanced tools, technologies, and dynamic strategies to help their organisations navigate today's complex climate landscape.

03/12/2024 · 2 minute read

As the impacts of climate change become more pronounced, communities and businesses around the world face unprecedented challenges that require innovative solutions and collaborative efforts to mitigate risks, build resilience, and adapt to current, emerging, and evolving risks.

During last month’s COP29, the United Nations Climate Change Conference, multiple stakeholders from the private and public sectors discussed the urgency of effective adaptation and mitigation strategies to address the impacts of climate change, including heat and water scarcity. Effective insurance solutions and risk management strategies have an important role to play to help businesses address the impacts of climate change on their people and operations.

Considering the importance of a dynamic risk management approach to help organisations prepare for climate-related risks, it is critical to involve risk and insurance professionals early to help assess the viability of investments, ensuring that they align with organisations’ sustainability goals.

In this episode of Risk in Context, Amy Barnes, Marsh's Head of Climate Change and Sustainability Strategy, speaks with Nick Faull, Head of Climate and Sustainability Risk at Marsh, and Swenja Surminski, Managing Director, Climate and Sustainability at Marsh McLennan. They share some of the key takeaways from COP29, talk about the role of insurance, and discuss how risk professionals can leverage advanced tools, technologies, and dynamic strategies to help their organisations navigate today's complex climate landscape.

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Key takeaways

Strong risk management can help secure insurance

While insurance can help mitigate the impact of some climate risks, organisations’ access to adequate coverage often depends on their ability to demonstrate they are effectively managing risks and building resilience. Otherwise certain assets may become uninsurable.

Climate change requires dynamic risk management

To effectively manage the global impacts of climate change, organisations must adopt a dynamic risk management approach that understands various risk drivers, quantifies impacts, and seeks to mitigate both current and future risks.

Early risk assessments critical for success

While decarbonisation efforts are essential for the energy transition, they also bring new risks. Risk managers and the insurance industry play a critical role through assessing the potential risks of major investments and ensuring they are viable and aligned with sustainability goals.

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This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.