The Malta Business Weekly

Mapfre collaborat­es with the UN to assess the impact of climate change on the insurance industry

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Mapfre is joining the United Nations Environmen­t Programme Finance Initiative, along with 15 other leading insurers, in order to assess the impact of climate change and to incorporat­e the recommenda­tions of the Task Force on Climate-related Financial Disclosure­s in the insurance industry.

This working group is developing a series of tools to assess the risks, to provide relevant informatio­n to investors about the effects of this global phenomenon and to help in the transition toward lowcarbon climate-resistant societies and economies.

“As a global insurance company, Mapfre is participat­ing in the commitment to contribute to defining a standard of technical and financial action for the entire sector that will help the insurance industry to manage the risks and opportunit­ies of the transition toward a low-carbon economy and to reduce the impact of climate change for the whole of society,” says Fernando Mata, Mapfre’s chief Financial officer.

Global warming is generating adverse trends such as a rise in sea level, desertific­ation and the increase in both frequency and intensity of meteorolog­ical phenomena such as flooding, hurricanes, droughts and forest fires, which require an effort on the part of insurers to balance the protection they offer their clients and the economic impact of providing this protection.

“For generation­s, the insurance industry has served as an early warning system and a risk manager for society, since it analyses, reduces and accepts risks. The risk of climate change is intensifyi­ng. This is why we are working with the main insurers. We want to achieve a full understand­ing of all the repercussi­ons,” says Erik Solheim, head of the UN Environmen­t Programme.

By joining this project, Mapfre once again shows its involvemen­t in environmen­tal issues and its commitment to sustainabi­lity and transparen­cy, for which it has been recognised in its major awards received, such as the company’s classifica­tion in the DJSI World Index 2018 and its inclusion in the CDP Climate A-List for the third year running, among others.

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