Georgia Mismash, AA Insurance, won the 2022 ANZIIF and ICNZ Scholarship with her essay addressing the following questions:  How might climate change pose a reputation risk to insurers? How might that risk be managed? 

Introduction

Climate change is a fierce disruptor; a claimer of land, an administrator of the stormy and scorching days society wakes to, a now ever-present fixture in mainstream media.

However repetitious it feels to state, climate change will ultimately shape how business operates now and beyond. Insurance companies are certainly no exception, and their reputations are on the line.

This report provides context to the relationship between insurers and climate change. It explains how climate change poses a risk to the reputation of insurers and how that risk might be managed.

A unique relationship

The 2022 Edelman Trust Barometer found that globally, 75 per cent of people worry about climate change, a statement reflective of shifting public sentiment. Climate change should also be a top-of-mind concern for insurers (Fleming, 2021).

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