Despite leading their US and Asia-Pacific counterparts in taking "tangible action on climate change," 25% of European insurers are still not protecting their portfolios, according to a study by Asset Owners Disclosure Project (AODP). One in four European insurers, with 42% of regional insurance assets, are protecting against climate risk, compared to two US firms and one Asia-Pacific business. The UK's Aviva; Germany's AXA; and France's Allianz, were named among as the insurers "doing the most" to protect their portfolios, however, the report also suggested insurers lagged behind pension funds, with only one in eight versus pension funds' one in four ranked "C" or above for successfully managing climate risk in their portfolios.
Despite leading their US and Asia-Pacific counterparts in taking "tangible action on climate change," 25% of European insurers are still not protecting their portfolios, according to a study by Asset Owners Disclosure Project (AODP). One in four European insurers, with 42% of regional insurance assets, are protecting against climate risk, compared to two US firms and one Asia-Pacific business. The UK's Aviva; Germany's Allianz; and France's AXA, were named among as the insurers "doing the most" to protect their portfolios, however, the report also suggested insurers lagged behind pension funds, with only one in eight versus pension funds' one in four ranked "C" or above for successfully managing climate risk in their portfolios.