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Zurich's Global Climate Initiative

Launched in January 2008, the primary focus of Zurich’s market-focused global Climate Initiative is to understand the emerging weather, financial and regulatory risks associated with climate change, and to develop products and services that help customers cope with these risks.

Three-pillar approach:

1. Global approach – Climate Office:

Internal office that drives understanding of climate-related risks across its businesses and is fully embedded in Zurich’s underwriting infrastructure. The office is headed by Global Chief Underwriting Officer Mike Kerner with Lindene Patton as Climate Product Officer and Elpida Constantinou as Climate Program Officer.

2. Strategic and operational advisors – Climate Change Advisory Council (CCAC):

The CCAC consists of both internal functional leaders and external advisors. The CCAC reports to Zurich’s Group Management on strategic and operational issues associated with climate change. Advice will be rendered at both formal meetings and on an informal dialogue basis.

In January 2008, Zurich announced the first two external members of the CCAC: former US Congressman Sherwood Boehlert, and Ernst Ulrich von Weizsäcker, Dean of the Donald Bren School of Environmental Science & Management at the University of California, Santa Barbara.

3. Applied research – Climate Research Partnerships:

Strategic collaboration with organizations and institutions, such as The Bren School of Environmental Science & Management at the University of California, Santa Barbara, to examine climate change-related economic, financial and policy issues.

Activities

Zurich offers products and services that are responsive to market demands:

Products delivered to date:

 

Motor:

  • Discounts for Hybrid Vehicles

 

Carbon Credits:

  • Political Risk Coverage for Carbon Credits
  • Carbon Credit Securitization for Multilateral and Multinational Banks
  • Lending to Clean Development Mechanism (CDM) Projects

 

Alternative Energy: full suite of p/c coverage

  • Solar
  • Wind
  • Hydropower
  • Biomass
  • Geothermal

 

Solar Panels:

  • Insurance for recovery, buyback and disposal of solar panels (WEEE Directive)

 

Property Coverage:

  • Green Re-Build Extensions
  • Off-Grid Power Business Interruption extension

 

Directors and Officers:

  • Coverage extension for climate-related claims

Products in process or under consideration

 

Motor:

  • Pay-As-You-Drive Auto Insurance (in process)

 

Alternative Energy:

  • Wave / Tide (under consideration)

 

Green Wrap:

  • General Liability / Worker Compensation / Property

 

Insurance for Green Building Projects (in process)

Energy Conservation (under consideration)

Carbon Capture and Sequestration (in process)

Water Re-Use / Storm Water Run-Off (in process)

Disclaimer:
Views expressed on this page and in the reports are not necessarily those of the Zurich Financial Services Group, which accepts no responsibility for them.

News releases

Tony Blair named advisor on climate. » more

Zurich offers political risk insurance for carbon credit projects. » download pdf

Zurich forms dedicated alternative energy team.
» download pdf

Other resources

Zurich Financial Services Distinguished Visitors Program on Climate Change » more

The Importance of the Insurance Asset in the Process of Accelerating Delivery of New Technology to Market to Combat Climate Change
By Lindene Patton, Chief Climate Product Officer

From the European Business Review
» Download article (pdf)

Using the Insurance Asset to Manage Risk and Maximize Opportunity in the “Green” Economic Paradigm Shift
By Lindene Patton, Chief Climate Product Officer

From the European Business Review
» Download article (pdf)

Storing Carbon
Options for Liability Risk Management, Financial Responsibility
By Chiara Trabucchi and Lindene Patton

From the Bureau of National Affairs
» Download article (pdf)

Insurance and low carbon technology deployment

From the 9th International Sustainability Leadership Symposium

10/11 September 2008
Swiss Re Centre for Global Dialogue
Zurich, Switzerland
» Download presentation (pdf)

 
 

 

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