PR92335

ZURICH, Oct. 15, 2021 /PRNewswire=KYODO JBN/ --

The Geneva Association and the Organisation for Economic Cooperation and

Development (OECD) co-hosted a high-level conference on 12 October 2021,

Future-Proofing Technological Innovations for a Resilient Net-Zero Economy [

http://www.genevaassociation.org/GANetZeroConf-recording ], with the aim of

providing input for the discussions that will take place at COP26 in Glasgow in

November. The strategic, multi-stakeholder conversation brought together CEOs

and senior officials from the insurance industry, financial sector, engineering

community, government, United Nations, OECD, World Economic Forum, and World

Business Council for Sustainable Development.

An unprecedented transformation across society and economic sectors is needed

to achieve ambitious net-zero targets over the next few decades. Expanding and

deploying technological innovations will be critical. "The confluence of

post-pandemic reconstruction, the climate crisis and social imbalances from

technology and globalisation, is a historic opportunity for shaping a

technological and institutional revolution that can unleash a smart, green and

fair golden age for all," said Professor Carlota Perez, world-renowned expert

on technological revolutions.

There are myriad risks associated with the deployment of untested technologies.

As the world's risk managers and a significant source of investment capital,

the role of insurers will be essential to scaling up technological solutions.

Jeffrey Schlagenhauf, Deputy Secretary-General of the OECD, said "The

successful transition to a net-zero economy will require a complete

transformation of the technologies used across all sectors of the economy.

Insurance regulators and supervisors have a critical role to play in creating

an enabling environment that facilitates insurance companies' capacity to

support this transition as underwriters, risk managers, and providers of the

needed capital investment."

The discussion focused on the technological innovations necessary to accelerate

decarbonisation and achieve climate targets and the key role of the insurance

industry in supporting those innovations. Charles Brindamour, CEO of Intact

Financial and Chairman of The Geneva Association, said: "Insurers play a key

role in enabling innovation and prosperity in all areas of the economy. We can

be a key agent in de-risking the transition towards a sustainable future, by

leveraging our strengths and expertise in data analytics, pricing, risk

management and prevention. Governments also have a powerful role to play. They

can send strong signals by establishing a focused agenda, setting consistent

climate priorities and supplying new capital to accelerate clean tech growth."

Patricia Espinosa, Executive Secretary of the United Nations Framework

Conventions on Climate Change (UNFCCC) referred in her keynote statement to

decarbonisation and achieving net zero as the most significant economic

transformation in our history, and called for the insurance industry to

redirect underwriting and investments to decarbonise the economy in alignment

with the Paris Agreement.

Maryam Golnaraghi, Director Climate Change and Environment at The Geneva

Association, stressed: "The role of insurers in assessing, pricing and managing

the untested risks associated with new technologies and processes will be

fundamental for large-scale implementation and raising private capital. This

conference is the launch point for The Geneva Association's exciting new

research initiative on 'innovating insurance solutions for de-risking climate

technologies towards net zero'."

The full webcast of the Geneva Association-OECD conference is available at:

www.genevaassociation.org/GANetZeroConf-recording

Key points from conference discussions:

- Insurers play a vital role in assessing, pricing and managing risks related

to untested technologies for sectors to transition to net-zero emissions.

Innovations in insurance products and services  are needed to support adoption

and large-scale deployment, where market conditions allow.

- Governments can provide the enabling environment to incentivise market

development and boost demand for technological innovations in energy,

transportation, food and water systems and other carbon-intensive sectors – as

well as the greening of the public infrastructure.

- Enhanced coordination of public and private investments, aligning investors'

risk/return profiles and de-risking could enable more sustained financing for

the commercialisation of climate technologies,.  

- Deeper cross-sectoral partnerships can fast track the de-risking and adoption

of new technologies, particularly between insurers, carbon-intensive

industries, technology and engineering companies, the financial sector and

governments.

About The Geneva Association

The Geneva Association is the only global association of insurance companies;

its members are insurance and reinsurance CEOs. Based on rigorous research

conducted in collaboration with its members, academic institutions and

multilateral organisations, The Geneva Association investigates key risk areas

that are likely to impact the insurance industry, develops corresponding

recommendations and provides a platform for stakeholders to discuss them. In

total, the companies of Geneva Association members are headquartered in 25

countries around the world; manage USD 17.1 trillion in assets; employ 2.4

million people; and protect 1.8 billion people.

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Source: The Geneva Association