Zurich, KPMG Join Forces to Address Climate Change
Zurich Insurance Group AG
Zurich Resilience Solutions and KPMG Switzerland have partnered to offer businesses advisory services to address climate change risks.
This partnership's primary focus encompasses addressing both the physical and transition risks associated with climate change, initially catering to the Swiss market and later expanding its services across Europe, the Americas, and the Asia Pacific regions.
The escalating frequency, duration, and intensity of extreme weather events have emerged as a global threat, posing substantial challenges to businesses and communities worldwide. Concurrently, consumer preferences are shifting toward more eco-friendly products and services, and stakeholders such as investors and regulators are increasingly demanding greater sustainability commitments and transparent disclosures from companies.
In this rapidly evolving landscape, businesses are compelled to navigate and mitigate both tangible physical risks and nuanced transition risks.
Transition risks encompass a spectrum of factors, including policy alterations, reputational impacts, shifts in market dynamics, evolving societal norms, and technological advancements. A comprehensive approach to climate change risk management is imperative for companies, as it enables them to safeguard their assets, fortify operational resilience, safeguard their workforce, and contribute positively to the communities in which they operate, all while adhering to pertinent reporting standards, frameworks, and regulatory requirements.
This groundbreaking collaboration amalgamates Zurich Resilience Solutions' expertise in evaluating physical risk with KPMG's proficiency in assessing transition risk. This innovative offering empowers businesses to gain deeper insights into and better manage their exposures. It equips them to bolster their physical and operational resilience, chart a strategic course toward a low-carbon economy, and capitalise on emerging opportunities within this transformative process.
Central to these combined services is a bespoke climate scenario analysis designed to pinpoint material exposures and gauge financial ramifications across the entire value chain. This comprehensive assessment equips businesses to assess and implement adaptation and mitigation measures, strengthening their strategies for preventing natural hazards-related losses, formulating enduring climate change-related investment strategies, and aligning with regulatory sustainability reporting frameworks.
Sierra Signorelli, CEO of Commercial Insurance at Zurich, underscored the significance of this partnership, stating, "Our collaboration with KPMG exemplifies our commitment to leverage our capabilities in assisting global customers in confronting the challenges posed by climate change. By joining forces with a like-minded organisation that shares our values and harnessing our collective strengths, we can have a more substantial impact and drive substantive change toward a sustainable future."
Marc Gössi, Global Client Lead Partner at KPMG Switzerland, emphasised the pressing nature of effective climate risk management in today's business landscape, stating, "The imperative lies in fortifying resilience across the entire value chain. By bringing together Zurich's robust physical risk capabilities and the specialised expertise of KPMG professionals, we empower our clients to make judicious and sustainable choices, underpinned by a comprehensive climate risk assessment that takes into account the broader picture."
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Source: Zurich Insurance Group