LEARNING OBJECTIVES

 

Module 1: What Sustainability Means for Insurers

E1 Sustainability 101: The Science & the Solutions

A brief introduction to the key threats posed to society and nature by climate change, resource depletion and overconsumption, and the economic solutions needed to secure a habitable, just and resilient future world.

·        Explore the latest consensus on the threats posed by climate change as outlined by the IPCC

·        Understand the interconnected threats to planetary boundaries, natural capital, the economy and society

·        Identify the systemic changes needed to address these threats and role the private sector can play

 

E1 The Role of Insurance in the Sustainability Transition

Why should sustainability matter to insurers, and why do insurance companies have such an important role to play in building a more sustainable future?

·        Understand why insurance has an influential role in the sustainability transition

·        Identify five ways insurers can accelerate progress on sustainability

·        Identify three reasons why insurers should take sustainability seriously

 

E1 Opportunities & Drivers for Insurers

An overview of some of the game-changing opportunities sustainability presents insurers, as well as the sustainability-related threats driving the need for action.

·        Consider how sustainability can unearth opportunities including:

·        Innovating new products and solutions

·        Supporting clients as they develop sustainable business models

·        Attracting and retaining talent

·        Identify key drivers for insurers including:

·        Regulation

·        Reputation

·        Protecting the balance sheet

·        Future-proofing the business

E1 Three Levers of Sustainable Insurance

An introduction to the three key levers insurers have at their disposal through which to implement sustainability: operations; investments and underwriting.

·        Identify two key action areas for implementing sustainability in insurance operations

·        Learn where to find guidance to build on the work already going on in the investment world

·        Learn where to start to assess your current underwriting-related emissions

·        Understand how sustainability offers opportunities to innovate and add value for customers

 

C1 Lever 1: Operations – deeper dive

Exploring the various ways insurers can make their own operations and claims processes more sustainable.

·        Explore various generic actions insurers can take to improve operational sustainability

·        Understand the concept of 'repair over replace' and making sustainable choices as businesses

·        Identify multiple ways of implementing sustainability in the claims process

·        Learn how to drive sustainability and engage employees within a diverse organisation

·        Learn how a carbon fund works

 

C1 Lever 2: Investments – deeper dive

An overview of how insurers incorporate ESG and sustainability into their investment processes, both in their core strategies and via sustainable investment products and impact investments.

·        Understand the levers insurers have to implement sustainability in investment processes

·        Identify how insurers embed ESG criteria in asset and manager selection

·        Learn the difference between exclusionary and positive ESG screening

·        Identify a range of sustainable investment strategies available to insurers

·        Identify different types of impact investment

·        Establish criteria for choosing an impact investment

C1 Lever 3: Underwriting – deeper dive

An introduction to the complex task of making underwriting portfolios more sustainable, including assessing and measuring ESG risks, rebalancing portfolios and - at some point in the future - brining sustainability considerations into the risk selection and pricing process.

·        Understand the key roles ESG data plays in the underwriting process

·        Explore the multiple levers insurers can pull to make their underwriting more sustainable

·        Identify three types of fossil fuel project that a growing number of insurers now refuse to insure

·        Be able to explain the benefits of responsible stewardship over blanket exclusions

·        Learn how insureds' ESG credentials may impact pricing and capacity decisions in the future

·        Identify why sustainability presents an opportunity for insurance businesses

 

C1 Sustainable Claims & Supply Chains (in development)

 

C1 Global Goals, Industry Initiatives & the Role of Collaboration

A basic introduction to cornerstone global sustainability initiatives including the UN Sustainable Development Goals and Paris Agreement; insurance initiatives including the Principles for Sustainable Insurance and Net Zero Insurance Alliance; and other ways insurers can collaborate on sustainability.

·        Identify the key temperature thresholds the world is working towards

·        Be able to explain the purpose of:

o   The UN Sustainable Development Goals

o   The Paris Agreement

o   The UN Deal for Nature

·        Identify the goals of at least three major insurance sustainability initiatives

·        Understand why the Net Zero Insurance Alliance has faced challenges from US states

·        Identify at least four ways insurers can collaborate to accelerate progress on sustainability

C1 What’s holding us back? Implementation Challenges to Address

An overview of some of the key challenges insurers must overcome to implement sustainability more effectively and accelerate positive change.

·        Understand the difference between the tragedy of the commons and tragedy of horizons

·        Identify at least five key challenges for slowing insurers' implementation of sustainability

·        Identify some of the steps needed to address these challenges

·        Recognise the important role collaboration must play

 

Module 2: Sustainability Risks & Opportunities

E2 Introduction to the Sustainability Risk Landscape

Learn how climate change, energy transition and the adoption of more sustainable practices create physical, transition and liability risks and opportunities for insurers.

·        Explain the concepts of sustainability-related physical, transition and liability risks

·        Explore how the physical impacts of a warming world are likely affect insurance losses

·        Identify three lenses through which to assess catastrophe risks

·        Identify at least five risks created by the sustainability transition

·        Understand how transition risks create challenges and opportunities for underwriters

·        Learn about the rising volume and scope of climate litigation

·        Identify how climate litigation creates liability risks for insurers

E2: Introduction to Climate Risk Strategy

Understand the building blocks of a robust strategy for managing climate-related risks and improve decision-making in a rapidly changing environment.

·        Identify multiple strategic benefits for (re)insurers implementing forward-looking climate models and scenarios

·        Understand the roles of quantitative and qualitative tools for climate risk assessment and decision-making

·        Learn how regulatory requirements for climate risk management and disclosure can provide help inform the design of a robust climate risk strategy

·        Identify opportunities for collaboration and data sharing between insurers and clients

·        Learn how to build effective governance structures and processes for integrating climate data and managing climate-related risks

E2 Navigating Global Sustainability Disclosures

An overview of climate disclosure rules in the European Union, US, UK and other developed and emerging economies.

 

·        Understand the global shift from voluntary to mandatory climate disclosure and its implications for insurers

·        Be able to summarize the key legislative expectations in:

• The EU
• The US
• The UK
• At least three more insurance markets

·        Identify significant commonalities and differences between climate disclosure regimes

·        Learn how the EU Omnibus package may impact reporting in the EU

·        Be able to explain the core purpose of key frameworks including:

• TCFD
• IFRS/ISSB Standards
• The EU's Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD)

·        Provide examples of climate disclosure rules in emerging economies

E2 Linking ESG to Underwriting Performance

Discover the latest research linking the ESG credentials of insureds with insurance loss performance - and how this may influence underwriters' risk selection and pricing decision in the future.

·        Learn why some insurers believe better client ESG ratings = better risk

·        Discover the findings of recent research linking insureds' ESG credentials to underwriting losses

·        Consider how a link between ESG and losses may affect pricing and risk selection in the future

·        Understand how these findings can inform an underwriting sustainability strategy

·        Identify first steps to conducting your own internal assessment

E2 Innovating Sustainable Products

The sustainability transition is a multi-billion-dollar opportunity but how do we approach the development of sustainable products and solutions?

·        Discover a wide array of opportunities for product development in the sustainability transition

·        Consider how products could be formed specifically around ESG

·        Explore the key considerations when innovating sustainable products & solutions

·        Identify three factors that determine the feasibility of a new insurance product

·        Consider the role of collaboration in accelerating innovation

E2 Emerging Insurability Challenges (in development)

C2 Conducting a Materiality Assessment

How to design and implement a materiality assessment to identify and manage key sustainability risks, opportunities and impacts.

·        Determine the role of a materiality assessment in an insurer’s sustainability strategy

·        Learn how to design and execute a materiality assessment

·        Be able to explain the concept of double materiality

·        Identify a range of material ESG factors for insurers

C2 Climate Statements - the four-pillar TCFD framework

 

Leverage the Task Force on Climate-Related Disclosures framework to structure effective climate reporting that meets regulatory standards while supporting strategic business objectives.

 

• Understand the purpose and importance of climate statements for stakeholder communication and strategic planning
• Be able to explain the four-pillar structure of the TCFD framework
• Identify practical actions to take within each of the four pillars: governance, strategy, risk management, and metrics and targets

C2: Implementing Actionable Climate Models & Scenarios

 

Navigate the complex world of climate risk data, learning to evaluate, select, and implement appropriate climate models and scenarios for effective insurance decision-making.

 

• Distinguish between qualitative and quantitative climate risk assessment approaches and their applications
• Identify three analytical approaches to climate scenarios
• Learn how to integrate scenario analysis outputs into underwriting and investment decision-making processes
• Create flexible and adaptable climate risk strategies that account for model uncertainties and changing conditions
• Develop criteria for selecting appropriate climate risk tools and data providers for specific use cases

C2 Climate Litigation Exposures for Insurers (in development)

C2 Advisory Service Opportunities

Exploring some of the ways insurers and brokers can support clients through the sustainability transition, from risk modelling to unlocking capital.

·        Determine how brokers and insurers can help insureds quantify their climate related risks and align these with their overall risk appetite and strategy

·        Identify how brokers and insurers can provide advisory services to help businesses navigate the sustainability transition

·        Understand the role insurance plays in unlocking capital for innovation and transformation

·        Consider the importance of programme structure and policy wording reviews

 

C2 Sustainability Governance Risks for Executives (in development)

Module 3: Understanding ESG Ratings & Data

E3 Introduction to ESG Data

Explore the complexities of the ESG data landscape and start developing an effective ESG data strategy relevant for your organisation.

·        Learn about the complexities, challenges and blinds spots in the ESG data landscape

·        Identify a variety of common environmental, social and governance issues

·        Consider which ESG issues matter most to you and determine what data you need

·        Explore a variety of available ESG data sources

·        Start developing an ESG data strategy relevant to your business

C3 Public ESG Data & Disclosures – deeper dive

Learn about the wide array of publicly available ESG data sources underwriters can use to build a picture of insureds' ESG credentials. Includes a brief introduction to key climate-related disclosure frameworks.

·        Identify multiple public sources of ESG data available to insurers

·        Understand the complexity and blind spots that exist in the fragmented ESG data landscape

·        Identify some of the most popular climate- and sustainability-related disclosure frameworks

·        Learn how insurers use public data as part of an ESG data strategy

·        Explore the role of proxy ESG data in the underwriting process and where to find it

C3 ESG Ratings & Third-Party Data – deeper dive

Explore the role of third-party ESG ratings in assessing insureds' sustainability credentials and some key shortcomings to take into consideration.

·        Understand the various types of provider of ESG rating

·        Explore the differences in methodologies employed by different providers

·        Understand how different E, S and G weightings can affect the ratings issued by providers

·        Consider the role ESG ratings can play in assessing insureds' sustainability credentials

·        Identify key considerations when choosing an ESG rating provider

C3 Capturing ESG Directly from Clients – deeper dive

Explore the reasons for engaging directly with insureds on ESG data, understand the challenges and learn how to develop efficient question sets.

·        Learn how to determine what ESG information to ask for from insureds

·        Understand client and broker frustrations when fielding ESG data requests

·        Learn how to develop efficient, relevant, standardised question sets

·        How to manage relationships while optimising the ESG data captured

 

C3 Operationalising ESG Data

Once you've established an insured's ESG credentials, what do you do with that information? Here are some first steps on implementing ESG data in the underwriting process.

·        Identify first steps to operationalise ESG ratings

·        Learn how insurers use ESG data now and how they intend to use it in the future

·        Explore ways to implement ESG guidelines into the underwriting process

·        Consider the role of digitalisation in driving efficiency in ESG risk assessment

C3 Insurance Data Standardisation Initiatives

An introduction to the insurance industry's efforts to standardise the measurement of GHG emissions in the underwriting process.

·        Identify the purpose of key insurance-related data standardisation initiatives including:

·        The Global GHG Accounting and Reporting Standard for Insurance-Associated Emissions

·        The NZIA Target Setting Protocol

·        Climate Transition Pathways

·        The Poseidon Principles for Marine Insurance

Module 4: Action Areas for People & Planet

E4 What Decarbonisation Means for Insurers

Decarbonising underwriting portfolios is a long-term project full of complexity and business challenges. In this course we explore this and how to get started.

·        Consider the role insurers have to play in supporting clients on the path to Net Zero

·        Identify the levers insurer have to decarbonise their business

·        Understand the concepts of portfolio emission baselines and hotspots

·        Identify tools to assist insurers in this process

·        Consider some of the challenges to get to Net Zero and how to address them

 

E4 Why Nature is Rising Up the Agenda

Nature degradation has to date been overlooked as a global threat compared to climate change, but is now moving rapidly up the agenda. Here we explore the concept of natural capital and nature-related threats and challenges for insurers.

·        Learn the concept of natural capital and its importance to the economy

·        Identify multiple types of risk related to nature degradation

·        Consider some of the challenges in quantifying these risks

·        Learn how nature is gathering momentum among global policymakers

·        Identify at least six threats nature degradation poses for insurers

 

E4 Resilience & Adaptation: Actions for Insurers

An introduction to the pivotal role climate adaptation must play in tackling climate change. This course explores practical steps insurers can take to drive climate adaptation through risk engineering, underwriting and claims.

·        Understand why climate adaptation is vital in a warming world

·        Identify the key economic benefits of climate adaptation

·        Discover the value of losses saved per dollar invested in adaptation

·        Consider the value-add services insurers can develop to support companies with climate adaptation

·        Identify at least five ways to build risk engineering into products and services

·        Consider multiple actions underwriters can take to keep climate risk insurable

·        Understand the concept of Building Back Better, and Building Forward

C4 The Path to Net Zero – Practical Steps

Decarbonising insurance portfolios requires and understanding of carbon accounting and ongoing engagement with insureds to ensure they execute on a credible transition plan. Here we identify how to get started with carbon accounting and manage relationships in the transition.

·        Understand scope 1, 2 and 3 emissions and what they each mean for insurers

·        Identify some of the key challenges insurers face in measuring insured GHG emissions

·        Recognise how the PCAF standard and NZIA Target Setting Protocol can help insurers in this process

·        Learn how to set a baseline for an insured’s current emissions

·        Determine the components of a credible client transition plan

·        Consider how to manage relationships through the transition

·        Find out where to look for best practices, including the UK Transition Plan Task Force framework

C4 Opportunities in the Carbon Markets

An introduction to the fast-growing carbon markets and opportunities for insurers to develop specific coverages for buyers and providers of carbon credits.

·        Understand the purpose of carbon markets and how they function

·        Note the differences between compliance and voluntary carbon markets

·        Identify multiple opportunities for insurance product development

·        Identify at least five types of insurable risk related to carbon markets

C4 The Role of Carbon Offsets

Learn how carbon offsetting can be used to complement broader emission reduction efforts, and how to choose the right offset schemes.

·        Consider the role carbon offsetting can play within a decarbonisation strategy

·        Identify ways to structure a robust carbon offsetting strategy

·        Learn how to verify the credibility of carbon offset schemes

C4 Emerging Nature-related Legislation & Disclosures

How to start preparing for a new era of nature-based reporting requirements.

·        Learn about key nature-related disclosure legislation on the horizon

·        Identify the core elements of the TNFD LEAP framework

·        Determine six practical steps to prepare for enhanced nature disclosures

C4 Assessing Nature Risks & Impacts

How to get started on mapping nature risks, impacts and dependencies within your underwriting portfolio.

·        Learn how to create a heat-map of nature-related risks and impacts

·        Identify helpful resources to support this process

·        Establish a checklist for assessing client exposures

·        Consider how risk assessment can unearth potential opportunities     

C4 Developing Nature-Based Insurance Solutions

Explore how nature can play a bigger role in underwriting and how some insurers are already developing nature-based products and solutions.

·        Learn how some insurers are embedding nature in the underwriting process

·        Explore nature-based solutions already being developed by insurers

·        Consider the business case for building resilience with nature-based solutions

·        Learn about two research-based projects being undertaken by insurers

C4 Building Physical Resilience

How to quantify a client’s exposures, then build the business case, and finance, risk mitigation and climate adaptation measures.   

·        Understand the financial implications of climate-related risks and the potential savings from investing in resilience measures today.

·        Identify and quantify client exposures to physical climate risks, including hazard assessment and vulnerability analysis.

·        Explore the interconnectedness of various climate hazards and their cumulative impact on risk assessment.

·        Develop strategies to communicate the importance of climate adaptation and resilience planning to clients.

·        Implement best practices for integrating a climate resilience strategy into existing risk management frameworks and organizational strategies.

C4 The Role of Parametrics in Building Resilience

An introduction to the ways parametrics - a fast, simple alternative to traditional insurance - are increasingly being applied to protect communities from financial shocks.

·        Understand the differences between parametric and indemnity coverage

·        Identify the resilience benefits parametrics offer vulnerable communities

·        Learn about the widening scope of risks covered by parametrics

 

C4 The Role of Public-Private Partnerships

Exploring the ways insurers can collaborate with international governments, public entities and other organisations to build resilience through insurance-related solutions.

·        Understand the common goals of PPPs and how they are structured

·        Discover examples of successful insurance-related PPPs

·        Identify criteria for designing a robust, effective PPP

·        Consider the motivations for insurers to participate in PPPs

C4 Addressing UN SDGs through Insurance

Beyond climate action, how can insurance play a bigger role in fulfilling the social and economic aims set out in the UN Sustainable Development Goals? 

·        Learn about the core goals of the UN SDGs

·        Consider the interconnections between social, economic and climate-related goals

·        Explore how insurance can practically support at least five societal SDGs

·        Determine which SDGs could be most relevant to your business

C4

Tackling Modern Slavery

Learn about the risk of human rights abuses within the insurance value chain, plus two industry initiatives to help insurers identify and avoid modern slavery.

·        Understand the threats modern slavery poses people and insurers

·        Identify three lines of insurance particularly exposed to modern slavery risk

·        Learn how to spot and avoid modern slavery when underwriting

·        Consider the actions you can take as an insurer to tackle modern slavery

 

*Being absorbed into the new Module 5 in September (see below)

 

Module 5: Sustainable Development – Closing the Protection Gap and Building New Markets

(in development)

·        Introduction to the UN SDGs

·        Identifying the relevance and business case of SDGs for insurers

·        Innovating social impact products

·        The role of technology in closing the protection gap

·        What makes a successful public-private partnership?

·        Tackling modern slavery

 

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Each course includes links to multiple resources for self-guided learning. 

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