The challenges of sustainable development are becoming increasingly urgent and as an Alliance, Eurapco can join forces and consider solutions to common challenges.
The demand for greener insurance solutions is nowadays growing considerably and sustainability is becoming a particularly crucial topic in the insurance sector since the world is moving to net-zero in 2050.
As a result, expectations of stakeholders are rising and companies must act in an agile and responsible manner to carry out their value chain activities considering environmental, social sustainability, and good governance issues, and with a forward-looking approach to reduce risks, develop innovative solutions, and improve business efficiency. The challenges of sustainable development are becoming increasingly urgent and as an Alliance, Eurapco can join forces and consider solutions to common challenges.
On May 19th LocalTapiola hosted the Eurapco’s Sustainable Underwriting Seminar featuring several expert presentations on market developments and the impact of sustainability requirements in the insurance sector and especially in underwriting.
The seminar was attended by representatives of many member companies, both on-site and remotely, and throughout the session, the importance of cooperation between Eurapco Partners in addressing sustainability challenges was emphasized, as well as the value of learning from each other.
Many Eurapco Partners have chosen responsibility and sustainability as a strategic goal and together have collectively identified the need to increase their knowledge of the market developments, especially in the underwriting and claims processes.
The underwriting function of insurance companies assesses risks and prices insurance contracts on that basis. Underwriting is traditionally based on historical data which is not available for new sustainability challenges. In conclusion, we realized that the increasing likelihood of risks leads to a situation where insurance prices and models must be revised since insurance products must continue to be relevant for risks and investments of this magnitude.
We do not want to miss the opportunity to thank all the attendees for their active participation. At the same time, we would like to invite you to find more information about the topics presented here, as well as in the videos below.
