Insurers cannot ignore the global move toward net-zero emissions. (Photo: metamorworks/Shutterstock) Insurers cannot ignore the global move toward net-zero emissions. (Photo: metamorworks/Shutterstock)

More than 130 countries and 750 companies have pledged to reach net-zero, meaning that all greenhouse-gas emissions would be either eliminated or offset. The global financial system is also involved, with $130 trillion in financial assets committed to net-zero. This transition will require transformation within every sector of the economy and represents an enormous reallocation of capital.

For insurers, climate change represents both challenges and opportunities. On the one hand, physical risks, such as flooding and drought, could stress balance sheets. On the other, if carriers take an offensive approach, they could unlock growth and build competitive advantage.

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