Insurance innovation: Labors research against climate change risks!

Insurance innovation: Labors research against climate change risks!

Madrid, Spanien - What is happening in the world of insurance and technologies? An exciting development comes from the IE VIG Insurance and Tech Lab, which has launched the cooperation between the IE School of Science and Technology and Vienna Insurance Group (VIG). This laboratory is located on the campus in Madrid and also looks virtually. The interface of insurance, modern technologies and pressing social challenges such as climate change is examined here. The goal is clear: develop solutions for health, energy and finance based on scientific and technological advances.

Under the direction of Vice Dean Professor Gómez-Ullate, the laboratory's first research project will tackle hot iron: the "effects of climate change on life and health insurance". Co-chairman Ikhlaq Sidhu emphasizes how important high-quality research is to make the insurance industry fit for the upcoming challenges. Hartwig Löger, the CEO of the VIG, explains that technologies in the industry can help to maintain and even improve the level of insurance - a real profit for consumers and companies.

climate change as a key factor

climate change not only puts society on the test, but also the insurance industry. David Gómez-Ullate explains that the risk landscape is drastically changed due to climate change. Insurers have to rethink their traditional models and acquire new knowledge. The IE VIG Insurance and Tech Lab brings climate science, data science and activity together in order to better understand complex dynamics and to give the industry tools to navigate uncertainties. In an increasingly insecure world, this is more necessary than ever.

Another good example of the influence of the insurance industry on the Green Transformation provides the overall association of the German Insurance Industry (GDV). During an expert discussion in Brussels, the role of insurers as a driver of the sustainable turn was discussed. It's not just about protection against natural disasters, but also about the support of innovative approaches and strategies for prevention and climate compensation.

close the protective gap

A depressing result of the EU Commission shows that up to two thirds of the climate damage between 2010 and 2019 were not insured in Member States. The improved protection of climate damage is therefore explosive. The Climate Resilience Dialogue (CRD), initiated by the European Commission, aims to identify the causes of this protective gap. The focus is on prevention and adjustment measures. Oliver Hauner from GDV warns of disproportionate legal requirements that could endanger the progressive transformation process.

With a clear focus on sustainability, German insurers rely on a holistic approach to coping with climate ressks. This creates an integrated framework that promotes the disclosure of climate -drawn risks in the insurance industry. A pilot project Supported by PWC aims to standardize the evaluation of these risks for various insurance sectors. Particular attention is paid to physical and transition risks in order to develop solid guidelines for insurance portfolios.

The insurance industry is not only faced with challenges, but also has the chance to actively help shape a sustainable future. If companies and consumers act wisely and foresight, the sector in the green transformation could play a key role - be it through preventive measures or innovative insurance products that address climate change.

In this sense, we look forward to developments in the IE VIG Insurance and Tech Lab and the transformative power of insurance in an increasingly insecure world.

For further information see also: Edtech Innovation Hub href = "https://www.gdv.de/gdv/themen/nachhalthalungswirtschaft-als-beurs-gruener-transformation-132946"> GDV , and pwc .