MAPFRE is joining the United Nations Environment Program Finance Initiative (UNEP FI), along with 15 other leading insurers, in order to assess the impact of climate change and to incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TFCD) in the insurance industry. This working group is developing a series of tools to assess the risks, to provide relevant information to investors about the effects of this global phenomenon, and to help in the transition toward low-carbon climate-resistant societies and economies.
“As a global insurance company, MAPFRE is participating in the commitment to contribute to defining a standard of technical and financial action for the entire sector that will help the insurance industry to manage the risks and opportunities of the transition toward a low-carbon economy, and to reduce the impact of climate change for the whole of society,” says Fernando Mata, MAPFRE’s Chief Financial Officer.
Global warming is generating adverse trends such as a rise in sea level, desertification, and the increase in both frequency and intensity of meteorological phenomena such as flooding, hurricanes, droughts, and forest fires, which require an effort on the part of insurers to balance the protection they offer their clients and the economic impact of providing this protection.
“For generations, the insurance industry has served as an early warning system and a risk manager for society, since it analyzes, reduces and accepts risks. The risk of climate change is intensifying. This is why we are working with the main insurers. We want to achieve a full understanding of all the repercussions,” says Erik Solheim, Head of the UN Environment Program.
By joining this project, MAPFRE once again shows its involvement in environmental issues and its commitment to sustainability and transparency, for which it has been recognized in its major awards received, such as the company’s classification in the DJSI World Index 2018 and its inclusion in the CDP Climate A-List for the third year running, among others.