AXA unveils new climate risk proposition with Capco
AXA unveils new climate risk proposition with Capco | Insurance Business Asia
Insurance News
AXA unveils new climate risk proposition with Capco
The collaboration comes as a response to increasing mandatory ESG reporting requirements
Insurance News
By
Kenneth Araullo
AXA Hong Kong and Macau has announced a partnership with management consultancy Capco to offer a new comprehensive climate-related risk management and reporting solution for financial institutions and other organizations.
This new climate risk proposition is part of the insurer’s response to increasing mandatory ESG reporting regulatory requirements and is a solution for corporates and firms looking to fulfill their climate disclosure obligations across their industries.
AXA’s unique position from its expertise within the property and casualty business allows it to provide proprietary climate risk models and tools, supported by its datasets and climate science expertise for the assessment of physical climate risks. With the addition of Capco’s track record in helping clients build out their data-driven climate competencies, this new partnership will allow them to comply with evolving regulatory requirements and overcome key challenges posed by the fragmented climate data landscape.
Capco CEO Lance Levy said that climate change sits front and centre on the corporate agenda, and that there is mounting pressure to ensure compliance with stringent climate disclosure regulations.
“The Hong Kong stock exchange’s recently announced consultation around mandatory climate-related disclosures for listed companies underlines how the stakes are rising fast in the ESG regulatory space. By bringing together AXA’s expertise in climate modeling and high-quality data with Capco’s expertise in building climate competencies, we are empowering companies to better measure, assess and report both their climate risks and the financial implications of those risks,” Levy said.
AXA Greater China CEO Sally Wan also weighed in, saying that the firm’s mission in protecting what matters is what drives its innovation to helping clients manage risks better.
“We are committed to supporting the fight against climate change and are excited to be the first insurer to provide this comprehensive proprietary climate risk management and reporting solution to companies in Hong Kong, in partnership with Capco, to live out our commitment to become a true partner to our customers,” Wan said.
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