Fresh from COP28, and big announcements about the global Loss & Damage fund, there are a lot of initiatives underway to make the world greener, quicker. The insurance sector seemed to have a comparatively low profile at COP28, judging by a search through the official participants list. By comparison, banks and investors were very well represented and active, leading us to consider whether the insurance sector could be more innovative and aggressive in how it helps the adaptation of, and transition to ESG principles, decarbonisation and measures to fight climate change. You can follow Mannheim Foundation on LinkedIn where you will find our discussion paper on this topic here: Mannheim Foundation: Overview | LinkedIn
The fact is that those who pollute, refuse to decarbonise, and who do nothing to prevent climate change constiute a moral hazard. And since it is a pre-requisite for insurance that the insured should not be acting against public morals, they should arguably be declined for insurance. Mannheim Foundation is working with the insurance industry to find ways to make it harder for polluters and carbon producers / emitters to buy insurance or reinsurance. Everybody in the chain has a role to play, from the buyers to brokers to insurers / reinsurers to the regulators. We have made it our mission to weaponise insurance in this regard, and we are now offering a consultancy service to advise the sector. In addition, we are seeking donation and investor support, as well as support from brokers and insurers/reinsurers, to help us create the tools that would make it possible for us to exert influence and make real change, to make genuine impact fast!
Anybody interested in supporting us, or seeking advice, should write to enquiries@mannheimfoundation.org.