SCOR supports a broad range of initiatives designed to advance knowledge on the impact of climate change on society, while contributing to climate change resilience. Indeed, as a reinsurer, not only does the Group contribute to climate change mitigation and adaptation through its investment function, but it also, and most importantly, contributes to adaptation through climate risk understanding and modelling.
The Group’s support for climate change adaptation strategies is backed at the highest level of the company. SCOR’s Chairman and Chief Executive Officer has co-chaired the Geneva Association’s Extreme Events and Climate Risks working group since May 2015.
SCOR closely monitors developments in the arena of climate change, notably as part of the steering of emerging risks (via the Group’s Emerging or Changing Hazards’ Observatory), but also through the enhancement of its climate risk capabilities. SCOR also supports a collaborative approach, as illustrated by its very early support for OASIS, a British non-profit organization developing an open source platform for the modelling of climate events. The Group has also joined Climate-KIC, the largest public-private partnership in the field of innovation designed to combat climate change.
SCOR's Corporate Foundation for Science is also involved in the promotion of climate research. In 2015, the Foundation organized a scientific conference combining a range of disciplines (climate, economics, actuarial), with a keynote speech delivered by Jean Tirole, winner of the Nobel Prize for Economics. This conference was awarded the COP 21 label.
In collaboration with the Geneva Association and with the technical support of the Group’s teams, the SCOR’s corporate Foundation for Science has decided to organize a second event on risk modelling, including climate risks, and how it can contribute to the development of risk transfer mechanisms. This conference, which was hosted in the premises of the Group in March 2017, explored what has been learnt from 25 years of developing and utilizing catastrophe risk models. It also look at the next generation of the risks models being currently developed. The conference also debated how the latest advances in climate and earth observations could be harnessed for designing the next generation of forward-looking models and how these models could stimulate the expansion of insurance coverage to the overall population.
Insurance and reinsurance can contribute to climate change adaptation. Expanding insurance coverage to the most vulnerable developing countries is a primary focus of the Insurance Development Forum’s work, a multi-stakeholder group gathering insurers, reinsurers, international institutions (the United Nations, the Word Bank) and other stakeholders. SCOR’s Chairman and Chief Executive Officer is a member of its steering committee and SCOR’s teams contribute as they participate in its working groups.