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Published 26 September 2023
International law firm DAC Beachcroft has today released a new collection of thought leadership for the global insurance market, ESG: Creating Sustainable Value. The key theme throughout the collection's five articles is the need to focus on turning fine words and genuine ambition around ESG (environmental, social and governance) issues into measurable actions.
Introducing the collection, Helen Faulkner, DACB's Head of Insurance, said, "A consistent feature of this latest collection is the powerful connectivity between the three elements of ESG, illustrating how all businesses need to build internal and external collaboration to meet the challenges facing us all."
The lead article, People, Planet, Profit: How to Marry Purpose and Value in the Pursuit of Sustainability considers the importance of integrating ESG strategies and the role of governance. It is described as the glue that binds the 'E' and the 'S' elements; the by-word for strategy and process that can deliver programmes of action and impact.
"The challenge of getting ESG embedded across large, diverse and complex organisations should not be underestimated," Helen Faulkner notes.
Four further articles take a deeper dive into climate change litigation, biodiversity risk, geopolitical risk in Latin America and cyber risks resulting from the digital revolution in shipping.
Heat Rises on Climate Change Litigation Risk reports on the exponential rise in climate change-related litigation, the clear trends that are emerging in relation to claims against states, companies and directors, and possible consequences for insurers.
"Climate change litigation may require not just a different settlement strategy but also a change in how insurers underwrite these risks," says DACB partner Sarah Crowther.
Biodiversity comes to the fore: towards nature-positive outcomes highlights the decline in biodiversity as the next major risk and warns that insurers will need to look very hard at what environmental risks they are insuring against. Some jurisdictions recognise the rights and legal personalities of natural assets, such as rivers, enabling people to bring claims on their behalf. The article suggests this could expose significant holes in insurance cover.
Geopolitical Risk in Latin America: Shock Disruptions, Political Blurring and a Multipolar World examines how global risks are converging to impact the emerging markets in Latin America, with a focus on political, liability and property risks.
Cyber Risks and the Digital Revolution: A Shipping Perspective reflects on the digital revolution underway in the shipping industry, driven in part by the need to decarbonise, and how the cyber threat that this presents is split between information technology and operational technology.
The full suite of articles can be accessed on DACB's Informed Insurance site here: https://insurance.dacbeachcroft.com