ClimateWise an initiative that is helping the Insurance Industry in UK to address climate risk.

The ClimateWise Principles were launched in September 2007 by HRH The Prince of Wales and a group of insurance industry members committed to follow six principles on managing climate risk.

1. Lead in risk analysis
2. Inform public policy making
3. Support climate awareness amongst our customers
4. Incorporate climate change into our investment strategies
5. Reduce the environmental impact of our business
6. Report and be accountable

As an initiative, ClimateWise is run on a not-for-profit basis by the University of Cambridge Institute for Sustainability Leadership (CISL), and there are over 30 insurance companies and organisations in the UK signed up to the ClimateWise Principles. The ClimateWise report sets out innovative examples of risk management and investment practice that should become increasingly relevant indicators of progress and contribution towards a resilient low carbon economy.

Progress towards that contribution varies across members, but examples are emerging of new action among the members, for example:

• Informing customers of climate risk to enable them to protect themselves
• Incentivising the move towards sustainable behaviours through the claims process
• Moving capital towards sustainable businesses and assets through investment decisions
• Supporting innovative investment products such as green and flood defence infrastructure bonds.

Through its approach  ClimateWise initiative is supporting their members to further understand they role and the impact of their business.

http://www.climatewise.org.uk/independent-review/