What is the potential and demonstrated role of non-life insurers in fulfilling climate commitments? A case study of Nordic insurers

Collective actions of stakeholders are required for fulfilling the climate commitments of the Kyoto protocol. The insurance sector's global influence and societal impact is fairly well documented. The sector influences societies based on its interaction with stakeholders, on its products, business and political stance. As such, it is a critical actor in facilitating key climate change actions of mitigation and adaptation, and has already been recognized as a leading sector in terms of climate adaptation. The aim of this paper is to explore the role of non-life insurers in fulfilling the climate commitments of the Kyoto Protocol. This paper is based on a case study on Nordic non-life insurance companies. The study documents that Nordic insurers are responding to climate-related threats and opportunities in a strategic manner by reducing their own impacts, through their core activities, and by influencing others to act. Although Nordic insurers do not classify their actions into mitigation and adaptation, but classify them according to their core activities, they demonstrate through actions their role as potential allies for nations in fulfilling the Kyoto protocol climate commitments. The study also reveals that the commercial reality of the industry is not the same as the expected contribution to climate commitments, for instance as specified in international conventions and treaties and in the Intergovernmental Panel on Climate Change (IPCC) and industry reports.