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Changing Environments - Changing Finance?Sustainable Finance in Turkey
Istanbul 22.1.2009
Constantine TsolakidisAssistant Manager, Environmental Insurance & Renewable EnergyInteramerican Group Environment Advisor
Sustainable Insurance Products:Insuring Environmental Impairment Liability
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Contents
Sustainability & the Role of Insurers
Environmental liability: a “chronic infection”
New challenges, new products
The future
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Sustainability & the Role of Insurers
The global financial crisis &the global environmental crisis:reflections on the insurance industry
New findings: environment is less of an externality in our days!
New pressures from society, government,clients, competition
Drastic impacts on all lines of business:health -
pensions -
non-life
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Sustainability & the Role of Insurers
Drastic impacts on core business:insurability –
underwriting –
claims handling
sales –
reinsurance
Need to shift from defensive to proactive!
Need to focus on our core strengths!
Need to contribute widely our core strengths!
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Sustainability & the Role of Insurers
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Sustainability & the Role of Insurers
New ongoing projects:IWG global survey questionnaire
MNR Project (Microinsurance,
Natural Catastrophe,
Risk Financing)
PRINCIPLES
FOR
SUSTAINABLE
INSURANCE (PSI)
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Environmental liability: a “chronic infection”
New pan-European legislative framework:fines, remedial action, penal punishment…
Environmental liability unfolds a complexarray of interrelated risk exposures, e.g.:-
environmental impairment
-
first & third party liabilities- operational risks-
legal risks
-
financial risks-
technological risks
- social risks-
business & reputational risks
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Environmental liability: a “chronic infection”
Need to involve all stakeholders in constructivedialogue:
CLIENTSCLIENTSAdherence to permitting frameworkAdherence to permitting frameworkRisk perceptionRisk perception
BANK &BANK &INSURANCE INSTITUTIONSINSURANCE INSTITUTIONSNew tools and productsNew tools and productsInnovative types of fundingInnovative types of fundingCoCo--management of riskmanagement of risk
SOCIETYSOCIETYAwarenessAwarenessActive involvementActive involvementSharing responsibility in risk Sharing responsibility in risk managementmanagement
STATE ADMINISTRATIONSTATE ADMINISTRATIONSubstantial enforcement of the LawSubstantial enforcement of the LawMonitoring & information sharingMonitoring & information sharingDiversity of support mechanismsDiversity of support mechanisms
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Environmental liability: a “chronic infection”
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
New challenges, new products
GREEN LINE Ευθύνη
για
το
περιβάλλον
ΑΣΦΑΛΙΣΗ
ΑΣΤΙΚΗΣ
ΠΕΡΙΒΑΛΛΟΝΤΙΚΗΣ
ΕΥΘΥΝΗΣ
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
Covers:
sudden & accidental environmentalimpairment liability based on risk exposure
emergency measures
remedial action plans & measurements asdictated by competent authority
third party liability
legal support
New challenges, new products
I N T E R A M E R I C A N M E M B E R O F T H E E U R E K O G R O U P
The future
Peo
ple
Pla
net
Pro
fit
tsolakidisc@interamerican.gr
Çok
tesekkür
ederim!
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