Dateline: 24/01/2008
Toronto, January 24, 2008 – Zurich Financial Services Group (Zurich) announces the launch of a global initiative focused on the development of products and services addressing the evolving risks associated with climate change, as well as the establishment of a long-range carbon management strategy.
“Kicking-off our global Climate Initiative, I am convinced, sets Zurich on the course of becoming a leader in the identification and management of climate-related risks, as well as preparing us to take meaningful and sustainable steps to manage our own carbon footprint,” remarked James J. Schiro, Zurich’s CEO.
In Canada, Zurich is already actively sponsoring a study into Climate Change Adaptation through Simon Fraser University (SFU) in Vancouver. “Supporting the research at SFU is fundamental in helping us better understand the risks associated with climate change,” said Alister Campbell, CEO, Zurich in Canada. “We can then apply our insights to developing products and services in a manner that will enable our customers’ businesses to adapt for the future. Our new global climate approach supports this local research, enabling results to be integrated into Group product development activities.”
Global approach through Climate Office
As part of the global effort, Zurich has established an internal Climate Office that will be charged with driving an understanding of climate-related risks across its businesses. Reporting directly to Zurich’s Global Chief Underwriting Officer, Mike Kerner, the Climate Office will be fully embedded in Zurich’s underwriting infrastructure, demonstrating Zurich’s market-focused climate change approach.
Climate Change Advisory Council to advise on strategic and operational issues
In addition, Zurich has established a Climate Change Advisory Council consisting of both internal functional leaders and external advisors that will directly report to Zurich’s Group Management on strategic and operational issues associated with climate change. Signaling the significance of these roles, Zurich announced that the first two external members of the Climate Change Advisory Council will be former U.S. Congressman Sherwood Boehlert and Ernst Ulrich von Weizsäcker, Dean of the Donald Bren School of Environmental Science & Management at the University of California, Santa Barbara. Both individuals are highly respected in the field of climate and environmental policy, and will add considerable value to Zurich’s climate efforts. Additional Climate Change Advisory Council members are expected to be named in the coming months.
“Bringing the expertise of Sherwood Boehlert and Dean von Weizsäcker to bear on our climate efforts will ensure that we remain focused and effective,” commented Schiro. “They are both leaders in their fields.”
Carbon management strategy
The final element of Zurich’s Climate Initiative is the launch of an applied research program with organizations and institutions to examine the critical economic, finance and policy issues associated with climate change. The first such partnership Zurich proudly announces is with Dean von Weizsäcker’s Bren School, where Zurich will fund a distinguished visitors program. As part of this partnership, the Bren School will assess Zurich’s carbon footprint and develop a consistent approach as to how Zurich can actively manage its carbon emissions in a meaningful and sustainable manner.
“The risks associated with climate change go well beyond rising sea levels, and reflect the burgeoning regulatory and financial infrastructures being created to address this major societal concern,” explained Kerner. “Tapping into the experts in these fields will ensure that our products remain fresh and innovative, and effectively address the rapidly changing risk profile.”
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Media contact:
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com