Global consumers are overwhelmingly concerned about the impact of global warming and climate change according to GlobalData’s new survey. They also feel that insurers should play an important role in helping mitigate these issues. These findings should alert insurers that they need to strive to be sustainability leaders within the industry.
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that a total of 77% of respondents were either very or somewhat concerned about global warming and climate change. Only 9.7% of respondents were not concerned about the issue. Furthermore, 71.1% believe it is extremely or very important that insurers engage in environmentally friendly practices. This indicates that consumers already want to see action from insurers—and this expectation will only increase as younger generations enter the insurance market.
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Against this backdrop, Zurich updated its net-zero commitment in September 2024 for the first time since 2019. Zurich’s goals now include an emphasis on its own emission targets, as the insurer aims to be net zero in carbon dioxide emissions by 2050.
Zurich’s move helps highlight how the landscape has changed over the past five years. Leading global insurers have all set targets around themselves, which companies they insure, and which companies they invest in. However, they will increasingly come under pressure from consumers and the media not just if they miss their targets but also if their targets are not ambitious enough. GlobalData surveying suggests climate change and global warming are key issues for consumers, and we believe their importance will only increase in the future. Therefore, we expect to see insurers continuing to republish targets such as Zurich’s in an attempt to establish themselves as industry leaders with the ESG theme.
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By GlobalData
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Zurich Insurance Group Ltd