Client Trends Australia

A game of hot potato - risk of ever-growing weather extremes

Episode Notes

Fun (or not so fun) fact: In 2023, around 69% of all global economic losses resulting from natural disasters were UNINSURED! [1] In this episode, Aon Australia’s Chief Commercial Officer, Stephen Trickey, and Climate Risk Advisory APAC Analytics Lead, Tom Mortlock speak about two top weather trends that business leaders need to know about now. From the legislative shift in disclosure of climate-related financial risks to the growing concern around insurance affordability, this episode isn’t to be missed! 

• [0:33] Filing a climate related financial disclosure risk as part of end of year financial reports
• [1:57] Transitioning to the mandatory disclosure regime
• [3:27] Insurance affordability and the protection gap
• [6:00] How businesses can respond to affordability pressures in a proactive way

If you'd like to speak to one of the experts featured in this podcast series, click here and we'll direct you to the right specialist.

Additional Resources:

Client Trend Report 2024 - Weather

The Transition to Mandatory Climate Disclosures in Australia - The Essential Facts

Climate Risk Articles | Aon Insights

Climate Risk Advisory | Aon

Tweetables:

• “Climate needs to be treated as a financial, rather than a non-financial risk, and responsibility shifts away from just the sustainability teams to more core risk teams.” - Tom Mortlock
• “There is a proposed 3-year moratorium on civil greenwashing litigation to give company directors confidence around making forward looking statements and help them transition to the mandatory disclosure regime.” - Tom Mortlock
• “The demand and cost of natural catastrophe cover is increasing, both with the same cause, being an increasing frequency of weather-related disasters.”  - Tom Mortlock

[1] Aon, Climate and Catastrophe Insight (aon.com), 2024.