ClimateWise, a global platform for collaboration on climate within the insurance industry that has been at the forefront of pushing boundaries since its inception in 2007, scoops the climate and sustainability collaboration of the year award.

InsuranceERM's award celebrates ClimateWise's 2024 revision of its climate and nature disclosure principles, and aligning them with a wide range of global reporting frameworks.

This revision process reflects the increasing complexity of the regulatory environment and the need for the insurance industry to adapt to these changes.

In an extensive collaboration involving its 37 member firms from across the Americas, Europe, Asia Pacific, and Africa, ClimateWise developed the new principles as a solution by the industry, for the industry.

The revised principles are closely aligned with emerging frameworks such as IFRS S1 and S2, ESRS E1 and E4, the Transition Plan Taskforce, TNFD and various regional guidelines from regulatory bodies such as the UK's Prudential Regulation Authority, the Bermuda Monetary Authority and the Monetary Authority of Singapore.

This alignment helps ClimateWise members navigate the evolving regulatory landscape, allowing them to adopt a "capture once, use many times" model.

The mapping tool created through this process enables members to see how each sub-principle corresponds to various frameworks, streamlining the completion of climate disclosures across multiple jurisdictions.

The development process was supported by Crowe UK's consulting team, which worked alongside a member-led Principles Working Group to ensure the new framework was both robust and forward-looking.

The project was delivered against tight deadlines, with the revised principles launched in June 2024 ahead of the first reporting cycle in August.

In addition to developing the new principles, ClimateWise provided extensive support to its members, including technical webinars and drop-in sessions to help them tailor their disclosures.

Commenting on ClimateWise's future goals and projects, its programme director Sid Miller tells InsuranceERM: "At ClimateWise, the research has historically focused on how the insurance sector can better support the transition to a low-carbon and climate-resilient society.

"ClimateWise is now developing our climate and nature research approach further through a systems lens by leveraging the unique investment, banking, technology and policy research capabilities within the Cambridge Institute for Sustainability Leadership and the University of Cambridge to identify the systemic challenges and develop solutions that support members in their individual transitions."