Crowe UK is highly commended in the climate and sustainability consultancy of the year category in what was a very competitive field.
The judges wanted to acknowledge the value Crowe UK brings to clients, markets and communities in climate risk and sustainability. For example, this year firm became the strategic partner to ClimateWise, the collaboration of 37 insurance organisations that aims to help the sector respond to climate change, and made a major contribution to updating the ClimateWise principles.
Crowe UK was also commended for shaping industry development and thinking on climate risk and sustainability. In the last six months, it has completed projects related to board training, the calculation and assurance of insurance-associated emissions and disclosures as part of the Partnership for Carbon Accounting Financials (PCAF) initiative, and integrating sustainability factors into underwriting decision-making.
Numerous testimonials point to the practical support the firm has provided companies in areas such as sustainability reporting.
Alex Hindson, a partner and head of sustainability at Crowe UK, says many sustainability and climate risk teams within insurers are still struggling to make the strategic business case for change in their organisations.
"Most insurers wish to stay within the pack of their peers and so we expect movement to occur in unison and under increased regulatory pressure. The tipping point could be the review of Supervisory Statement SS 3/19 by the Prudential Regulation Authority and action by other regulators such as Eiopa and the BMA."
Looking ahead, Hindson says Crowe UK anticipates increasing demand from insurance clients in three areas in 2025: implementing regulations; transition plans; and nature and biodiversity.
On transition plans, for example, Hindson explains insurers are starting to consider these in response to growing pressure from regulators and other stakeholders in the UK, EU and Switzerland.
He says: "Our expectation is there will be a significant uptick [and] interest in putting in place such plans during 2025, and this will increasingly be linked to the work of PCAF in evaluating insurance associated and other financed emissions."
