Milliman wins this award for collaborative and innovative leadership on sustainability, for helping insurers better understand and quantify climate risks, and for supporting clients globally on this complex issue.

Climate change is not a problem that will be solved in silos and the judging panel praised the consultancy on creating the Milliman Climate Resilience Initiative (MCRI) and assembling a multi-disciplinary team from around the world to measure the most pressing risks and drive effective responses.

The MCRI's work includes joint initiatives with organisations such as the UN Development Programme, thought-leadership, webinars, podcasts and research reports.

In February, the Society of Actuaries and Milliman also announced the completion of the first certificate programme focused on measuring and managing climate risk for actuaries.

Milliman's collaborative leadership across sectors on climate risk and sustainability also stood out for the judges. Milliman's leadership on the Wildland-Urban Interface (WUI) Data Commons is an example of this.

By creating a comprehensive, accessible database of verified parcel and community-level wildfire mitigations, the WUI Data Commons aims to make mitigation actions visible to homeowners, communities, re/insurers and risk modellers, with the goal of improving insurance availability and affordability.

Nancy Watkins, chair of the MCRI who is a principal and consulting actuary at Milliman, tells InsuranceERM how the consultancy is helping insurers embrace the complexity of sustainability through its proprietary complex causal risk approach. "In this way, we can help uncover the key drivers and relationships between sustainability and macroeconomic factors such as inflation and growth," says Watkins.

Secondly, she says Milliman is intensifying its focus on biodiversity risk, "where, to date, few reliable target operating models have been established".

Finally, Watkins comments: "The firm is helping produce more meaningful climate scenario testing by performing independent evaluations of available catastrophe and climate models, helping insurers manage new and diverse data sources, and adapting these models and data to meet the unique business needs of each insurer."