Climate risk

The risk management policy defines the risk management process with reference to the identification, current and future evaluation and control and mitigation of risks.

In line with the double materiality approach, climate-related risks are identified as double components of risk suffered (climate change) and risk generated (environmental damage) in the risk management policy.

The Group prepared a map of the risks and opportunities resulting from climate change, drawn up in accordance with the classification system defined by the Task Force on Climate-Related Financial Disclosures (TCFD). More specifically, it covers the various stages on the value chain, not just concentrating on direct transactions but also including underwriting and investing activities, and includes both the physical risks and transition risks.

More details on the identification, evaluation and monitoring of climate-related risks and the nature and related opportunities and the scenario analyses are available in the “Unipol and climate change” report specifically dedicated to reporting climate-related information.