Potential impacts

Physical risks

• Increased technical and credit risk due to increased frequency and severity of claims related to the consequences of climate change (acute and chronic physical risks)
• Failure to insure climate-related risks due to poor resilience of society
• Damage to Group property and assets and Business continuity risk for Group sites and agencies related to supply chain disruption (operational risk)

Risks of transition

• Decrease in the value of the investment portfolio in relation to companies not meeting expectations about the transition path to a low-CO2-emitting economy (financial risk)
• Negative impact on the Group's reputation for the signing of insurance contracts and investment in companies whose path towards a low-carbon economy is considered insufficient by stakeholders (reputational risk)