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Businesses in Australia need to be constantly aware of risks posed by environmental, social and governance (ESG) and climate change factors and bolster their sustainability in facing these risks. Understanding key risk exposures and prioritising business resilience in the shifting landscape is indispensable to keeping pace with expectations.
At Gallagher Australia, we are offering two unique services to help businesses with their risk resilience planning:
- Sustainability Risk Assessment: providing a personalised risk evaluation
- Climate Risk Resiliency service: a detailed risk resiliency service
designed to help businesses traverse the complex sustainability risk landscape, understand their climate risk exposures, evaluate operations, and improve supply chain and stakeholder relationships.
Sustainability Risk Assessment: build a strategic ESG and sustainability roadmap
There is an urgent need to address climate and ESG compliance risks in the ever-changing conditions we are experiencing in Australia. To do that businesses must understand these risks and their specific sustainability exposures.
Our unique Sustainability Risk Assessment service helps businesses navigate the noise and complexities of integrating sustainability into their practices, including supply chain practices and stakeholder relationships.
Gallagher provides a comprehensive analysis of possible sustainability related impacts on finances, operations and reputation. This helps businesses assess company operations and strategies for improving corporate governance, employee relations and environmental standards.
Key benefits and enablers of our Sustainability Risk Assessment service
- Supports disclosure compliance: meeting sustainability disclosure demands from governments, investors and stakeholders enhances portfolio appeal to transparency-minded investors.
- Bolsters resilience: by identifying and addressing sustainability risks comprehensively, businesses are better equipped to formulate effective mitigation strategies. This proactive approach not only can reduce financial losses in the short term but also safeguards the reputation of the company, contributing to long-term resilience and adaptability in a constantly evolving marketplace.
- Enhances reputational and brand value: elevating brand value and appeal to investors who prioritise or require sustainability and resilience.
- Drives insurance and finance cost reduction: commitment to sustainability leads to lower finance costs, favourable terms, and potential discounts from stakeholders due to reduced risk. Strong sustainability can also reduce insurance expenses, lowering overall operational costs.
In practice — a hypothetical business case using our Sustainability Risk Assessment service
A global manufacturing company that sources raw materials from various suppliers worldwide recognises the importance of sustainability and wants to ensure that its supply chain operations align with its sustainability goals.
Our Sustainability Risk Assessment report will enable the company to:
- Identify potential sustainability risks within its supply chain by assessing factors such as environmental impacts, labour practices, human rights and ethical sourcing.
- Analyse and evaluate the possible impacts on the firm's finances, operational disruption and reputational damage that could arise if these risks are not addressed.
- Develop a comprehensive approach, methodology and risk management strategies to ensure short- and long-term sustainability.
- Reduce risks and enable insurers to make informed underwriting and pricing decisions.
Climate Risk Resiliency service: natural hazards and future-proofing financial exposures
Australian insurers are focusing on concerns over climate-change risks, especially those related to heat stress, storms, floods, and bushfires, which underscore the country's vulnerability to natural disasters, and influence financial decisions.
Gallagher offers a systematic and detailed risk resiliency service focused on evaluating natural hazard and climate risk exposures — to extrapolate these risks, conduct risk assessment scenarios and enable improved resilience planning.
The Climate Risk Resiliency service helps evaluate climate risk exposures and informs clients of natural perils for their business — in terms of assets, property and locations. In conjunction with climate risk modelling, the evaluation equips businesses with the tools to resolve the serious concerns brought by climate change impacts and the risk of assets and company operations being uninsured or underinsured.
Our climate risk modelling includes:
- Natural catastrophe exposure analysis and loss modelling that strengthens a company's insurance program durability in the case of major natural calamities.
- Climate change risk and scenario analysis essential for companies in an era of climate change awareness and accountability
- Supply chain assessment of natural hazard and climate change risks helps identify supply chain vulnerabilities and develop strategies to mitigate disruptions
- Due diligence climate change and natural hazard risk reports to enhance the sustainability of insurance programs by being well-informed about potential risks, which promotes long-term stability in the insurance coverage for these assets.
In practice — a hypothetical business utilising the Gallagher Climate Risk Resiliency service
A leading company in Australia identifies the need to enhance its business resilience and future-proof its insurance program against climate risks. Leveraging our Climate Risk Resiliency service, the company can:
- Assess potential climate risks that could impact their insurance program by identifying assets in vulnerable areas prone to extreme weather events such as floods, bushfires and storms.
- Evaluate their current insurance portfolio for climate risks and seek tailored coverage for future climatic threats.
- Develop risk mitigation strategies like cost control that ensure the total cost of risk remains manageable over time, as well as analysing risks to assess and bolster financial stability.
- Safeguard assets and insurance investments, ensuring durability against ongoing natural catastrophes and climate-change challenges.
Connect with Gallagher to improve sustainability resilience in your business
As trusted leaders in the insurance industry, Gallagher understand rising expectations, risks and opportunities tied to sustainability factors (across ESG and climate change) and are experts at risk exposures and the breadth of assessments required.
Gallagher's unique sustainability and climate services support businesses vulnerabilities and offer expertise to help mitigate and improve resilience.
