On Monday, leading sustainability advocates ducked into the "House of Insurance", a pavilion on the sidelines of the UN's COP30, as sheets of rain hammered Belém.
Inside, the Brazilian insurance association and the UN Environment Programme Finance Initiative (UNEP FI) convened day one of a global sustainable insurance summit.
But the downpour was so intense that the speakers' voices were often drowned out, an apt metaphor for a sector striving to be heard amidst the noise of an increasingly politicised sustainability agenda.
Michel Liès, chair of Zurich Insurance Group, told the opening panel that there needs to be a stronger understanding of insurers' role in addressing climate risk. This followed UNEP FI's head of insurance, Butch Bacani, calling for greater cohesion between public and private sectors, and civil society.
Also speaking on the panel, Claudine Blamey called on "everyone" in the industry to publish transition plans to demonstrate forward planning on climate change.
You can see why the industry's sustainability vanguard are becoming increasingly vocal on climate risks. It is now accepted by most that the 1.5°C Paris Agreement target has been missed. And ahead of this COP, the European Insurance and Occupational Pensions Authority endorsed a declaration from the Network for Greening the Financial System, warning that delayed climate action will significantly increase economic and financial risks.
However, for insurers' voices to be heard will be a challenge in the din of COP negotiations. Moreover, the sector's commitment to climate action is questionable. For example, Lloyd's of London has been criticised for allegedly expanding its fossil-fuel business by campaign group Reclaim Finance.
Since the collapse of the Net-Zero Insurance Alliance in 2023, many insurers have chosen to be less vocal on the topic. In addition, increased politicisation of climate under Donald Trump's government has made some firms more cautious.
Outside of the COP sphere, activity in the regulatory and disclosure space has continued.
The Institute and Faculty of Actuaries (IFoA) has responded to a consultation on the UK's proposed sustainability reporting standards S1 and S2, offering its broad support.
Meanwhile, the European Parliament's decision to reopen negotiations on the Omnibus Directive (which seeks to simplify the Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive) has sparked concern across the insurance sector.
Trade federation Insurance Europe has warned that delays risk deepening uncertainty around future reporting obligations.
However, perhaps most importantly, the winners of InsuranceERM's Climate Risk and Sustainability Awards 2025 have also been revealed. These awards recognise insurers, teams, initiatives and vendors that are leading in climate-risk management.
Bruno Gardner, head of climate change and nature at UK life insurer Phoenix, won the Climate and Sustainability Champion award for his advocacy on climate action.
