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  "notes": "Part of a series of five trends. Includes a quote from Michael Klein (Travelers).",
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      "text": "The growing threat of climate change poses systemic physical and transition risks, with direct implications for the insurance industry.",
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      "text": "The reinsurer Swiss Re estimates that up to US$183bn of premiums could be generated globally by 2040 as a consequence of climate change, mostly in the property insurance segment, given the threat of exposure to catastrophes such as floods, earthquakes, and extreme weather events like storms and wildfires. Because of their inherent expertise in risk management, insurers and reinsurers have a clear opportunity and societal obligation to lead the way in fighting the global climate crisis. Setting a long-term ambition that's supported by tangible near-term commitments is the right first step to expand their relevance beyond risk transfer and to take an active role in changing outcomes on a broader scale.",
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