On completion of its ESG Risk Rating, Marsh clients can access preferred renewal terms from insurers AIG and Zurich Insurance Group (Zurich)
London | 10 October, 2022
Marsh, the world’s leading insurance broker and risk advisor, today announced that clients based in Continental Europe can now access additional directors and officers liability (D&O) insurance capacity, based on the strength of their environmental, social, and governance (ESG) risk scores and ESG risk management frameworks.
On completion of Marsh’s ESG Risk Rating – and subject to their risk score and meeting minimum underwriting criteria – insurers AIG and Zurich will consider Marsh clients based in Continental Europe for preferred D&O policy terms and conditions on ESG-related exposures, such as climate change disclosures and representations.
Launched globally in March this year, Marsh’s clients can also use the results of the ESG Risk Rating to measure their ESG performance, identify their most critical sustainability and climate-related risks and opportunities, and further develop their ESG strategies.
The extension of the programme to Marsh’s clients in Continental Europe follows an increase in European Union (EU) regulation concerning ESG and sustainability reporting, which includes the Non-Financial Reporting Directive (NFRD), introduced in 2018, and the Corporate Sustainability Reporting Directive (CSRD), which could be adopted by the EU by the end of 2022.
Amy Barnes, Head of Climate & Sustainability Strategy at Marsh, commented: “Since its launch, Marsh’s ESG Risk Rating has quickly become embedded as an industry-leading initiative for the management and mitigation of ESG risks. We are pleased that clients in Continental Europe will now be recognised for their efforts in managing the risks associated with ESG and the transition to a low-carbon economy, which will be of benefit to us all in the future.”
Nilay Ozden, Financial and Professional Practice Leader, Continental Europe, Marsh Specialty, added: “Since 2018, the European Union and many countries across the continent have published ambitious programmes of ESG-related regulatory measures, which are having a significant impact on the way in which companies operate. Marsh welcomes the support of AIG and Zurich in Continental Europe on D&O risks, as we continue to expand our services and solutions and help our clients realize their ESG and net-zero ambitions.”
