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Executive Education
FIDE Elective: Climate Change: Impact on Insurance Companies & Role of the Board
Executive Education
FIDE Elective: Climate Change: Impact on Insurance Companies & Role of the Board
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RM 3,000*
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Overview
Boards of directors are responsible to provide strategic direction as well as oversight of risk management including with regards to climate risks for their organizations. As such, it is incumbent upon all directors to gain a sound understanding of the manifold ways that climate change, directly or indirectly, impacts company profitability as well as the organization’s longer-term sustainability.
Directors must be aware that the call to climate action involves multi-stakeholder engagement given emerging trends in customer preferences and needs, rising investor motivation, and new legislation and regulatory frameworks as well as calls for increased transparency and disclosure.
Even before the COVID-19 pandemic, climate change was an emerging risk that had deep and far-reaching impact on the global economy. Both developed and developing economies have incurred substantial loss and damage associated with extreme weather events that have resulted in reduced production, disrupted supply chains and price increases.
On top of this, some developed countries and their trade blocs have begun to levy special tariffs on carbon intensive imports on the pretext of addressing climate change. To address these combined impacts, governments and private sector stakeholders are increasingly implementing measures aimed at reducing exposure and risk; as well as to ensure their products and services remain competitive and meet export market eligibility criteria.
This program will provide directors of insurance companies with a broad understanding of the complex and inter-connected issues related to climate change including its causes, impacts, and implications for stakeholders and corporate sustainability in the real economy. The knowledge gained will help directors provide better oversight of the management of climate risks for their organisations.
- Draw from a working vocabulary and comprehension about the science of climate change – its causes and impacts, and the need for a global multilateral response.
- Understand how companies, including clients of insurance companies, can be exposed to direct and indirect climate impacts (physical risk) as well as market and regulatory shifts (transition risk) that can limit participation in, or bar access to markets.
- Understand the critical role of insurance companies in promoting greener and more sustainable products via a robust and comprehensive risk assessment of proposed economic activities.
- Learn what to look out for in terms of climate risk oversight and how to ask the right questions.
- Learn what to look for in sustainability reports and gain a handle on how to improve transparency through enhanced corporate disclosure.
- Boards of Directors of Insurance Companies
- Risk Management Committee Members of
- Insurance Company Boards
- Chairmen of Insurance Company Boards
- Anyone who might find this program helpful
Gary Theseira
Adjunct Associate Professor, Asia School of Business
Faculty Profile
Dr. Gary Theseira is a director and council member at Climate Governance Malaysia (CGM), an Adjunct Associate Professor at the Asia School of Business (ASB), serves on the board of the Centre for Environment, Technology and Development Malaysia (CETDEM), and is advisor to the Malaysian Green Technology and Climate Change Corporation (MGTC).
Following his tenure at the Forest Research Institute of Malaysia (FRIM), where he conducted forest carbon quantification, supported the National Clean Development Mechanism (CDM) program, and led the development of the biodiversity clearing house mechanism, he was seconded to the Ministry of Natural Resources and Environment (NRE) as Deputy Undersecretary for Climate Change and negotiated for Malaysia at fourteen UN Climate Conferences (COPs). In 2012, the G-77 and China appointed him to coordinate negotiations leading to the 2015 Paris Agreement, and in 2018, he was appointed by the Minister of Energy, Science, Technology, Environment and Climate Change, YB Yeo Bee Yin, as Special Functions Officer on Environment and Climate Change.
He currently assists the Joint Committee on Climate Change (JC3) on the development of the National Climate Data Catalogue and serves on the Selangor State Action Council on Climate Change (IKLIM) as a subject matter expert.
Dr Theseira has B.Sc. and M.Sc. degrees in Agriculture from Southern Illinois University, received his PhD in Agronomy from Mississippi State University, and conducted Post Doctoral Research at the University of Minnesota.
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FIDE Elective: Climate Change: Impact on Insurance Companies & Role of the Board
RM 3,000*
*excludes Sales & Service Tax (8%)
RM3,000.00
Program Fee
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