Environmental, social and governance risks (ESG) are increasing and insurers are keenly aware of the need to address their impacts. Climate change is widely accepted as one of the key contributors to increasingly severe weather patterns around the globe. From the unusually high temperatures across Europe to the growing number of wildfires and severe storms in the U.S., insurers are seeing an increase in climate-related litigation and other risks. As insurers seek to reduce their carbon footprint and legal and coverage exposures, it will be important for the industry to take a more holistic approach to address these threats.

Steve Tagert is the North American environmental practice leader for Allianz, where he focuses on providing insurance solutions to help companies evaluate and protect against risks related to environmental damage. Tagert has more than 20 years of experience as an underwriter, manager and product specialist in the environmental insurance industry and discusses how the need for environmental impairment liability insurance has changed over the last several years in the latest Insurance Speak podcast.