UK's AXA advocates for the creation of a Minister dedicated to resilience.
In a bid to strengthen the UK's resilience against the growing challenges of extreme heat and flooding, AXA UK has publicly called for the appointment of a Minister for Resilience. This call comes as a response to the increasing climate risks and the need for dedicated leadership to address these issues effectively.
Tara Foley, CEO of AXA UK & Ireland, stated that the company aims to protect customers from the impact of climate change and help them prepare for the future. AXA UK's stance aligns with wider concerns in the UK about preparedness for climate impacts, where experts and insurers emphasize integrating climate risk into core strategies and improving flood resilience investment approaches.
The call for a Minister for Resilience is not an isolated move. AXA UK has taken several steps to combat climate change and promote resilience. For instance, they have joined Flood Re's Build Back Better scheme, allowing relevant customers access to reimbursement costs of up to £10,000 for flood-related damages. This scheme provides additional funds for repair and loss caused by floods beyond the standard coverage.
Moreover, AXA UK conducted research on the impact of extreme heat on properties, revealing a lack of knowledge and preparedness among homeowners. Over half (52%) of people polled said their homes weren't equipped to deal with the impact of flooding or extreme heat. The company also identified areas in England most at risk from flooding and extreme heat, and calculated associated costs in a report launched in November 2021.
AXA UK's efforts extend beyond the UK's borders. At COP26, AXA XL launched the Coastal Risk Index (CRI), an innovative tool that maps current and future flood hazards due to climate change and integrates the protective benefits of coastal ecosystems into insurance risk models. This index is designed to help decision-makers identify areas at risk from coastal flooding and prioritize resources and investments.
The company's commitment to protecting customers from the impact of climate change is evident in their actions. They have joined forces with Flood Re, launched the Coastal Risk Index, and advocated for a Minister for Resilience. AXA UK is not only acknowledging the challenges posed by climate change but also taking active steps to mitigate its effects and help the UK become more resilient.
However, AXA UK is not alone in this fight. The company is one of the signatories of an open letter to the UK Prime Minister, advocating for new laws and rules governing automated vehicle systems. The timing of the open letter coincides with the government's proposals to allow drivers to watch TV while their vehicles are equipped with automated driving systems. This shows that AXA UK is not only concerned about climate change but also about other aspects that affect the safety and well-being of its customers.
In conclusion, AXA UK's call for a Minister for Resilience, their launch of the Coastal Risk Index, and their participation in Flood Re's Build Back Better scheme demonstrate their commitment to combating climate change and promoting resilience. Their actions reflect a growing awareness of the need for dedicated leadership and coordinated efforts to manage extreme weather and related risks effectively.
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