Summary
IEMA supported an Australian Private Health Insurer, in partnership with Esprit, to deliver climate scenario analysis aligned with the Australian Sustainability Reporting Standards (ASRS). The project enabled the health insurer to better understand climate-related risks and opportunities and strengthen its resilience under a range of future climate scenarios.
The Objective
The health insurer engaged IEMA to support its preparedness for mandatory climate-related financial disclosures and to strengthen its understanding of climate risk. As a not-for-profit health insurer, the organisation faces increasing exposure to both physical risks such as extreme weather events impacting health outcomes and operations, and transition risks including regulatory changes, rising healthcare costs, and evolving stakeholder expectations.
The objective was to assess these risks through scenario analysis, ensure alignment with ASRS requirements, and support informed, resilient decision-making across the business.
Our Response
IEMA delivered a structured, best-practice approach aligned with ASRS and Australian regulatory guidance. This included:
- Undertaking a detailed Request for Information (RFI) to gather key organisational, operational and strategic data
- Developing tailored climate scenarios based on Intergovernmental Panel on Climate Change (IPCC) pathways and relevant socioeconomic and policy assumptions
- Facilitating stakeholder workshops to test assumptions, validate inputs, and build internal capability
- Conducting qualitative and quantitative analysis of physical and transition risks across multiple time horizons
- Delivering a comprehensive Climate Scenario Analysis Report, including scenario narratives, risk insights, and recommended responses
The Impact
The project equipped the health insurer with a clear, decision-useful understanding of how climate change may impact its business model, operations, and members under different future scenarios.
Key outcomes included:
- Improved readiness for ASRS-aligned climate disclosures
- Enhanced visibility of climate-related risks and opportunities across the organisation
- Strengthened strategic resilience through scenario-informed planning
- Increased confidence in communicating climate-related risks to regulators, members and stakeholders
This work positions the health insurer to proactively manage climate risks while continuing to deliver on its purpose of protecting community wellbeing.
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