The risk management policy defines the risk management process with reference to the identification, current and future evaluation and control and mitigation of risks.
In line with the double materiality approach, climate-related risks are identified as double components of risk suffered (climate change) and risk generated (environmental damage) in the risk management policy.
In the Group framework, risks linked to climate change include the increase in the frequency and severity of natural events resulting from climate change, with a resulting increase in damages for the Group and insured customers (acute physical risks), and long-term climate changes, with a resulting increase in adverse conditions for the Group and insured customers (events becoming chronic – chronic physical risks). Risks deriving from the transition to an economy with low greenhouse gas emissions, including regulatory, technological and market preference changes, are also included.
More details on the identification, evaluation and monitoring of climate-related risks and the nature and related opportunities and the scenario analyses are available in the section dedicated to the Sustainability Report of the Consolidated Financial Statement.