Business on the Edge 2024

Adaptation case studies in the health and well-being system FIGURE 20 Sources: Cigna, Sanofi, Burjeel Holdings, Kaiser Permanente. 3.6 Financial services socio-economic system Data overview – financial services system BOX 7 Financial institutions’ portfolio emissions are on average over 700 times larger than direct operational emissions.Residential properties in flood-risk areas of the US were overvalued by $121- 237 billion in 2023.Since the 1970s, extreme weather- related damage has increased sevenfold – reaching $313 billion in global economic losses in 2022.In 2023, only 38% of global economic losses due to natural catastrophes were insured.Reinsurers’ estimates of their exposure to natural catastrophe risk could be underestimated by 33-50%, according to S&P Global.1 Cigna & Accredo Cigna, in response to the risk of tropical cyclones, has partnered with Accredo, a specialized pharmaceutical provider for patients with complex medical conditions, which has business continuity and disaster recovery plans in place. Accredo has invested in stockpiles of products such as critical life-sustaining drugs at multiple locations to ensure that in the event of a disaster, the company will not rely on a single location to deliver types of therapies to patients. 3 Burjeel Holdings Burjeel Holdings has launched the Burjeel Holdings Center for Climate and Health to proactively tackle the pressing health impacts of climate change. The centre will introduce advanced screening and consultation protocols to identify climate-sensitive triggers, such as air pollution and extreme heat, ensuring patients receive personalized care. Healthcare professionals at Burjeel will incorporate climate risk assessments during patient consultations, providing patients with counseling on how to mitigate the impact of environmental stressors.2 Sanofi Sanofi develops treatments against vector-borne diseases in response to extreme heat and increased precipitation that promote an array of infectious diseases. They are working on several research and development programmes for climate-sensitive diseases including: –a new vaccine against yellow fever (innovative on cell culture) specifically for Latin America. –the development of an oral treatment for sleeping sickness. –the promotion of affordable treatment and prevention programmes in the areas most affected by malaria. 4 Kaiser Permanente Kaiser Permanente is investing in innovative research to better understand the health impacts of climate change, particularly on vulnerable populations like children, older adults and low- income communities. They are actively studying the relationships between extreme climate events and health outcomes, focusing on conditions exacerbated by rising temperatures, such as cardiovascular diseases. Business on the Edge: Building Industry Resilience to Climate Hazards 40