Fidelidade has more than 200 years of know-how in the insurance activity, now intended to be allied with scientific
knowledge, methodological research resources and partnerships with relevant experts, enriching the ecosystem of
knowledge on climate change and contributing to a fairer and more resilient society, prepared to mitigate the
inherent risks.
OUR MISSION AND VISION
MISSION
To accelerate Climate Action, both in mitigation and adaptation, through sponsoring and sharing science-based
knowledge with society and policymakers and promoting structural and behavioral transformations to improve
resilience against emerging challenges.
VISION
To be a reference Climate Change knowledge center, partnering with researchers, society and policymakers to
act for a fairer world by mitigating the impacts of climate change and transitioning to a sustainable,
low-carbon future.
PRINCIPLES OF CLIMATE ACTION
The ambition and activities of ICCC are
based on a set of Principles of Climate Action, summarized as
follows:
- Integrating NZ ambitions into management
- Align investments with ESG strategy
- Promoting the energy transition
- Reducing the protection gap
- Integrate climate scenarios into underwriting
- Integrating climate change into risk management
- Claims in major climatic events
- Promoting knowledge and research
- Promoting climate awareness and literacy
- Collaborating for Climate Resilience
AMBITION
The ICCC is a dialogue center for the study, research and sharing of knowledge with society, combining
Fidelidade's internal skills and resources with scientific research and other entities.
Discover the details of the Principles of Climate Action as well as the Roadmap for its
operationalization.
OBJECTIVES
Fidelidade reinforces its commitment to protecting the environment, contributing to adaptation to
climate change and the mitigation of climate risks and the carbon transition, supported by its «Environment and Climate Policy» and its «Fidelidade Net-Zero Transition Plan» in order to ensure more informed and
enlightened decision-making in the management of climate risks. Find out more.
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OBJECTIVES
The ICCC's action program is aligned with national and international best practices and
guidelines,
and aims to achieve the following objectives:
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Enrich Fidelidade's knowledge ecosystem on climate change;
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Conducting research and analyzing risks related to extreme weather and climate phenomena and
their impact, particularly on the insurance sector;
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Promote strategic collaborative partnerships with external entities - such as academic
institutions, research centers, international consortia, civil society institutions and other
relevant actors - as a guarantee of the highest standards of applied scientific research;
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Contribute with appropriate responses to the climate change challenges that society has to face
- such as innovative insurance products and solutions that promote climate risk prevention,
adaptation strategies, reduction of protection gaps, optimization of portfolio and claims
management;
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Position Fidelidade as a relevant player on climate-related issues;
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Raise awareness among the general public and decision-makers about the risks and consequences of
climate change.
AREAS OF FOCUS
Anticipating challenges
Prevention, adaptation, mitigation, exposure and vulnerability are key words in the vocabulary of
Fidelidade, which seeks to anticipate challenges and prepare responses so that claims can be prevented.
The transformation of danger involves adopting strategies to mitigate the worsening of risks,
contributing to less negative scenarios.
Resolving and restoring normality
Resilience and recovery guide the ICCC's action, through the study of strategies that strengthen
adaptive capacity, contributing to more effective and sustainable recovery scenarios. Whenever there is
a threat of extreme weather events, Fidelidade uses its disaster emergency plan providing solutions to
deal with the situation and restoring normality in an agile and quick way.
GOVERNANCE MODEL
The ICCC is composed of a multidisciplinary team committed to concentrating highly specialized knowledge in the
field of climate change. Headed by Fidelidade's Executive Committee , it comprises a multidisciplinary
Advisory
Board and internal competence groups for R&D, analytics and technical studies of
products/underwriting/insurance, communication, activation of solutions and coordination with external entities.
The Advisory Board provides the ICCC with strategic guidance for climate action, but also partnerships with
academia and research centers, which represent the pillar of knowledge production, as well as collaboration with
other external partners, such as public entities, local administration, regulators, civil society and NGOs,
private clients and companies, insurers and reinsurers.
ADVISORY BOARD
The Advisory Board is composed of a multidisciplinary group of six experts from three different
nationalities. It provides strategic guidance and expert advice to the ICCC on impactful climate action,
on national and international trends and best practices for climate change mitigation and adaptation,
ensuring the quality and timeliness of the knowledge produced. Find out who our experts are.
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ADVISORY BOARD
The Advisory Board is composed of a multidisciplinary group of six experts from three different
nationalities. It provides strategic guidance and expert advice to the ICCC on impactful climate
action, on national and international trends and best practices for climate change mitigation and
adaptation, ensuring the quality and timeliness of the knowledge produced. Find out who our experts
are.
ACADEMIA & RESEARCH
The research developed with the academy and research centers is the pillar of knowledge production and
has the overall support of the Advisory Board. The areas in which Fidelidade currently conducts its
research are structured along three priority lines within the ICCC: wildfires, housing vulnerabilities
and floods. Find out more about the scope and details of this research.
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ACADEMIA & RESEARCH
The research conducted with Academy is the pillar of the production of knowledge and has the overall
support of the Advisory Board. The areas in which Fidelidade currently conducts its research are
structured along three priority lines within the ICCC: wildfires, housing vulnerabilities and
floods. The research areas and topics are defined on the basis of Fidelidade's strategic
interest
and the specific risks arising from the impacts of climate change, particularly in the insurance
sector, after listening to the ICCC Advisory Board. These are developed in partnership with
universities and research centers, through doctoral theses, master's dissertations, curricular
internships and thematic projects.
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ADVISORY BOARD
Andrew Revkin
Andrew Revkin has spent 40 years reporting on climate and other sustainability challenges,
mainly for The New York Times. He began focusing on global warming in 1988 and never stopped,
filing award-winning stories from the North Pole, Amazon rain forest, White House and beyond. He
now runs a lauded live webcast, Sustain What, that has reached Several million viewers and
included more than a thousand guests through 500 episodes.
Júlia Seixas
Júlia Seixas is full professor at NOVA University of Lisbon, serving as pro-rector of NOVA for
the area of sustainability since 2021. His scientific interests cover the topics of energy and
climate, focusing on integrated energy modeling, decarbonization options and climate impacts and
adaptation of energy systems. For more than 20 years, she has coordinated studies to support
public policies, especially in the field of climate mitigation, as for the case of the Long-Term
Strategy for Carbon Neutrality of the Portuguese Economy until 2050, submitted to UNFCCC. Her
contribution to the Intergovernmental Panel on Climate Change earned her recognition for the
Nobel Prize of Peace in 2007.
Luísa Schmidt
Luísa Schmidt is sociologist and coordinating researcher at the Institute of Social Sciences at
the University of Lisbon. Member of the team that introduced the Sociology of the Environment in
Portugal. Member of the Scientific Committee of the Doctoral Program in “Climate Change and
Sustainable Development Policies”. Coordinates several research projects in the area of the
environment and climate change. Latest book: “50 Anos de Políticas Ambientais em Portugal - Da
Conferência de Estocolmo à atualidade” (org) (2023).
Butch Bacani
Butch Bacani is Head of Insurance, UN Environment Programme (UNEP) Programme Leader, UN
Principles for Sustainable Insurance (PSI) & Chair, UN Forum for Insurance Transition to Net
Zero (FIT). Butch conceptualised sustainable insurance, net-zero insurance, nature-positive
insurance and insurance SDGs. As Head of Insurance at UNEP, he leads the UN Principles for
Sustainable Insurance —the largest collaboration between the UN and the insurance industry—and
chairs the UN Forum for Insurance Transition to Net Zero. He led the creation of the first
global ESG guides for insurance, the V20 Sustainable Insurance Facility for vulnerable
countries; and co-led the creation of the UN Sustainable Insurance Forum for regulators.
InsuranceERM has recognised Butch as one of the most influential people leading and shaping the
global response to climate change.
Pedro Matos Soares
Pedro Matos Soares is an Assistant Professor in the Department of Geographical Engineering,
Geophysics and Energy and Principal Researcher at the Instituto Dom Luiz (IDL), both at the
Faculty of Sciences of the University of Lisbon. Over the last 3 decades he has focused his
research efforts on climate modeling, climate change, and energy and sustainability. He was the
scientific coordinator of the EEA grants project “National Roadmap for Adaptation 2100 –
Assessment of the vulnerability of the Portuguese territory to climate change in the 21st
century (RNA 2100)”, and led the “Regional Strategy for Adaptation to Climate Change in the
Alentejo” and the “Municipal Climate Action Plan of Barcelos”. Recently, he was appointed to the
Portuguese Council for Climate Action. In 2020 he received the University of Lisbon/Caixa Geral
Depósitos award for scientific production in the last 5 years in Earth Sciences, and in 2022 the
Prize from the Faculty of Sciences of the University of Lisbon in Earth Sciences.
Nuno Oliveira
Nuno Gaspar de Oliveira is a Portuguese ecologist and entrepreneur known for his work in
ecosystem and biodiversity strategy and management. He’s the Managing Partner and CEO of NBI -
Natural Business Intelligence, a consultancy focused on ecological and sustainable business
practices. Nuno has a strong academic background, with studies in ecology, geography, and
business strategy. He has worked on various high-profile projects, both in Portugal and
internationally. Also, a speaker and educator, delivering lectures at several postgraduate
courses and participating in various conferences, including TEDx events.
RESEARCH WITH THE SUPPORT OF FIDELIDADE
Hauser, A., Rosa, C., Esteves, R., Bugalho, L., Moura, A., & Oliveira,
C. (2024). The impact of hurricanes on a property portfolio: An
empirical study based on loss data in Portugal.
Managerial Finance, Vol. 50(3), 634-652.
https://doi.org/10.1108/MF-03-2023-0163.
Abstract
Purpose – The simulated scenarios can be used to compute risk
premiums per risk class in the portfolio. These can then be used to
adjust the policy premiums by accounting for storm risk.
Design/methodology/approach – A complete model to analyse and
characterise future losses of the property portfolio of an insurance
company due to hurricanes is proposed. The model is calibrated by
using the loss data of the Fidelidade insurance company property
portfolio resulting from Hurricane Leslie, which hit the centre of
continental Portugal in October, 2018.
Findings – Several scenarios are simulated and risk maps are
constructed. The risk map of the company depends on its portfolio,
especially its exposure, and provides a Hurricane risk management
tool for the insurance company.
Originality/Value – A statistical model is considered, in which
weather data is not required. The authors reconstruct the behaviour
of storms through the registered claims and respective losses.
NEWS AND EVENTS
Impact Center for Climate Change Launch
Contacts
IMPACT CENTER FOR CLIMATE CHANGE
Fidelidade – Companhia de Seguros, S.A.
Largo do Calhariz, 30 - 3º Palmela
1249-001 Lisboa