Your climate score describes your sector.
We score insurers from their own disclosed exposure. The gap is routinely wide enough to move a firm across a risk band.
Aviva
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Zurich
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Munich Re
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Allianz
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Aviva · Zurich · Munich Re · Allianz ·
The evidence
Munich Re, scored both ways.
A 1.51-point swing on a five-point scale, from portfolio composition a sector code cannot see.
| Firm | Sector code | Disclosed | Movement |
|---|---|---|---|
| AvivaLife | 1.25 | 1.63 | +0.38 |
| ZurichSpecialty | 2.25 | 2.67 | +0.42 |
| Munich ReReinsurance | 3.55 | 2.04 | −1.51 |
| AllianzP&C | 3.40 | 3.25 | −0.15 |
See the mechanism
Every pathway costs you. Only the side changes.
A P&C book fears the high-emissions pathway. A Life book fears the Paris-aligned one. Set a book and watch it tip.
Indicative modelling
What does climate do to your book?
Set out a portfolio and see how underwriting and investment exposure move under four IPCC emissions pathways. The two move in opposite directions, which is why no single pathway is the safe one to plan against.
Emissions pathway
Weights in play
Annual climate-attributable impact
£0m
Risk band
Indicative premium loading
Opportunity position
Impact across all four pathways
Annual impact in pounds sterling. Underwriting exposure climbs as emissions rise. Investment exposure does the opposite, because faster decarbonisation repricing hits the asset side hardest. Click a bar to select that pathway.
How this works, and what it is not
This is an illustration, not Pico's model. The weights are rounded, generic figures chosen to show the shape of the problem. Pico's scoring model is calibrated against disclosed insurer data and produces materially different numbers for a real book.
Impact is estimated in two halves. Underwriting impact is premium multiplied by a baseline catastrophe load, scaled by the hazard of the geography and by how physically exposed the line is. Investment impact is the portfolio multiplied by a baseline transition drag, scaled by how transition-exposed the line is. Each half is then moved by a pathway multiplier.
| Pathway | Underwriting £m | Investment £m | Total £m |
|---|
Pathway multipliers follow the direction of travel set out by the IPCC emissions scenarios and the NGFS transition scenarios. They are not drawn from either. Nothing here is a quotation, a rating, or advice.
Pico runs this properly against your own disclosures, line by line and peril by peril.
Talk to us about your bookThe problem
Three things a sector code cannot see.
One code, thousands of firms
Every direct P&C carrier shares a classification, so the score cannot tell two opposite balance sheets apart.
One tag for a global book
45% Europe, 30% North America, and only the larger of the two ever reaches the score.
One year read as a trend
A mild catastrophe year flatters a book. Without several, you are scoring the weather.
How we do it
We start from what you already publish.
No questionnaire, no data collection, no modelling exercise on your side.
01
Read the disclosures
PML by peril, catastrophe impact on the combined ratio, portfolio mix. Every figure sourced to a page.
02
Weight from the firm
The physical and transition split comes from your own figures, not an industry table.
03
Stress four pathways
RCP 2.6 through 8.5, with underwriting and investment kept separate.
04
Name the gaps
Where the evidence is thin, the model says so instead of assuming.
Validation
Built on figures the firms published themselves.
Aviva
82%
of a £349bn asset base carries climate metrics
Zurich
$1,470m
50-year PML across Caribbean, Mexico and US hurricane
Munich Re
€12.14bn
climate-tackling investment, itemised by asset class
Allianz
2.3pp
peak catastrophe impact on the combined ratio
These four are not Pico clients and have no association with Pico. They were chosen as validation cases because they are large, listed and disclose in detail, so anyone can check our working against the same public annual reports we used.
Next step
Bring us a book.
Thirty minutes, nothing to prepare. We walk one of your lines through the model live and show you where the two scores diverge.
Figures are drawn from the 2025 published annual reports of the named firms. Pico Analytics has no commercial relationship with Aviva, Zurich, Munich Re or Allianz. The simulator is an illustration and is not a quotation, a rating, or advice.
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