Transition Physical Operational risks • Increase in extreme weather events and claims volume putting pressure on demand for specialized resources. • Increased resources and efforts in the underwriting process. • Increase in claims volume and extreme weather events putting pressure on claims handling processes. • Increase in regulatory requirements, oversight efforts and disclosure requirements related to climate transition. • Higher claim volumes and more extreme weather events are putting pressure on the supply chain that supports claims handling (partners, suppliers). • Increase in disruptions to, or failures of, critical activities following extreme weather events. • Increase in climate-related catastrophes leading to major losses, economic pressure on households and businesses, greater claim complexity and added strain on operational processes. 2025 – CSR SUMMARY 93
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