The insurance industry is entering a new chapter and has a leading role regarding its response to climate change. Regulatory bodies are asking questions about what actions should be taken by insurance companies in order to deal with the changing environment. Insurers need to take not only a strategic approach to climate risks across all aspects of their business (life, non-life, captives, etc.), but also a more proactive role in fighting the climate crisis and improving sustainability. Otherwise, climate risk will have a deep impact on insurability and pricing of certain assets or events.