We are of the opinion that climate change will have a material impact on economies and our business. This includes both immediate and long-term risks, such as acute and chronic physical effects on property or human health, such as warming temperatures, extreme weather events, rising sea levels, intensifying heatwaves and droughts, as well as cross-sectoral structural change stemming from the transition to a low-carbon economy, including changes in climate policy, technology, and market sentiment, and the impact of climate change on financial assets, as well as litigation.