We believe that climate change will materially affect economies and therefore our lines of business. Arising risks and opportunities can be seen already today and will increase over mid- and long-term. These can for instance be acute and chronic physical impacts on property or human health such as warming temperatures, extreme weather events, rising sea levels, intensifying heatwaves and droughts or a change in vector-borne diseases. Risks and opportunities also result from the cross- sectoral structural change stemming from the transition towards a low-carbon economy. These include changes in climate policy, technology, or market sentiment, and impact thereof on the market value of financial assets, as well as impact resulting from climate change litigation.