Almost 100 UK businesses, including eight representing Britain’s (re)insurance sector, have written to Prime Minister Boris Johnson urging him to show strong “domestic leadership” that can help deliver global progress on climate change.
Environmental, social and governance-branded catastrophe bonds could be a catalyst for future market growth, according to Fitch Ratings, with the agency noting that alternative reinsurance protection against climate factors could lead to a doubling of the market by 2030.
Insurtechs should not be seen as competition but instead be viewed as bringing value to the table, according to panellists at the Reuters’ Break the Barriers to Innovation webinar.
Environmental, social and governance principles have risen with astonishing speed to the top of the strategic agendas for senior leaders and boards in insurance. That’s appropriate given the growing importance of ESG ratings to capital markets and the investment community.
UK financial services and other firms will be aware of the growing legal and regulatory pressures they face in respect of climate-related financial risk management, especially in the form of current or prospective disclosures (see for example the FCA’s: consultation paper (CP21/18)).
Fidelis recently strengthened its sustainability drive with the appointment of Victor Riega, who joined group chief underwriting officer Charles Mathias and general counsel Patricia Roufca to discuss the carrier’s sustainability plans with The Insurer.
European (re)insurers continue to outpace their counterparts in the US and Japan in making commitments towards restricting underwriting for fossil fuels.
Catastrophic risks associated with climate change will remain largely uninsurable unless the private (re)insurance market forges long-term partnerships with the public sector, according to Wharton School professor Howard Kunreuther.
In the absence of the annual market gatherings that typically take place at this time of year, The Insurer’s #ReinsuranceMonth has sought to facilitate debate and discussion around critical industry issues throughout the month of September.