Latest news
EU insurance watchdog targets nat cat protection gap
Europe’s insurance watchdog has launched an online platform to analyse the insurance protection gap for natural catastrophes across the continent.
Axa launches specialist training module for risk managers to tackle climate risk
Axa has extended the offering at its Climate School e-learning arm with the launch of a new digital training course to help risk managers better prepare for climate risks to their organisations.
Korean Re faces activist backlash over “loopholes” in new coal restrictions
Korean Re, Asia’s second-largest reinsurance company, has become the latest reinsurer to unveil new restrictions on coverage for coal mining and power plant construction as part of a broader adoption of coal, oil and gas exclusions to reach net-zero targets.
Zurich Foundation to launch Urban Climate Resilience Program
Z Zurich Foundation, the charitable foundation formed by members of Zurich Insurance Group, is set to launch the Urban Climate Resilience Program (UCRP) to support vulnerable urban communities across 10 countries.
RSA launches low-carbon underwriting policy
RSA has launched a new low-carbon underwriting policy which will see the insurer commit to achieving an underwriting portfolio for energy production that is over 75 percent low carbon by 2030.
KCC releases climate-conditioned catalogues for hurricanes, floods and wildfires
Cat modeller Karen Clark & Company (KCC) has released its complete stochastic climate-conditioned catalogues for the weather-related perils most impacted by climate change – hurricanes, floods and wildfires.
Geneva Association: Nature and biodiversity risks present industry opportunity
The speed, scale and scope of nature and biodiversity loss present new risks and opportunities for (re)insurers, as an emerging ‘medium category’ environmental risk with significant potential impacts within the next five years, according to the Geneva Association.
Howden/Fidelis: Higher ESG ratings lead to improved underwriting performance
Higher ESG ratings lead to better underwriting performance, according to a joint study from Howden and Fidelis which confirmed a correlation between strong climate rankings and lower loss ratios.
Swiss Re agrees carbon removal market standards partnership
Swiss Re has signed a multi-year purchase agreement with climate tech start-up Carbonfuture to support high quality standards in the biochar carbon removal market.
FloodFlash and Yokahu partner with Vitesse to speed up parametric payout times
Climate risk insurance platform Yokahu and parametric insurtech FloodFlash have partnered with fintech Vitesse to accelerate relief payments to climate-vulnerable communities and SMEs following extreme weather events.
Munich Re and Sompo feature in new ESG Top 100 ranking
German reinsurer Munich Re and Japanese insurance holding company Sompo Holdings both feature in the new ‘Top 100 ESG Companies’ ranking by ESG Book, a provider of sustainability data and technology.
The Hartford appoints Shields to new chief sustainability officer role
The Hartford has appointed Terence Shields to the newly created role of chief sustainability officer.
Ageas joins NZAOA to accelerate net-zero ambitions
Belgian insurer Ageas has joined the UN-convened Net-Zero Asset Owner Alliance (NZAOA) to help support the carbon reduction ambitions set out in its Impact24 strategic plan.
Microinsurance Network unveils 13 new institutional members
The not-for-profit Microinsurance Network (MiN) has revealed 13 new institutional members have joined its worldwide membership during 2022.
WTW survey highlights ESG’s rise up the corporate agenda
ESG issues are continuing to rise up the corporate agenda, according to a new study by WTW which found that almost three quarters of risk managers consider an improved ESG score a core focus for their business.
Howden: Insurers can contribute $2bn of private disaster capacity over next five years
The insurance industry has the ability to deliver $2bn of privately funded capacity behind disaster relief projects in the next three to five years to address the widening humanitarian funding gap, according to David Howden.
Aegis and Arch rule out East Africa oil pipeline project
Arch Insurance and Aegis London are the latest (re)insurers to rule out providing insurance for the East Africa Crude Oil Pipeline (EACOP) project.
NAIC expresses “deep concerns” with US Treasury’s climate data proposal
The National Association of Insurance Commissioners (NAIC) has hit back at the US Treasury’s proposal to collect climate-related data from property casualty carriers, stating in a letter that it is “disappointed and concerned” that insurance regulators were not engaged.
Scor launches sustainability fund targeting €500mn investment
Scor Investment Partners has launched a new corporate loan fund focused on environmental sustainability and the preservation of natural capital.
FCA forms working group to develop ESG code of conduct
The UK’s Financial Conduct Authority (FCA) has created a focus group to develop a code of conduct for ESG data and ratings providers.
IDF’s Liès: COP27 shows insurance to be a driver of systemic change
The projects launched by the Insurance Development Forum (IDF) over the course of the COP27 meeting in Sharm El-Sheikh demonstrate the ability of the industry to influence systemic change through cross-sector collaboration, according to chairman Michel Liès.
ABI launches blueprint to improve diversity in insurance
Scor launches debut parametric microinsurance climate cover for Fiji
COP27 takes step forward on resilience drive but emissions progress stalls
Keeping score of ESG
Three global risk pools sign advocacy MoU on parametric insurance model development
WTW and The Nature Conservancy launch first coral reef parametric policy in the US
California unveils Sustainable Insurance Roadmap as state regulator vows to keep cover “available and affordable”
MS Amlin unveils new sustainability strategy and commits to embed ESG in operations
Moody’s: Government support needed for industry to eliminate insured emissions
WTW unveils Indonesian sovereign risk programme to guide low-carbon transition
Global Risk Modelling Alliance selects Pakistan as first partner country
WTW partners with Unicef on parametric climate crisis finance initiative
Liberty Mutual names Gosselin as new global energy and transition risk leader
ABI launches campaign to highlight societal role of insurance
Global Resilience Index Initiative on course for full launch at COP28
Global Shield formally launches as part of COP27 resilience drive
Africa climate facility launches at COP27 with goal to protect 1.4 billion people by 2030
CCRI gains new member with the Asian Infrastructure Investment Bank
Activists reiterate call for insurers to rule out EACOP in London protest
WTW to launch new technology tool for global food supply chain resilience
Swiss Re and Axa Climate lead project to develop Nigeria flood risk cover
COP27: Global insurers call for collective action on climate change
Geneva Association launches framework for insurer social sustainability
Horn of Africa project aims to bring insurance to 1.6 million pastoralists
Marsh McLennan to accelerate industry resilience drive with new climate adaptation partnership
Activists warn insurers failing to meet new UN standards on net-zero commitments
Aon forms Australian Climate Advisory Council
GC: Innovative risk solutions are critical to a climate-resilient economy
Howden targets $2bn of projects to plug protection gap over next five years
Key takeaways from RenRe’s latest Risk Mitigation Leadership Forum 2022
CISL’s Seega: Cross-industry collaboration “absolutely key” to solving puzzle of climate
RenRe’s Manson urges industry to accelerate collaboration with emergent carbon markets
RenRe’s Carr: Industry must create momentum behind climate sustainability or face a “tragedy on the horizon”
Aviva: UK must do more to promote climate-readiness among SMEs
ARC’s Ndlovu: Premium subsidies critical to expanding take-up in Africa
Aon’s Dudley urges industry against “complete exclusion” from fossil fuels
COP27: An opportunity for industry to highlight critical role in ‘resilience’ build-out
Actuaries warn investment in clean energy tech must triple to meet net-zero targets
Direct Line receives approval for science-based GHG emission reduction targets
Fitch: ESG set to have growing impact on underwriting and investment decisions
COP27: European (re)insurers reaffirm commitment to international climate goals
NZIA launches public consultation on debut target setting protocol
ICA launches insurer roadmap to net zero
Zurich Alliance examines failures of global climate finance ahead of COP27
Marsh bolsters ESG strategy offering with Sincock hire
WTW Hub: Energy transition will damage economic viability of African gas production
Chubb’s Greenberg targeted at home by climate campaigners
Reask adds climate research fellow Swain to climate science advisory role
An ESG metric no one talks about
Generali names top nine businesses in European SME sustainability initiative