Tag: Climate Change

September 29, 2023

In February, Nationwide Mutual Insurance filed notice with the North Carolina Department of Insurance that it would non-renew some 10,525 homeowner policies in the state due in large part to the growing risk from climate change and hurricanes. The move […]

June 20, 2023

The impact of climate change has the potential to increase hurricane losses in the U.S. by at least 10% over two decades in certain scenarios, according to insurance and reinsurance broker Aon’s work with Columbia University. New insights provided by […]

June 14, 2023

An environmental group has a $2 million insurance policy on Hawaii’s coral reefs, which is in effect in time for a busier hurricane season that could damage the vital natural resources that are increasingly under threat from climate change. In […]

June 12, 2023

Despite a relatively average 2022 wildfire season, fears of wildfires remain at an “all-time high,” and those fears appear to be one driver of decision-making on property insurance. A new report from Gallagher Re shows the threat of damaging wildfires […]

May 22, 2023

In April 2023, Goldman Sachs Asset Management (GSAM) published its 12th annual insurance survey, which not surprisingly includes findings that the industry continues to be focused on the potential impact of climate change. GSAM collected responses from 343 Chief Investment […]

March 17, 2023

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore. Instead, attitudes and […]

January 26, 2023

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into […]

October 24, 2022

Climate change remains at the top of insurance companies’ biggest concerns even as Russia’s invasion of Ukraine stokes geopolitical and energy-related fears within the industry. Global warming is considered as the biggest risk to society in the next five to […]

October 3, 2022

Hurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found. The global credit rating agency has projected that […]

September 23, 2022

Executives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo […]

September 20, 2022

A coalition of pension funds and insurance companies that includes Allianz SE, the California Public Employees’ Retirement System and Zurich Insurance Group AG have committed to managing $7.1 trillion of assets in line with the Paris Agreement’s goal of limiting […]

September 12, 2022

Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference. Case addressed an audience this morning at the PwC breakfast briefing in Monte […]

August 24, 2022

Rating agency Moody’s Investors Service is the latest to forecast a continuation of reinsurance pricing trends, with more rate momentum predicted and additional hardening at the January 2023 renewals. Moody’s believes that the pressures facing reinsurance firms are set to […]

July 20, 2022

Damage from large wildfires in Europe has jumped dramatically, with a 75% increase in the amount of land burnt in the last year, according to new analysis by Chaucer. In June and July of this year, parts of Europe have […]

July 8, 2022

Insurers have received 8,415 claims as a result of July’s floods in Sydney, carrying an initial estimated insurance price tag of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia (ICA). The ICA said 84% of the claims […]

June 20, 2022

The “green transition” to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast […]

May 23, 2022

Insurance firm Swiss Re and banking giant UBS are among five founding buyers of credits from a scheme set up by a Swiss company to drive down the cost of taking carbon dioxide out of the atmosphere. Even with pledges […]

May 17, 2022

Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday. Insured losses from natural catastrophes have increased 250% in […]

May 3, 2022

The rise in demand for coal following Russia’s invasion of Ukraine is a setback to reaching a net-zero economy by 2050 but will also help bolster investment in renewable energy, a Bank of England (BoE) policymaker said on Tuesday. Elisabeth […]

April 25, 2022

A group that won a victory over energy major Shell last year with a Dutch court order that it deepen greenhouse gas cuts, has warned the company’s board of possible personal responsibility if it fails to implement the verdict. The […]