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Tag: Climate Change


Financial, Risk Management

Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year

January 26, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Climate Change at Top of Insurers’ Concerns, Followed by War-Related Risks

October 24, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Hurricane Ian reveals challenges of Florida’s property insurance market – report

October 3, 2022

Via: Insurance Business

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 […]


Geo-Political, Risk Management

Munich Re aims to push boundaries of climate insurability, say leaders

September 23, 2022

Via: Reinsurance News

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 […]


Financial, Risk Management

Coalition of Insurers, Pension Funds Commit $7.1 Trillion to Support 1.5°C Climate Goal

September 20, 2022

Via: Insurance Journal

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 […]


Risk Management, Trends

Re/insurance industry has a “generational opportunity” to make a difference: Aon’s Case

September 12, 2022

Via: Reinsurance News

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 […]


Financial, Risk Management

Reinsurance price momentum to continue into 2023: Moody’s

August 24, 2022

Via: Artemis BM

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 […]


Financial, Risk Management

Damage from wildfires up 75% in a year in Europe

July 20, 2022

Via: Reinsurance News

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 […]


Financial, Risk Management

Insurance Losses From Sydney Floods Approach A$100M: ICA

July 8, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Green transition will drive up inflation – but less than unchecked climate change

June 20, 2022

Via: Reinsurance News

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 […]


Geo-Political, Risk Management

Swiss Re and UBS Among Founding Buyers of Credits From Carbon Removal Scheme

May 23, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Climate Change Is Hurting Insurance Industry: Report

May 17, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Central Banks, Supervisors Must Focus on Financial Resilience to Climate Change: BoE

May 3, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Shell’s Board Faces Personal Liability for Failure to Cut Emissions: Environment Group

April 25, 2022

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

California insurance commissioner’s report discloses insurers’ fossil fuel investments

April 19, 2022

Via: Insurance Business

With the ambition of holding insurance companies liable for their role in climate change action, California Insurance Commissioner Ricardo Lara has released a new report that details the fossil fuel investments of insurers operating in the state. According to a […]


News

Climate Change Protesters Disrupt Lloyd’s Headquarters

April 12, 2022

Via: Insurance Journal

Climate change protesters in London have targeted insurance underwriting house Lloyd’s of London for its role in enabling fossil fuel projects. The City of London Police said they were aware of protests at London’s Liverpool Street Station and the Lloyd’s […]


InsurTech

Lloyd’s Lab Selects 11 Insurtechs to Test Decarbonization, Climate Change Solutions

March 31, 2022

Via: Insurance Journal

The Lloyd’s re/insurance marketplace announced the next 11 insurtech start-ups that will join the eighth cohort of the Lloyd’s Lab in its 10-week program. Lloyd’s Lab, the market’s innovation accelerator, brings together insurtech, insurers, and brokers to test new, innovative […]


Risk Management, Trends

Climate change will offer long-term tailwinds: Goldman Sachs

February 4, 2022

Via: Reinsurance News

Analysts at Goldman Sachs believe that the London Market and re/insurance stocks are debating whether companies are pricing correctly for the increased cost of weather losses due to climate change, or whether companies are basing pricing on historical trends. According […]


News

World’s Largest Asset Owners Pledge to Halve Emissions in Portfolios by 2030

January 25, 2022

Via: Insurance Journal

A group of the world’s largest asset owners managing $10.4 trillion said on Tuesday they would step up their response to climate change and aimed to at least halve carbon emissions from their investment portfolios by 2030. The 69 members […]


Risk Management, Trends

Insurance Authority to continue nurturing ecosystem for green insurance

January 14, 2022

Via: Reinsurance News

The Hong Kong Insurance Authority (IA) recently hosted a discussion where insurance professionals shared their predictions on the industry’s participation in initiatives for addressing climate change, noting the emerging opportunities ahead. With climate change remaining as an imminent threat facing […]