ESG
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The renewables insurer flagged a “staggering increase” in hail events, which was driving double-digit rate increases.
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The summit has been called the most significant for the industry to date, as there is a growing awareness of the value of insurance.
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The voluntary carbon market reached $2bn in 2021, and is expected to grow to $10bn-$40bn by 2030, according to a report by Shell and the Boston Consulting Group published in January.
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The survey was conducted by the Nick Kilhams Foundation, founded in memory of the late Chaucer underwriter.
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The roadmap sets out planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning.
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The product will protect offtake agreements from the risk of under-delivery of projected carbon credits.
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Panellists at Insurance Insider’s London Market Conference discussed the need for nuance when interpreting emissions data.
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In addition to the need for new products when insuring the transition, panelists highlighted the need to innovate and adapt.
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Inflation, supply chain issues and technological failures are complicating the underwriting landscape.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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The CMA said it would not take enforcement action on agreements that “genuinely contribute” to addressing climate change.
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The report also highlighted general liability policies as an area of potential exposure to insurers.
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