ESG
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It plans to deliver other products for parts of the carbon value chain.
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The companies account for ~70% of GHG emissions in its portfolio.
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The target was initially set in 2020, with a deadline of December 2023.
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The findings have implications for businesses and D&O.
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The funding will allow the firm to release Yurty, a digital care app.
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Managing risks associated with the technology is essential.
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ECLiC discussed how climate litigation can impact the Lloyd’s market.
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Changing work practices do not overshadow basic precepts of good employment.
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The report examines challenges and opportunities for insurers.
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CarbonPool insures against unexpected carbon-credit shortfalls and reversal events.
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The facility provides cover for environmental damage and loss of revenue.
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A new Geneva Association report says the early involvement of (re)insurers is key to supporting the growth of emerging technologies.
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Speaking to a Treasury committee, Rathi explained that the FCA is not proposing to enforce social policy, but to provide data for firms to evaluate themselves.
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Nearly 80% of transportation companies surveyed cited a lack of access to insurance solutions and a lack of data to understand supply-chain risks.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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Insurance Insider takes a look at some of the biggest news and developments of 2023.
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Speaking to a Treasury committee, Blanc said she was “inundated” with messages detailing “incredibly sad” stories from women in the insurance industry.
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Mass construction in remote locations is throwing up challenges around modelling exposures.
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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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At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.
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Panellists at the Dive In Festival explored the link between innovation and inclusion and why it's important to them as leaders in their respective fields.
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Inflation, supply chain bottle necks and issues with emerging technology are all challenges for the sector.
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The Corporation will collaborate with Moody’s Analytics to develop a solution to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios.
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Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.
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Insurance Insider explores how insurers can manage the dual, polar-opposite pressures of a litigious anti-ESG movement and net-zero climate activism.
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The carrier exited the Net Zero Insurance Alliance in May among other insurers.
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Renew Risk will be hiring cat modellers and climate scientists, as it expands its proposition to help insurers understand the risks of insuring renewable energy infrastructure.
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Plus the latest people moves and all the top news of the week.
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WTW has highlighted that global climate change-related litigation cases have doubled to more than 2,000 since 2015.
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The carrier will provide cover to a wind farm and a solar farm as part of the Aon-brokered deal.
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The carrier will aim to reduce its emissions by up to 49% by 2030.
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The fallout from Coutts’ cancellation of Nigel Farage as a client provides useful lessons as companies adopt bolder stances around issues such as social justice and climate change.
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The carrier announced the launch of the green solutions portfolio in May as it looks to become a market leader for sustainable risks.
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Beazley’s Smart Tracker Syndicate was granted full syndicate status from the start of this year.
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If you only read a handful of articles this week, make it the selection below.
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The Net-Zero Insurance Alliance has said its Target-Setting Protocol will now serve as a “voluntary best-practice guide”.
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Risk management, reputation risk and regulation were found to be key drivers for insurers of integrating ESG risk factors into underwriting.
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The guide focuses on how its members can protect homes and businesses they insure from climate risk, as well as protecting their own reputational risk.
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The company will no longer insure energy companies expanding their coal-based activities.
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If you only read a handful of articles this week, make it the selection below.
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The carrier will increase its involvement in renewables, and cut the carbon intensity of its motor and P&C book.
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A panel of sustainability leaders from Conduit Re, Axa XL, Convex and Vantage Risk discussed the need for a consistent methodology to measure underwriting emissions at the Bermuda Climate Summit.
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The executive worked for WTW for more than two decades.
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Plus all the latest executive moves and the top news from the week.
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Insurers are looking ahead to possible fallout from issues such as cyber risks and the impact of AI on the workforce, while still seeing these new trends as opportunities to capture.
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In the aftermath of an exodus from the NZIA, brokers are concerned that fragmented methodologies adopted by carriers to measure insurance emissions could be a "disaster" for insureds.
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The Canadian mutual only announced its membership to the NZIA less than two months ago, joining several high-profile carriers to have exited the alliance.
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The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.
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The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.
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The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero.
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A string of insurers has abandoned the alliance after Munich Re announced its departure at the end of March.
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The Corporation’s exit is the latest blow to the alliance and the announcement comes just hours after Sompo and QBE became the eighth and ninth firms to leave the initiative.
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The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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The reinsurer is the fifth major player to leave the organisation, following Swiss Re, Munich Re, Zurich and Hannover Re.
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Munich Re, Swiss Re, Hannover Re and Zurich have all abandoned the project in the past eight weeks.
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The future of the NZIA is in the spotlight following several prominent exits from the organisation.
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The first cohort of insurance professionals will embark on their secondments to cities such as Melaka in Malaysia, Surat in India and The Hague in The Netherlands next month.
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A report from WTW and the Institute of International Finance has found little correlation between companies’ operation emissions intensity and their climate transition value-at-risk.
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The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.
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In the latest threat to the NZIA, 23 state AG have warned members that collaboration on decarbonisation targets may not square with federal law.
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Both oil and gas and renewables insurers are at the sharp end of the insurance industry’s ESG journey.
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Simon Tighe is taking on the group ESG position in addition to his role as group head of investments and treasury at Chaucer.
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Signatories of the UN’s PSI must abide by four key principles, including embedding insurance-related ESG issues into decision-making.
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The guide includes details on aspects of implementing an ESG policy, including carbon management, green offices, investment strategy and local community engagement.
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At Insurance Insider’s latest Progress event, we discussed various tactics for the London market to change recruitment strategies in order to attract entrants from broader socio-economic groupings.
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The executive said surging demand for coverage would address the supply-demand mismatch in the renewables space.
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The business is looking to become a lead presence in green risks in London, following Syndicate 457’s exit from oil and gas business.
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The group has also developed a multi-stage reduction path for its withdrawal from thermal coal by 2038.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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Shock departures from the Net Zero Insurance Alliance have cast a shadow over the group’s long-term future, as a number of high-profile carriers review developments and consider their ongoing membership.
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The NGO called out “climate laggards” for “tarnish[ing] the reputation of Lloyd’s and all other Lloyd’s insurers”.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
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The report states that nature-related financial risks need to be better understood, quantified and managed within insurance underwriting portfolios.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Industry climate alliances have received allegations from conservative politicians and regulators in the US that such commitments are illegal group activities that violate antitrust laws.
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Reliable ESG information is increasingly important, as an estimated $33.9tn of global assets under management will consider ESG factors within three years.
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