ESG

Losing senior women creates a knock-on effect as juniors lose role models.

More general issues at recruitment level include drawing from too narrow a pool.

Organisations were challenged to address systemic DEI failure rather than play “word salad” with labels.

Age has not been addressed as much as other areas of diversity, the panel said.

Plaintiffs allege that manufacturers and retailers have broken environmental laws.

The departure follows an investigation into an “offensive” email sent by Rouse.

Surveys show diversity and inclusivity foster a sense of belonging and increase productivity.

Claims were concentrated in the US, with a significant increase in D&O class actions.

Cultural transformation, education, and leadership are also essential to creating safe workplaces.

It is the second deliverable of the FIT Transition Plan Project.

Green hushing is on the rise as Trump rows back on climate initiatives.

The awards will be held on 3 September at The Brewery in London.

The carrier is expanding its appetite for sustainable construction of large commercial buildings.

The association said privacy should be a key consideration in new requirements.

The group said corporations face geopolitical and climate risk.

The executive criticised the ongoing underrepresentation of women in senior leadership roles.

What does it take to stay profitable as the insurance cycle shifts — and why is leadership diversity still lagging in the London market?

The proposals consist of supervisory expectations rather than rules.

Sources expect it to be a couple billion-dollar insurable market.

Experts at Insider Progress shared tried-and-true methods to get women into boardrooms.

The proportion of women in lead underwriting roles still trails other leadership positions.

Opportunities for insurance in transition-related activity “incredible”.

Good ESG practices are part of good risk management, the company said.

Carriers rushing headlong into gen AI without considering its ESG implications could face costly complications down the road.

In part two of our 2025 outlook, we explore the drivers of carrier M&A and recreating the ESG agenda.

Certain new and old themes will re-emerge this year as the balance of power shifts.

The report aims to plug the gap in insurance-specific guidance.

Signposting the opportunity is one place to start.

The climate protest group is targeting insurance companies during a week of action.

Bullying and sexual harassment were the most commonly reported incidents.

Risk managers are increasingly concerned about insurability.

The hub aims to be a single point of assessment and access to the market.

DEI has faced a backlash in the US where companies have pulled back from targets and initiatives.

The panellists discussed possible actions to improve racial and ethnic inclusion within organisations.

‘We need to track our metrics, we need to hold ourselves accountable,’ said Andrew Corbin-Turner.

CFC developed and employed the lenders carbon-credit insurance policy with Standard Chartered Bank.

Only 14% of board seats are filled by women, but directors at brokers tend to be younger than at managing agents.

A quick roundup of the week’s main stories.

The festival will host more than 130 events across 48 countries to promote D&I.

Expectations of what “walking the walk” means for leaders have risen.

The new product will be led by head of special risks Ed Parker.

The facility will provide coverage globally for blue and green hydrogen projects.

The placement follows the launch of a carbon capture and storage facility in January.

Insurers must take their responsibilities seriously.

LMG's latest London Matters report reveals that UK capital has lost ground to the US and Bermuda in some lines.

Last week, UNEP launched a multistakeholder forum building on the experience gained from the NZIA.

The forum will be an ‘even safer space’ for efforts on climate change action than the NZIA.

The Lloyd's CUO warned against "calling victory too early".

The US regulator faces litigation from both sides of the climate issue.

It plans to deliver other products for parts of the carbon value chain.

The companies account for ~70% of GHG emissions in its portfolio.

The target was initially set in 2020, with a deadline of December 2023.

JustParent aims to de-risk parental leave for SMEs.

The findings have implications for businesses and D&O.

The funding will allow the firm to release Yurty, a digital care app.

Managing risks associated with the technology is essential.

ECLiC discussed how climate litigation can impact the Lloyd’s market.

Changing work practices do not overshadow basic precepts of good employment.

The report examines challenges and opportunities for insurers.

CarbonPool insures against unexpected carbon-credit shortfalls and reversal events.

The facility provides cover for environmental damage and loss of revenue.

A new Geneva Association report says the early involvement of (re)insurers is key to supporting the growth of emerging technologies.

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.

Nearly 80% of transportation companies surveyed cited a lack of access to insurance solutions and a lack of data to understand supply-chain risks.

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.

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.

Insurance Insider takes a look at some of the biggest news and developments of 2023.

Lloyd’s may be wary of making disciplinary hearings more public, but it could at least make processes more transparent.

Speaking to a Treasury committee, Blanc said she was “inundated” with messages detailing “incredibly sad” stories from women in the insurance industry.

Mass construction in remote locations is throwing up challenges around modelling exposures.

The renewables insurer flagged a “staggering increase” in hail events, which was driving double-digit rate increases.

The summit has been called the most significant for the industry to date, as there is a growing awareness of the value of insurance.

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.

The survey was conducted by the Nick Kilhams Foundation, founded in memory of the late Chaucer underwriter.

The roadmap sets out planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning.

London Market Group CEO Caroline Wagstaff said more firms outside of the Top Three broking businesses had to engage in the process.

The product will protect offtake agreements from the risk of under-delivery of projected carbon credits.

Panellists at Insurance Insider’s London Market Conference discussed the need for nuance when interpreting emissions data.

In addition to the need for new products when insuring the transition, panelists highlighted the need to innovate and adapt.

Speaking as a witness on the “Sexism in the City” panel, Braun described sexism in the industry as “completely unacceptable and shocking.”

The Corporation’s head of culture Mark Lomas said: “We know we can’t undo the past, but we can do something about the inequalities we see today.”

The number of female CEOs, CUOs, CFOs, MDs or board members has hardly changed in the past 12 months.

Inflation, supply chain issues and technological failures are complicating the underwriting landscape.

The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.

Investors are beginning to push insurers harder to deliver on diversity and inclusion, but the culture around speaking out and recruiting talent suggests new ideas or broader execution is needed.

The CMA said it would not take enforcement action on agreements that “genuinely contribute” to addressing climate change.

The report also highlighted general liability policies as an area of potential exposure to insurers.

At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.

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.

Inflation, supply chain bottle necks and issues with emerging technology are all challenges for the sector.

The Corporation will collaborate with Moody’s Analytics to develop a solution to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios.

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.

Insurance Insider explores how insurers can manage the dual, polar-opposite pressures of a litigious anti-ESG movement and net-zero climate activism.

The carrier exited the Net Zero Insurance Alliance in May among other insurers.

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.

Plus the latest people moves and all the top news of the week.

WTW has highlighted that global climate change-related litigation cases have doubled to more than 2,000 since 2015.

The carrier will provide cover to a wind farm and a solar farm as part of the Aon-brokered deal.

The carrier will aim to reduce its emissions by up to 49% by 2030.

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.

The carrier announced the launch of the green solutions portfolio in May as it looks to become a market leader for sustainable risks.

Beazley’s Smart Tracker Syndicate was granted full syndicate status from the start of this year.

If you only read a handful of articles this week, make it the selection below.

The Net-Zero Insurance Alliance has said its Target-Setting Protocol will now serve as a “voluntary best-practice guide”.

Risk management, reputation risk and regulation were found to be key drivers for insurers of integrating ESG risk factors into underwriting.

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.

The company will no longer insure energy companies expanding their coal-based activities.

If you only read a handful of articles this week, make it the selection below.

The carrier will increase its involvement in renewables, and cut the carbon intensity of its motor and P&C book.

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.

The executive worked for WTW for more than two decades.

Plus all the latest executive moves and the top news from the week.

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.

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.

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.

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.

The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.

The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.

The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.

Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero.

A string of insurers has abandoned the alliance after Munich Re announced its departure at the end of March.

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.

The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.

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.

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.

Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.

The reinsurer is the fifth major player to leave the organisation, following Swiss Re, Munich Re, Zurich and Hannover Re.

Munich Re, Swiss Re, Hannover Re and Zurich have all abandoned the project in the past eight weeks.

The future of the NZIA is in the spotlight following several prominent exits from the organisation.

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.

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.

The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.