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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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The regulator called the descriptions of data sources used by ratings providers “particularly poor”.
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The Women in Finance Charter report has shown that 71% of signatories have increased their proportion of women in senior management.
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The regulator has set out priorities for monitoring climate risks for the financial system and how it will address climate-related gaps in the regulatory regime.
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Inclusion@Lloyd’s partner network initiative aims to support existing networks that are tied to a specific D&I need.
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The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.
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As it stands, the Insurance Development Forum has hit $2.2bn in expected or offered risk capacity across 22 ongoing country projects.
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Maria Guercio, Melanie Markwick-Day and Jared Concannon join the unit as executives.
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In a discussion paper the regulator has highlighted good practices on sustainability-related governance and competence, as it seeks more consistency among financial firms.