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Male board members still hold more than two thirds of all seats at listed carriers and brokers, analysis shows. -
The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).
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The broker said that weather-related losses had become more severe in the past decade because of climate change.
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The insurance industry is uniquely positioned to bolster the transition to net zero and improve resilience to climate shocks, according to Selwin Hart, UN assistant secretary-general for climate change.
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The renewables underwriter said the sector was suffering from broad terms, high claims and new entrants from the oil and gas sectors.
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Joachim Wenning said the financial sector would play a crucial role in the “very, very costly” energy transition.
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Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
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Financial authorities must ‘massively expand’ risk-sharing pools.
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The UN’s Butch Bucani, speaking on Swiss Re’s COP26 panel, warned that the transition was not just about “putting a thermometer in your insurance portfolio and saying ‘it’s 1.5 degrees’”.
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The UK’s largest firms including insurers and brokers will be mandated to disclose climate-related financial information from April.
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The insurance market has the potential to become a “significant influencer” in combatting modern slavery, according to the independent anti-slavery commissioner Dame Sara Thornton.
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The carrier will stop underwriting and investing in new upstream oil greenfield exploration projects, unless certain conditions are met.
