Insurance

Howden partners with Axa Climate for Togo flood parametric insurance mechanism

Howden and Axa Climate are set to launch a parametric insurance project across three cities in Togo, including its capital of Lomé, in early 2024 to establish predetermined financing in the event of a climate disaster.

Commons committee: Govt sending “mixed signals” on transition plans

Insurance companies are among those most exposed to stranded assets under a net-zero transition trajectory according to a new parliamentary committee report which criticised the UK government for sending “mixed signals” over the balance of energy security and net-zero.

Analysis: Why speak-up policies don’t always work (yet)

The second round of evidence in a parliamentary enquiry into sexism in the UK financial services sector saw the Association of British Insurers (ABI) recognised for its parental leave and pay transparency efforts, with the committee acknowledging that it is more difficult to “break the paradigm” of culture.

Activists urge AIG’s Talbot to rule out West Cumbria Mine coverage

Climate activists from Coal Action Network staged a protest outside the London offices of AIG’s Talbot Underwriting on Tuesday, calling for the insurer to publicly rule out providing coverage to the proposed West Cumbria Mine.

Activists target insurance CEOs at Geneva Association summit

Members of environmental campaign group Insure Our Future have staged a protest at the Geneva Association’s 50th anniversary summit in Geneva, calling for the insurance industry to take “immediate action” to support the low-carbon transition.

Carbon credit insurer CarbonPool names Strom as CCO

Zurich-based carbon credit insurance specialist CarbonPool has named Mathilda Strom as chief commercial officer.

Kita signs MoU to provide insurance for biochar carbon removal leasing scheme

Carbon credit insurer Kita has signed a memorandum of understanding to provide insurance for the upcoming launch of Pyreg Climate Finance Solutions, a leasing scheme to deploy carbonisation systems for biochar projects.

Tower partners with CelsiusPro to develop distribution platform for Pacific cyclone cover

New Zealand-based insurer Tower has partnered with CelsiusPro Group to develop a digital distribution platform for its cyclone response cover, a parametric product for policyholders in the Pacific.

Insurance can be important pre-arranged financing tool: Centre for Disaster Protection’s Clarke

Insurance is an important tool among the instruments available to help deliver pre-arranged crisis financing on a wider scale, according to Centre for Disaster Protection director Daniel Clarke.

Full implementation of emissions pledges will see 2.9°C warming trajectory: UNEP

The world is on track for 2.9°C warming above pre-industrial levels, assuming that countries adhere to current pledges under the Paris Agreement and net-zero commitments, the latest Emissions Gap Report by the UN Environment Programme (UNEP) has found.

Howden and CISL propose $1bn umbrella stop-loss mechanism to protect climate-vulnerable countries

Howden has co-proposed an umbrella stop-loss mechanism to leverage ~$1bn of donor-supported annual pure premium to protect the top 30 smallest and most climate-vulnerable countries from future climate shocks.

MS&AD announces 37% emissions reduction target by 2030 for key Japanese clients

MS&AD Insurance Group – parent company of Lloyd’s (re)insurer MS Amlin – has unveiled a new interim target to reduce greenhouse gas emissions from underwriting and investment operations by 37 percent by 2030.

Looking ahead to COP28

More than 70,000 delegates are expected to descend on Dubai next week for COP28, the latest annual round of climate talks, with representatives from the (re)insurance sector set to be among them.

IDF to set out plans for infrastructure fund at COP28

Plans for an industry-backed infrastructure debt fund to provide adaptation finance for low-income countries are set to be unveiled by the Insurance Development Forum at the upcoming COP28 talks, ESG Insurer understands.

Scaling insurance and risk transfer for humanitarian emergency response: HFF

Insurance is stepping up to play a “vital” role in humanitarian response amid a growing recognition that traditional funding mechanisms are not sufficient to meet the increased demand triggered by climate catastrophe events, according to Simon Meldrum, executive director at the Humanitarian Finance Forum.

Convex’s Delhaise: Global Stocktake to highlight industry contribution

Convex’s Rachel Delhaise will be among the industry representatives on the ground at COP28. She met with ESG Insurer ahead of the event to identify the key themes likely to emerge from the summit.

COP28: Fast-tracking the energy transition

One of the major areas of focus at COP28 will be on establishing near-term goals to fast-track the energy transition, an area in which the insurance industry can play a critical role through facilitating the scaling up of new technologies.

Oka’s Slater: Insurance a “catalytic opportunity” for scaling the carbon market

Carbon credit insurer Oka is on track to begin underwriting through its new Lloyd’s syndicate in a box on 1 January 2024 to help harness the role of insurance in the sustainable development and scaling of carbon markets.

D&I in insurance: Promoting an inclusive culture

Increasing representation within an insurance company goes beyond demographic statistics and must ensure an overall inclusive culture is promoted throughout the firm, according to Assured Allies’ Nkenge Blue.

Aon: Extreme heat can no longer be insurance industry “blind spot”

Understanding extreme heat is becoming increasingly important for societal resilience but remains a “blind spot” for the insurance industry, broker Aon has warned.