Insurance

Howden begins joint fellowship programme with SMI to promote urban resilience

The Sustainable Markets Initiative has launched a global fellowship programme with Howden and the Resilient Cities Network to promote the role of insurance in de-risking and accelerating resilience-building activities in urban areas.

UNEP warns of “urgent need” for collaborative approach amid NZIA exits

The United Nations Environment Programme has reaffirmed the “fundamental and urgent need” for collaborative efforts in tackling the climate crisis rather than relying solely on individual action.

Republican state attorneys general slam NZIA as harmful to US business

A group of 23 US state attorneys general has written to members of the Net-Zero Insurance Alliance expressing concerns over the apparent legality of commitments to collaborate with fellow (re)insurers and asset owners, alleging the Target-Setting Protocol may constitute illegal boycott and/or restraint of trade in the US insurance industry.

Credit where it’s due: Insuring carbon markets

By reducing risks on balance sheets related to carbon credits, insurance will be critical in providing the “stamp of approval” required to enable the financing and scaling up of projects within the carbon markets, according to Kita’s head of insurance James Kench.

Sustainable insurance: Leveraging public funds via new insurance partnerships

Thomas Mahl and Franz Karmann, managing directors at Munich Re sister company Sustainable Finance Risk Consulting, explain the firm’s role as an agent of the African Energy Guarantee Facility and the need for the insurance industry to adopt a “risk-vetting” system to enable mobilisation of development finance.

Painting a picture: Climate protests and fine art insurance

While last year’s spate of environmental protests targeting museums and galleries did not culminate in any significant physical damage or market losses, fine art underwriters are still keeping an eye on climate activists for fear the movement may attract other, less careful protesters.

Biba panel warns industry must pick up ESG pace

Insurers remained well-positioned to act as an enabler of societal change but the industry is “not moving as fast as we need to” in addressing ESG-related issues and integrating agendas across organisations, according to a panel at the recent British Insurance Brokers’ Association annual conference.

Chaucer signs up to UN Principles for Sustainable Insurance

Chaucer has become the latest signatory to the UN Principles for Sustainable Insurance (PSI), a voluntary global sustainability framework for the (re)insurance sector.

Chubb’s Greenberg warns of climate-related “wave” of litigation

Evan Greenberg in a keynote speech at RIMS RISKWORLD 2023 has said climate-related litigation “is a wave just in front of us” that will impact the D&O market, including on legacy policies, with the Chubb leader also calling out companies for making "hollow net-zero pledges”.

Talanx outlines new oil and gas underwriting exclusions

Talanx Group is set to expand oil and gas exclusions within its underwriting business from 1 July 2023 on an individual risk basis, according to the group’s eighth Sustainability Report.

Axa targeted by climate activists with calls to restrict cover for gas projects

Activist group Reclaim Finance has called on Axa to strengthen its exclusions around fossil fuel underwriting by committing to no longer underwrite new gas fields.

Climate change and activism a rising risk factor for PV market: Scor’s Guest

The impact of climate change and the increase in associated protest action are becoming increasingly relevant for the war, terrorism and political violence (re)insurance market, according to Scor’s head of crisis management David Guest.

UNDP: The critical role of insurance and risk financing in development programmes

The insurance industry has a central role to play in aiding human development and resilience through risk transfer solutions, index-based products and inclusive insurance programs, according to the UN Development Programme’s Jan Kellett.

Swiss Re and Scor keep NZIA futures under review

Both Swiss Re and Scor have said they are reviewing current developments regarding membership of the Net-Zero Insurance Alliance following the recent withdrawals of European rivals Munich Re and Hannover Re.

European institutions call for EU-wide ex-ante backstop for climate cover

EU countries should adopt a “ladder approach” to plug the catastrophe protection gap by implementing additional risk-sharing solutions such as public-private partnerships for risks unlikely to be sufficiently insured by the private sector, a new discussion paper has suggested.

Canadian mutual Beneva joins NZIA as first North American member

Canada’s largest mutual Beneva has become the first North American insurer to join the UN-convened Net-Zero Insurance Alliance (NZIA) in a move it said formalises its aim to reach net zero emissions for operations and investments by 2040.

Fidelis plans further ESG underwriting push amid correlation with lower loss ratios

Bermudian (re)insurer Fidelis Insurance Group has committed to embed ESG factors in its underwriting decisions where appropriate as it seeks investor support ahead of its planned IPO later this year.

Activists: NZIA “immobilised” by antitrust concerns

Environmental campaign group Insure Our Future has criticised the reasons underlying Zurich’s exit from the Net-Zero Insurance Alliance (NZIA), pointing to the Swiss group’s continuation to underwrite new oil and gas projects while also taking aim at the wider organisation of the Alliance.

Regional approach needed for ESG underwriting strategies: Africa Specialty Risks

ESG-related underwriting strategies should adopt a more regionalised approach to account for the energy mix, technological advancements and insurance market penetration of a country, according to Africa Specialty Risks’ Suzan Pardesi.

ARC and Djibouti govt sign $2mn drought and flood insurance agreement

African Risk Capacity (ARC) Group, a specialised agency of the African Union, and the Government of Djibouti have signed a five-year disaster risk insurance agreement covering drought and excess precipitation, underwritten by Descartes Underwriting.