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ESG-focused research, news and analysis for insurance industry professionals.
April 9, 2024Read more...The Geneva Association has issued its second report in a two-part series on climate technologies and insurance, titled Bringing Climate Tech to Market: The powerful role of insurance. This report considers changes to traditional approaches to developing and financing emerging technologies in...April 5, 2024Read more...The National Association of Insurance Commissioners (NAIC) - which coordinates among state insurance regulators to provide expertise, data, and analysis that help them advance effective regulations and ensure consumer protection - has adopted the organization's first national climate resilience...March 28, 2024Read more...Claims Journal reported today on a survey conducted by LendingTree, that found 51% of 2,000 homeowners surveyed are worried climate change will impact their homes (physical risks) or affect their insurance rates and property values. With respect to physical risks, respondents were most concerned...Read more...Swiss Re released its latest Sigma report today, finding that a record 142 Nat Cat events pushed insured losses to USD 108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994. Swiss Re recorded 30 medium severity loss events that...March 22, 2024Read more...Aon has launched its Climate Risk Monitor, collaborating with Aon’s brokers to help clients assess their exposures to physical climate risk and thereby adjust insurance placements while obtaining optimal limits and renewals pricing. The Climate Risk Monitor allows clients to assess and manage...March 21, 2024Read more...An article published today in Insurance Business America (IBA) makes the case for hardening properties against climate related losses. “If risks are better – more hardened – then they’re better risks for insurers,” said Michael Korn, national property practice leader at EPIC Insurance Brokers &...Read more...Canada's Office of the Superintendent of Financial Institutions (OSFI) has released an updated Guideline B-15: Climate Risk Management, requiring federally regulated financial institutions (FRFIs) to report in line with the International Sustainability Standards Board’s IFRS S2 Climate-related...Read more...UPDATED March 20, 2024: The Federal Advisory Committee on Insurance held a meeting today with Treasury Department officials, insurance industry representatives and state regulators. The discussion included decisions by Florida, Louisiana and Texas to opt-out of the NAIC data collection effort...March 20, 2024Read more...In a new joint report from Ernst & Young (EY) and the Institute of International Finance (IIF), based on interviews with CROs or other senior risk executives and survey data from 68 insurance carriers (spanning Property & Casualty, Life, Health, Reinsurance, and Specialty) across 15 countries (by...March 15, 2024Read more...Chris Brown, executive director of the SmarterSafer Coalition, authored an op-ed appearing in today's Claims Journal, on the imperative of long-term reforms to the U.S. National Flood Insurance Program, as climate change drives growing losses and the political environment continues to be limited...March 15, 2024Read more...Allianz says companies are increasingly consulting legal firms for guidance on ESG, creating legal risks for both clients and lawyers. Nearly 60% of law firms expect demand for ESG-related professional advice to increase over the next three years according to Wolters Kluwer. Allianz says...Read more...California Insurance Commissioner Ricardo Lara announced today the next milestone in the state's Sustainable Insurance Strategy with a proposed catastrophe modeling regulation that would expand the allowable use of catastrophe models (currently limited to earthquake) to include wildfire and flood...March 14, 2024Read more...Last September, FM Global announced its second consecutive resilience credit to support client investment in climate resilience solutions. US$350 million was made available to FM Global's clients to advance mitigation measures against extreme weather hazards such as wind, flood and wildfire. It...Read more...Citing insured losses from natural disasters in 2023 of $118 billion, well above the 2017-21 average of $97 billion, Bloomber Intelligence (BI) says insurers have been forced to “hike premiums and exit high-risk areas” in the face of increasingly severe and frequent extreme weather events....March 14, 2024Read more...AXA Climate, which has established itself as a leader in climate risk insurance products and services, announced today a strategic partnership with Reask, a leading provider of climate risk modeling solutions, through which they provided advanced parametric insurance solutions based on precise...March 12, 2024Read more...Genpact, a provider of applied Artificial Intelligence (AI) solutions, was featured today in an article from PropertyCasualty 360 entitled "Four ways generative AI helps insurers manage climate change." "Generative AI is transforming insurance carriers in multiple ways such as minimizing claims...March 8, 2024Read more...Bloomberg Law has released a new report on ESG-related liability, analyzing 17 pending lawsuits along with current regulatory/enforcement activities, and the potential implications for corporate legal departments. The report looks at four key areas of potential liability: environmental...Read more...Fed Chair Jerome Powell said Wednesday that the Fed hasn’t made a decision on next steps on the proposed "Basel III Endgame" regulations, as they continue to analyze “voluminous and very substantive comments” received through the Jan.16th deadline. Powell said that the Fed "would not hesitate...March 7, 2024Read more...In a report entitled “US Property/Casualty: Weather, Reinsurance and Inflation Drive Results – Again” AM Best says that more frequent and severe weather-related losses and upward reinsurance pricing, both of which are impacted in part by climate risks, pushed U.S. P&C net underwriting loss to...March 6, 2024Read more...On March 6, 2024, the Securities and Exchange Commission adopted final rules to require registrants (public companies) to disclose certain climate-related information in registration statements and annual reports. Before adopting the final rules, the Commission considered more than 24,000...More PostsImages: Jaromír Kavan
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