All Climate Change articles
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NewsLMA ‘sharply focused’ on supporting market’s transformation
Will lend its expertise to issues around systemic cyber, climate litigation, renewable energy and international wordings
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“Fingerprints of climate change” evident in 2022 nat cats
2022 is the fifth year since 2017 in which insurance losses have crossed the $100 billion threshold - Gallagher Re
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California floods highlight need for “robust private market” - AM Best
Many homes covered by the NFIP would benefit from an excess policy above the NFIP coverage limit
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Cyber war exclusions top industry’s list of concerns for 2023
Climate change and ESG responsibilities will also shape the direction of travel this year, predicts RPC
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Shirel Stedman joins board of Flood Re
It is a ‘critical time’ for flood risk with climate change on the rise and Flood Re due to exit the market in just 16 years
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2022 nat cats set new records with $120 billion in claims
Hurricane Ian accounted for half of insured losses, making it the second most costly storm in history - Munich Re
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Chubb launches dedicated climate transition unit
The unit brings together traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering
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Eastern Australia floods top 2022 ex-US cat losses for insurers
The floods cost insurers $4.7 billion, while European winter storms generated $4.2 billion in claims - CRESTA
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KCC puts Winter Storm Elliott losses at $5.4 billion
Estimate includes the privately insured damage to residential, commercial, and industrial properties and vehicles
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Howden appoints Marc Lehmann as head of Climate Analytics
He joins from Jupiter Intelligence, a climate risk data and analytics provider
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Property rates set to soar 50% at 1/1 - Beazley
Beazley is ready to ‘step up’ at a time of market dislocation, says Treaty head Patrick Hartigan
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Climate change justifies 50% property cat rate hikes - EY
Cat events have cost UK re/insurers more than double over the past six years than the preceding decade
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Fresh protests in the City over controversial coal project
It follows a tip-off that Probitas1492 is insuring the Adani Carmichael’s thermal coal project rail line, haulage operation and port
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Descartes launches balance sheet insurer
Sébastien Piguet, Descartes Underwriting’s chief underwriting officer, will serve as CEO of Descartes Insurance
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Fitch follows S&P in SCOR downgrade
Downgrade reflects the reinsurer’s continued weak financial performance, which “has worsened in 2022”
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Korean Re adopts coal-exit strategy
The move by Asia’s second largest reinsurer is welcomed, but there are calls to restrict coal from its treaty business
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RSA launches low-carbon underwriting policy
Insurer has committed to achieving an underwriting portfolio for energy production that is over 75% low carbon by 2030
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Hurricane Ian drives 2022 nat cat losses to $115 billion
Ian is the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005 - Swiss Re Institute
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Nigeria gains parametric flood resilience scheme
Solution will pay out based on flood magnitude with funds targeted for immediate infrastructure reconstruction
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Insurers are innovating to address nature loss - Geneva Association
Over 50% of global GDP is dependent on natural capital and ecosystem services, many of which are close to ‘tipping points’
