CLIMATE AND SUSTAINABILITY
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NewsNew record of 142 nat cats adds up to $108bn in 2023 – Swiss Re
Swiss Re Institute said frequency of events is main driver of insured loss accumulation, with severe convective storms accounting for a record $64bn last year.
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NewsCentre for Disaster Protection to form technical advisory group for Global Shield against Climate Risks
The group will help vulnerable countries access climate and disaster risk finance and insurance support packages via Global Shield.
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NewsMapfre targets 6% growth and 10-11% RoE
Spanish insurer Mapfre aims for a 95% combined ratio by the end of 2026.
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NewsESG: business sense, culture and innovation focus – GAIF34 panel
Saudi Re is using technology to drive ESG, while speakers agreed on the need for top-down ESG strategy to align with overall strategy and to emphasise the business case of ESG.
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NewsGlobal risks and perceptions intertwined – Interview with Zurich’s head of sustainability risk
Global tensions are rising, but risk perceptions are in the eye of the beholder. Zurich’s John Scott discussed the big picture with Global Reinsurance.
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News$100bn is the new normal for annual nat cat losses – WTW
2023 revealed the scale of the protection gap, but was still a $100bn+ nat cat year, the broker said.
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NewsHowden, SCOR launch carbon capture and storage insurance facility at Lloyd’s
The first-of-its-kind facility has SCOR as lead underwriter and other following markets at Lloyd’s have committed to support the facility, with further capacity anticipated, according to Howden.
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NewsCyber leads Allianz Risk Barometer in 2024
Data breaches, attacks on critical infrastructure or physical assets and increased ransomware attacks drive cyber concerns, in the German insurer’s annual paper on the global risk landscape.
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NewsInsurance Development Forum provides Disaster Risk Reduction Task Force update
The task force has three areas of focus, according to the public-private partnership between the insurance industry and the UN, World Bank and other NGOs.
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NewsNormanMax gets Lloyd’s ‘in principle’ approval for parametric Syndicate 3939 with Apollo
US parametric re/insurer gains the initial nod from the Lloyd’s Council to launch a new syndicate, focused on climate change-affected cat business.
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NewsHowden addresses COP28 on the private sector’s role in protecting vulnerable countries
David Howden, founder and CEO of Howden, gave a keynote speech at the COP28 summit on the power of the private sector to protect vulnerable countries against the effects of climate change and unlock investment in their future.
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NewsThe most climate vulnerable countries could lose 100%+ of GDP from insurable cats – Cambridge, Howden study
Risk-sharing action plan to scale up loss and damage funding for Global South countries to inform COP28 discussions in Dubai.
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NewsLloyd’s chairman apologises for insurance market’s historical slave trade role, announces Inclusive Futures programme
New initiatives announced at Lloyd’s “to create a more equitable market and society” follow independent research exploring Lloyd’s historical links to the transatlantic slave trade.
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NewsWTW launches Asia Pacific Climate Risk Centre in Singapore
The insurance broker said it would provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero.
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NewsOka gets Lloyd’s ‘in principle’ approval for Asta-managed SIAB 1922
A new “syndicate in a box” gets the nod from Lloyd’s to go ahead, expecting to begin underwriting at the start of next year.
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NewsBeazley: A line in the sand
Beazley’s Patrick Hartigan writes on the increased frequency of extreme weather and the need for adequate pricing for the many climate change linked secondary perils hitting re/insurance markets.
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NewsStorms are getting stronger – Lockton Re climate study
Reinsurance broker Lockton Re has published a report on climate change and hurricane trends.
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NewsHowden appoints IDF’s Douglas as climate risk and resilience CEO
Rowan Douglas has moved from his previous position of head of climate at WTW to assume a similar role at rival broker Howden.
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NewsClimate change will add 10%+ to cost of US hurricanes over next 20 years – Aon
Aon’s work with Columbia University has come up with an estimate for the cost of climate change to the reinsurance industry’s peak peril.
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NewsMapfre announces decarbonisation plans, 26% cut to climate footprint
Spanish insurer Mapfre is committed to reducing its operational carbon footprint by 50% and to becoming carbon neutral in all countries by 2030.
