CLIMATE AND SUSTAINABILITY – Page 3
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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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Insurance sector ‘perfectly positioned’ for carbon removal action – Swiss Re
Swiss Re’s senior risk manager advises underwriters to not be ‘scared’ of providing cover for carbon removal
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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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Lloyd’s welcomes Richard Dudley as Council member
He replaces Dominic Christian, who will be stepping down on 31 January 2023 after nine years
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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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Companies with higher ESG ratings are a better risk - study
Environmental ratings have the strongest correlation with loss ratios, according to the analysis by Howden and Fidelis
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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’
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IDF calls for 'convergence' of insurance and disaster risk management
As key milestones announced at COP27, IDF heralds the industry’s ability to influence “systemic change”
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Re/insurers providing $5.5 trillion a year in resilience protection
The Geneva Association sets out how the industry can do more to promote social sustainability and close protection gaps
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Marsh Specialty's Kolodner to lead Global Renewable Energy
He succeeds Hamish Roberts, who has taken on a new role as Marsh’s UK & Ireland Specialty Growth Leader
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PRA fines MS Amlin £10m for risk and governance failings
Re/insurer failed to ’embed a strong or effective risk culture within the business’, finds UK regulator
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Flood Re’s resilience scheme offers substantial dividend - JBA
The take up of Property Flood Resilience could have a major impact on projected flood losses in the UK
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Munich Re announces major new oil and gas policy
As of 1 April 2023 reinsurer will no longer invest in or insure projects exclusively covering new oil and gas fields
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Canopius taps WTW for head of sustainability
Adhiraj Maitra will be responsible for Canopius Group’s ESG position worldwide
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Marsh clients can use carbon credits in lieu of broker fees
Program (in partnership with Bank of America) provides ‘another incentive’ for clients to invest in carbon removal
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AXA launches forest restoration program
Research from the program will be shared at a European level, to strengthen biodiversity and climate resilience
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Insurance industry must support roll out of green technology - PWC
The sector has previously shown ‘inexcusable laziness’ by simply being reactive to client problems, but now the industry must lead on green tech cover to support UK’s transition to net zero
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Gallagher Re names Steve Bowen chief science officer
He joins following 15 years at Aon, where he most recently served as managing director and the head of Catastrophe Insight