Sustainable Insurer: July 2024 Edition

Welcome to the July edition of Sustainable Insurer, your latest monthly digest of all the major developments in the industry’s efforts to build a more sustainable future.

The need to create sovereign mechanisms and access to insurance in underserved communities has become a common point of discussion in recent years.

This was further demonstrated at the recent De-Risking Summit, hosted by Howden as part of London Climate Action Week.

The broker’s founder and CEO led calls for the industry to do more to assist small island developing states during the event, which also saw Lloyd’s CEO John Neal reveal that the Corporation is working with Commonwealth heads of governments and the UN on creating disaster risk solutions that can help build resilience in vulnerable countries.

During the event Neal bemoaned the typical one-year policy period as the “biggest Achilles’ heel” of efforts to insure the transition, highlighting a need to think beyond the annual renewal cycle.

We speak to Aviva’s Victoria Kent on the opportunities she sees to grow the carrier’s renewable energy portfolio, which is set to further expand before the end of 2024.

Suzan Pardesi, head of energy at Africa Specialty Risks, highlights how the group is promoting the social role of insurance as it expands across the region.

And Nerine Wright, senior manager for risk consulting at consultancy Crowe UK, calls for a reconceptualisation of what insurance means in order for the industry to serve its role in facilitating a just transition.

We also hear from Howden’s Charlie Langdale, who highlights some of the benefits insurance can bring (beyond indemnity).

This includes social impact, psychological peace of mind and increased trust.

We also bring our latest monthly tracker table of recent announcements and initiatives launched across the sector.

Visit sustainable-insurer.com for regular updates as the industry continues its drive for a more sustainable future.