Climate

Tokio Marine introduces transition plan requirement for ~70% of portfolio emissions

Tokio Marine Holdings has revised the underwriting, investment and financing policies within its group climate strategy to potentially exclude 60 companies in heavy-emitting sectors if they do not provide a transition plan.

Oka brings first insured biochar credits to market

Carbon credit insurance start-up Oka has partnered with Oregon Biochar Solutions to bring “world-first” invalidation-insured biochar credits to the voluntary carbon market.

Probitas rules out EACOP and West Cumbria coverage

Probitas has confirmed in a statement to an environmental campaign group that it has ruled out providing coverage for two controversial fossil fuel infrastructure projects following a spate of protests at the insurer’s London office.

Allianz turned down 34 deals in 2023 over sustainability concerns

Allianz refused 34 insurance transactions in 2023 as they did not pass the group’s sustainability referral and assessment process.

Kita unveils buffer-as-a-service to enable carbon project-specific risk assessment

Carbon credit insurer Kita has launched buffer-as-a-service for UK-based carbon standard OxCarbon, which will enable project-specific risk assessments based on underwriting criteria.

CA commissioner Lara: “Not having insurance is not an option”

California’s insurance commissioner Ricardo Lara has said a crossroads moment has come for regulators and the insurance industry to work together to figure out solutions that ensure human life and businesses are protected from the effects of climate change.

NAIC and FIO agree to coordinate climate-related data collection efforts

The US Treasury Department’s Federal Insurance Office and the National Association of Insurance Commissioners have agreed to coordinate data collection on climate-related risk.

Rising demand for specialist carbon cover for corporate offset programmes: Chaucer

Demand is rising for insurance cover for corporate carbon offset strategies, with a new study by (re)insurance group Chaucer finding that 51 percent of FTSE 100 companies are currently investing in tree-planting initiatives.

SEC adopts climate-related disclosures rule

The Securities and Exchange Commission has approved a climate-related disclosures rule, with the American Property Casualty Insurance Association responding that it will analyse it “thoroughly” to assess whether its members’ concerns have been addressed.

Hussain: Hiscox ESG sub-syndicate has “exceeded expectations”

Hiscox’s ESG-focused sub-syndicate has “exceeded expectations” in its first nine months of operation, according to CEO Aki Hussain, with plans to expand its capabilities with an additional team of engineers over 2024.

AIG, Probitas and TMK targeted by activists over fossil fuel expansion

A new environmental and human rights campaign group has targeted the London offices of AIG, Probitas and Tokio Marine Kiln with red paint in protest at their alleged involvement in new fossil fuel infrastructure projects.

“Global Week of Action” continues with calls for Lloyd’s to drop fossil fuel expansion

Environmental and human rights campaign groups surrounded the Lloyd’s building on Wednesday as part of an ongoing Global Week of Action against the involvement of the financial services sector in the expansion of fossil fuel projects.

Activists target UK insurers at flagship ABI conference

Climate activists have disrupted the Association of British Insurers’ annual conference, urging the sector to stop (re)insuring deforestation.

Eco activists begin “Global Week of Action” outside Lloyd’s building

Environmental campaign group Mothers Rise Up hosted a protest in the City of London on Monday calling for a “fair and rapid” phase-down of existing fossil fuel projects.

“Moral duty” of marine insurers to spur decarbonisation: Atrium paper

Marine insurers have a “moral duty” to encourage decarbonisation of the shipping sector, a new white paper has argued, although it recognised the need to strike a balance between the reputational and commercial impacts of taking a hard line compared to peers.

LMA committee warns on upcoming tide of “substantive” climate change rulings

An upcoming tide of “substantive rulings” in US state courts over climate change-related litigation will see policyholders increasingly push for coverage confirmation from liability insurers, according to the first meeting of the Lloyd’s Market Association’s environmental committee.

ABI calls for regulatory sandbox to widen green asset classes for UK insurers

An expansion of available asset classes and an increase in public-private partnerships are needed if insurers and pension firms are to unlock the necessary capital for green infrastructure projects, according to the Association of British Insurers.

Rising exposures: the major driver of escalating industry losses

“The spiralling cost of insuring against climate disasters” was the subject of The Big Read in the Financial Times yesterday, highlighting the challenges posed by sudden repricing of premiums or withdrawal of cover in catastrophe-prone regions.

ARC unveils $11.7mn collab with US govt to expand parametric coverage in Africa

African Risk Capacity Group, an African Union risk-pooling initiative, has announced an $11.7mn partnership with the US government designed to safeguard food security and strengthen climate resilience in Africa by expanding parametric insurance.

Can you afford not to invest in carbon credit insurance?

Miqdaad Versi, partner at Oxbow Partners, discusses the opportunity offered by the nascent carbon credit insurance market, with projections that the addressable market could reach more than $1trn by 2050.

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