Climate

Why the 2023 hurricane season gives insurers a worrying glimpse into the future

On the official end of the 2023 Atlantic hurricane season, MS Amlin’s head of risk analytics Dr Jessica Turner takes a deep dive into the battle between two competing forces – El Niño, which works to suppress hurricanes, and warmer seas that help fuel them…

Mapfre chair urges industry to drive climate action beyond financial protection

The insurance industry has a role beyond indemnification to influence behaviour, policy and investments that steer away from the “precipice” of the climate crisis, Mapfre chairman Antonio Huertas has argued.

Activists urge AIG’s Talbot to rule out West Cumbria Mine coverage

Climate activists from Coal Action Network staged a protest outside the London offices of AIG’s Talbot Underwriting on Tuesday, calling for the insurer to publicly rule out providing coverage to the proposed West Cumbria Mine.

Investment in UK flood defences not enough to combat climate-related losses

Flood Re has warned that limitations in the UK’s flood defences could provoke climate change-driven loss increases of more than £10mn ($12.7mn) following a severe event.

“Avoidance of any responsibility”: environmental activists slam Lloyd’s roadmap

Members of campaign groups Insure Our Future and Reclaim Finance have criticised Lloyd’s three-year roadmap for insuring the energy transition, describing the consultation as “a complete avoidance of any responsibility” and a “sustainability get-out clause”.

Activists target insurance CEOs at Geneva Association summit

Members of environmental campaign group Insure Our Future have staged a protest at the Geneva Association’s 50th anniversary summit in Geneva, calling for the insurance industry to take “immediate action” to support the low-carbon transition.

CCRIF handed $80,000 to bolster weather monitoring networks in Caribbean

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has received a donation of $80,000 from the FirstCaribbean International ComTrust Foundation to enhance disaster preparedness among member governments.

The blind spots in climate-adjusted catastrophe modelling

When adjusting insurance catastrophe models for current and future climates, it is important to consider whether there could be unquantified risks lurking in the tail, argues Cameron Rye, head of modelling research and innovation at WTW Research Network.

Lloyd’s launches consultation on three-year sustainability roadmap

Lloyd’s has launched a consultation on the Corporation’s roadmap for insuring the low-carbon transition over the next three years.

Kita signs MoU to provide insurance for biochar carbon removal leasing scheme

Carbon credit insurer Kita has signed a memorandum of understanding to provide insurance for the upcoming launch of Pyreg Climate Finance Solutions, a leasing scheme to deploy carbonisation systems for biochar projects.

Climate and cyber risk face “major obstacles to insurability”: Geneva Association

Insurers will need to adapt their traditional proposition of solely providing financial risk absorption to effectively protect against global tail risks, according to a new report from the Geneva Association focused on the changing nature of risk.

Arbol partners with Pro MGA Global to incubate new London MGA

Climate parametric insurtech Arbol has appointed Pro MGA Global Solutions, the MGA incubation division of Pro Global Holdings, to support its expansion into the UK through a new London-based MGA.

Insuring the journey to net zero

Ofir Eyal, partner and director at Marakon, outlines how the insurance sector can harness its unique capabilities to facilitate the low-carbon transition across the real economy.

Inigo’s Dixon: Higher cat risk is not tangible in historical record

Using historical data to identify underlying climate and catastrophe trends may provide misleading insights into current risks, as records are often short and do not consider the counterfactual analysis of previous loss years, Inigo’s head of catastrophe modelling research Richard Dixon has warned.

Parametric insurtech Arbol expands into UK with MGA launch

Climate-focused parametric insurtech Arbol has expanded into the UK with the launch of a London-based MGA, in a move which will allow the firm to service the international insurance market outside the US.

Kita adds Chaucer’s Brown as technical underwriting advisor

Carbon insurer Kita has appointed former Chaucer head of natural resources James Brown as technical underwriting advisor to further develop the Lloyd’s coverholder’s portfolio of delivery risk solutions.

Climate activists target Chubb and AIG over DRC oil stance

A coalition of environmental protest groups staged campaigns outside the London offices of Chubb and AIG on Friday, demanding that the firms publicly rule out underwriting fossil fuel projects in the Democratic Republic of the Congo.

Aon expands Henderson-led climate risk advisory across risk capital function

Aon has expanded its climate risk advisory function across the firm’s risk capital segment, which includes both Commercial Risk Solutions and Reinsurance Solutions.

Beazley’s Cox: Climate litigation risk “rising issue” in D&O

Rising climate litigation risk is prompting D&O underwriters to consider how it will impact their portfolio, including building “greenwashing-realistic” disaster scenarios and monitoring global climate litigation trends, according to Beazley CEO Adrian Cox.