Interview
In this section we hear from senior industry executives, ESG specialists and other key stakeholders about issues central to the mission to create a more sustainable future.
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Dive In Festival will celebrate its 10th anniversary this year with a focus on the sustainability of inclusive talent pools, Lloyd’s head of culture Mark Lomas told
The number of renewables-focused MGAs has increased owing to their ability to underwrite the sector in a more nimble manner, according to Novagen’s Valeria Del Villano.
The role of the insurance sector in expediting the growth of installed renewable energy capacity extends beyond standard construction and maintenance policies, with Paratus’ new solution designed to protect producers and consumers from energy price risks.
WTW’s Peter Carter has called on firms not to “stick their head in the sand” or underestimate the full financial impact of the transition across customers and the supply chain.
WTW’s disaster risk finance and parametrics team has a pipeline of more than 50 projects focused around environmental restoration and humanitarian efforts, in a bid to extend the value of reinsurance beyond a financial instrument, managing director David Simmons has said.
Data wrangling – transforming and mapping data from a raw form into a valuable analytical format – is a critical step when structuring insurance products for climate-related risks, according to Osho Jha, co-founder and chief data scientist at parametric insurtech Arbol.
Momentum is continuing to build around the development of parametric covers for climate-related risks with several projects currently underway, according to WTW’s Simon Young.
Agritech and climate risk management firm Weather Risk Management Services (WRMS) is aiming to expand its digital platform SecuRisk to 50 countries by 2025, founder and CEO Anuj Kumbhat has told
Munich Re believes the creation of a new dedicated global team will enable a consistent risk appetite and a focused strategy for structuring and pricing policies, according to René Mück.
Companies that fail to see climate change and social factors as financial risks will be unable to harness the “huge beast” of the Corporate Sustainability Reporting Directive (CSRD) into a competitive advantage, WTW’s Torolf Hamm has warned.
As the critical role of insurance in fostering climate resilience and adaptation becomes more apparent,
The insurance industry has made progress on gender parity but more action is needed around ethnicity, LGBTQ+ representation and socioeconomic diversity to make it a more accessible career destination, according to Kentro Capital’s Cheryl Seal.
Following the launch of a new Insurance Development Forum-backed sovereign risk transfer program to provide cover for Mexican smallholder farmers, Guy Carpenter’s Alfredo Honsberg outlines to ESG Insurer how the scheme will work in practice and how it will scale up following the pilot phase.
Applying political risk insurance cover to the carbon markets is key to unlocking the volume of investment required in the global transition to a low-carbon economy, according to Tokio Marine Kiln (TMK)’s Ed Parker.
The risks associated with decarbonisation efforts – whether emerging risks or familiar exposures applied in a new context – are driving greater demand for carbon insurance and underlining the role of brokers in the net-zero transition, according to Gallagher Specialty’s James Bosley.
Insurers risk destabilising the energy transition if they do not help technological innovations come to market because of a hesitancy over limited loss data and prior-year underwriting experience, according to Axis’ Joe Dutton.
The insurance sector can play a “pivotal role” in fostering social mobility and enhancing diversity within the workforce, with the Insurance Industry Charitable Foundation (IICF) acting as a key corporate and charity partner in helping firms recognise social impact.
Lloyd’s insurers are increasingly embracing the growth potential of the carbon insurance market, according to CFC’s head of innovation George Beattie, with the firm set to increase the number of participating syndicates on its innovation binder at renewal next month.
A recent flurry of activity in the carbon credit insurance market has presaged the next stage in the evolution of the voluntary carbon market (VCM), according to Oka CEO Chris Slater, although it remains far off the ability to develop tailored coverage by developer, country or project type due to the lack of capital investment at scale.
CFC has become the latest entrant to the expanding carbon insurance market. Rebecca Delaney spoke to head of innovation George Beattie to find out why…
The Insurer TV
Technological developments will help advance the energy transition over the coming years regardless of curveballs thrown by macroeconomic and geopolitical issues, according to Swiss Re’s specialty CUO Anne Lohbeck.
Expanding the frontier of ILS beyond its traditional focus on the natural catastrophe space is at the forefront of the sector’s agenda as realisation builds of the need for innovative solutions to address the evolving risk landscape.
One of the key aims of Lloyd’s sustainability strategy has been to drive an increase in the amount of renewable energy business underwritten through the market.
Premier David Burt of Bermuda made a notable appearance at COP28 in Dubai, shedding light on Bermuda's role in climate finance and its commitment to tackling climate change.
Insuring the transition presents an immeasurable premium and revenue opportunity for the sector, according to Sherif Zakhary, CEO of Aon's Strategy and Technology Group (STG).
The future of the Net-Zero Insurance Alliance (NZIA) is hanging in the balance having lost more than half its members following the intervention from a “deeply irresponsible” group of US Republicans citing antitrust concerns.
The “journey” from the science to cat models has never been more critical, according to Aon’s Liz Henderson, as the industry continues to struggle to keep up with the pace of climate change.
Climate campaign group Reclaim Finance has called on Lloyd’s to “stop greenwashing” and to mandate stricter policies around the exclusion of fossil fuels to achieve meaningful change in a new report which ranks the fossil fuel underwriting policies of managing agents.
Ukrainian politician Maria Mezentseva has told The Insurer TV that Ukraine will become a “great opportunity” when the war with Russia is over, which she anticipates will happen by the end of this year.
The UK’s Business Resilience Task Force is seeking additional partners as it looks to expand its influence to further build resilience both in Britain and internationally, according to Guy Carpenter’s Julian Enoizi.
The groundbreaking community-based parametric scheme set up to provide emergency funding to New York neighbourhoods impacted by flooding has potential to scale up to cover thousands of cities across the US, according to Guy Carpenter’s Julian Enoizi.
Climate events and social justice have dominated headlines in recent years, with the understanding and prioritisation of these issues only increasing.
This year has been one of significant momentum for the (re)insurance markets in relation to ESG, with the industry markedly increasing its focus on assessing risk through an ESG lens.
Lloyd’s chairman Bruce Carnegie-Brown has said the (re)insurance sector could better utilise its role as an institutional investor to support green growth in the global economy but said regulatory changes will be needed if it is to use its assets to their full potential.
Canada’s former prime minister has said the global (re)insurance industry has a critical role in speaking “truth to power” when it comes to tackling the impact of climate change because of its investment in data, models and analytics to understand cat risk.
Too heavy a focus on national net-zero strategies and a lack of transparency around how global environmental goals are to be achieved could lead to a spike in emissions, Canada’s former prime minister Stephen Harper has warned, adding that existing targets are “unachievable” in their current form.
The Bank of England’s climate stress test is a sign that central banks and international regulators are looking to “ramp up” oversight of insurer climate risk, according to Guy Carpenter’s managing director of catastrophe advisory Jessica Turner.
The (re)insurance industry must continue supporting clients using fossil fuels to help them maintain the capital they need to transition to net zero, Aon’s Richard Dudley has said.
RenaissanceRe’s Cathal Carr has stressed the need for increased momentum around climate sustainability, which is essential to create a resilient global market as the (re)insurance industry looks to aid the transition to a green economy.
The (re)insurance industry’s involvement in supporting investors and clients in the carbon markets is crucial for the nascent sector to reach its full potential, RenaissanceRe’s Jeff Manson has said.
