Transition

Beale: Industry must engage on climate and digital agendas to remain sustainable

Dame Inga Beale has issued a rallying cry to the insurance sector to accelerate the pace of digitalisation and decarbonisation to attract both younger and external talent in order to ensure the future relevance and sustainability of the industry.

COP29: A round-up of the first week's discussions

As COP29 prepares for its second week in Baku, Azerbaijan, Sustainable Insurer reflects on discussions so far and what more needs to be done to elevate the role of (re)insurance in global dialogue.

FIT calls out “major gap” in insurance-specific guidelines for transition plans

The UN-convened Forum for Insurance Transition to Net Zero has marked Finance Day at COP29 with the publication of the first global guide on transition plans for insurance companies.

Howden hails &quote;critical paradigm shift” as insurance appears on COP29 finance day agenda

Howden hails "critical paradigm shift” as insurance appears on COP29 finance day agenda

The introduction of (re)insurance to the Finance Day agenda at COP29 marks a “critical paradigm shift” in how the sector is increasingly perceived as a strategic priority in accelerating the low-carbon transition, a new report by Howden has said.

Eiopa recommends higher capital charges for insurers’ fossil fuel assets

The European Insurance and Occupational Pensions Authority has called for additional capital charges for European insurers’ transition-exposed assets to help better align capital requirements with insurers’ actual risk exposures.

Conning: 76% of insurance execs say transition risk will impact investments in five years

Transition-related risks will begin to impact business operations and decision-making over the next five years, a new report by Conning has found.

Axa XL looks to bolster cyber risk consulting team for energy transition business

Axa XL is forming a cyber risk consulting team specifically for companies involved in renewable energy infrastructure as the growing ubiquity of clean energy assets and lack of cybersecurity controls in supply chains and mergers raise concerns over increasing vulnerability.

Howden’s Douglas: Parametrics “at the heart” of wider climate risk quantification

The next five years will see the wider financial system adopt the metrics and methodologies of the insurance sector to quantify physical climate risk, Howden’s Rowan Douglas has predicted, with parametrics at the heart of this transformation.

Swiss Re and Chubb targeted in second day of climate protests

Members of Extinction Rebellion’s Insure Our Survival campaign have blockaded 30 St Mary Axe – also known as the Gherkin – in the second day of targeted action against the UK insurance sector’s alleged involvement in new fossil fuel infrastructure.

LMA’s Davenport: Upskilling needed to be able to underwrite transition pathways

The underwriting demands of the energy transition will require upskilling among managing agents to be able to identify and understand what a credible transition plan looks like, according to Paul Davenport of the Lloyd’s Market Association.

LMA warns misalignment of products and pricing in “silent transition”

A “silent transition” is under way as firms move towards lower-carbon materials and energy sources, potentially causing misalignment between insurance products and pricing if associated risks are unknown or misunderstood, a new report by the Lloyd’s Market Association has warned.

Activists hail updated Generali oil and gas restrictions; call on P&C peers to follow

Environmental campaign group Insure Our Future has welcomed Generali’s move to expand its underwriting restrictions to midstream and downstream oil and gas companies, with the activists calling on Chubb, Allianz, Axa and Sompo to follow suit.

Generali extends underwriting exclusions to midstream and downstream oil and gas

Generali has updated its fossil fuel underwriting restrictions to exclude midstream and downstream oil and gas companies and infrastructure from securing new insurance cover.

Insurers failing to innovate at pace and scale needed for transition products: review

The insurance sector is not evolving underwriting practices to encourage innovation and information-sharing at the pace or scale required to support the development of a pipeline of investible transition activities, a review commissioned by the UK government has found.

Insurers to increase asset allocations to private debt and transition infrastructure: BlackRock

Global insurers are continuing to increase allocations to private markets, with 60 percent of respondents in BlackRock’s latest Global Insurance Survey also targeting clean energy infrastructure investments to meet transition objectives.

Lloyd’s hails “strong interest” in transition risk for 2025 syndicate business planning

Lloyd’s has seen “strong interest” in the new transition risk class among syndicate business forecasts for 2025, although chief underwriting officer Rachel Turk underlined that the Corporation is being careful not to get ahead of sustainability-related regulation.

Neal: No plans for more restrictive fossil fuel underwriting policies

Lloyd’s is not considering tougher underwriting policies around oil and gas infrastructure, CEO John Neal has confirmed, with the executive underlining the need to consider the energy transition as a gradual transformation rather than a dramatic cutover.

Tokio Marine pledges ¥45bn in transition premium by 2026

Japanese insurance giant Tokio Marine has unveiled a new interim target to reach ¥45bn ($316.9mn) in premiums from transition-related products and services by 2026.

Calls mount on Eiopa to include transition risk in insurer capital requirements

A coalition of 20 environmental and civil society campaign groups have signed an open letter urging the European Insurance and Occupational Pensions Authority to include climate-related transition risks when calculating insurers’ solvency capital requirements.

WTW’s Carter: Don’t bury your head in the sand on a transition plan

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.

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