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climate change

UK Gov Environmental Committee proposes mandatory climate risk reporting

4th June 2018

The UK Government’s Environmental Audit Committee has recommended that it should be mandatory for large companies and asset owners to report their exposure to climate change risks and opportunities by 2022. The Committee’s new report on Greening Finance concluded that such a measure would encourage companies to focus on long-term considerations ... Read the full article

Philippines spearheads region-wide ASEAN disaster risk database

21st May 2018

The Philippines has begun sharing disaster risk information with its private sector in an effort to encourage fellow member states in the Association of Southeast Asian Nations (ASEAN) to build a region-wide database on disaster risk management and climate control. By establishing a shared database, the Philippines hopes to mitigate the ... Read the full article

Re/insurers failing to adjust to climate change, reports University of Waterloo

16th May 2018

The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article

Allianz expands climate strategy with long-term carbon reduction goals

9th May 2018

Allianz Group has significantly expanded its climate strategy with plans to immediately withdraw from re/insuring coal-based power plants and mines, and long-term goals to phase out its investments in coal-based business and re/insurance coverage of related risks by 2040. The Group also plans to support the long-term development of a low-carbon ... Read the full article

Climate change offers growth opportunities for re/insurers: Moody’s

27th March 2018

Moody’s has suggested that the effects of climate changes may present many opportunities for re/insurers to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap. A recent report by the company predicts that insurance will likely become a more widespread part of comprehensive risk ... Read the full article

Lloyd’s Inga Beale warns of climate change impact on re/insurers

26th March 2018

Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article

Monetary Authority of Singapore promotes sustainability and technology in re/insurance

23rd March 2018

In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article

Climate change has a net negative credit impact on P&C industry: Moody’s

16th March 2018

Climate change creates significant challenges for the property and casualty (P&C) re/insurance industry, posing risk management and financial risks which account for a net negative credit impact on the sector, according to a recent Moody's report. "The effects of climate change on the frequency and severity of catastrophic events are difficult ... Read the full article

Verisk study finds strong links between extreme U.S. winters and Arctic warmth

15th March 2018

A recent study by Verisk Analytics’ Atmospheric and Environmental Research (AER) business and Rutgers University, has claimed that the frequency and severity of extreme winter weather in the U.S. is related to fluctuations in Arctic temperatures. Published in Nature Communications, the study observed that extreme winter conditions in the eastern U.S., ... Read the full article

Swiss Re backs innovative coral reef insurance solution

12th March 2018

Global reinsurance giant Swiss Re has supported the development of an innovative new parametric insurance solution designed to help the conservation of the Mesoamerican Reef, which includes protecting the coral reef and beach sand against the impacts of major hurricanes. The new insurance solution was announced at the 2018 World Ocean Summit ... Read the full article

Insurance Europe advocates more risk prevention and public-private cooperation

8th March 2018

Insurance Europe has published its response to the European Commission’s consultation on the European Union’s (EU) strategy for adapting to climate change, and has outlined several recommendations for improvement. Insurance Europe has expressed full support for the aims of the EU’s Adaptation Strategy, which was implemented in 2013 in an effort ... Read the full article

ARC & UN partner to increase Africa insurance penetration

31st January 2018

The African Risk Capacity (ARC), an agency of the African Union, and the United Nations Economic Commission for Africa (ECA) have announced a new partnership to improve resilience in African states through increasing insurance protection against climate risks. In the partnership, ARC and ECA plan to embed risk management investments into ... Read the full article

Nephila looks to expand weather risk business with Nephila Climate launch

30th January 2018

Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article

Public-private sector collaboration vital to tackling climate protection gap

26th January 2018

The re/insurance industry has contributed significantly to building resilience to climate change, one of the biggest socio-economic threats faced globally, however, the successful transition to a low-carbon economy needs additional support and collaboration from third-party stakeholders to mitigate obstacles to overcoming the protection gap (disparity between economic and insured losses ... Read the full article

2017 was the costliest and warmest year on record for U.S. climate risk

9th January 2018

With 16 climate disasters each with losses at over $1 billion, total economic losses for U.S. climate disasters reached $306 billion, making 2017 both the costliest and warmest year on U.S. records, according to the U.S. Department of Commerce National Oceanic and Atmospheric Administration end of year recap. The western U.S. ... Read the full article

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