Insurance industry ambitions to forge a global alliance to ensure it makes an effective contribution to the drive to achieve Net Zero carbon emissions have crumbled in the face of threats from US lawmakers.

The marine insurance industry faces myriad challenges including geopolitical tensions, uncertain macroeconomic conditions, ESG issues and a shortage of talent. Inland marine insurers are being further impacted by increased reinsurance costs and severe weather conditions, and as a result are increasingly turning to technology to improve the underwriting process.

Offshore wind projects wouldn’t get off the ground without insurance in place. But stretched supply lines for developers has brought risk quality into focus for specialist underwriters, according to Markel’s Matt Rowland

Environmental, social and governance issues have undoubtedly become key priorities for (re)insurers. The next step is for (re)insurers to start thinking about how they tackle, and indeed can benefit from, incorporating ESG into decision-making across their entire business, including underwriting.

Companies globally face a multitude of risks, from the current volatile sociopolitical environment to the increased adoption of artificial intelligence (AI) and issues surrounding environment and social and governance (ESG). This has led to increased demand for insurance coverage from multinationals.

John Scott, Head of Sustainability Risks at Zurich Insurance Group, is an experienced chief risk officer whose focus now is on bringing risk management thinking to ESG issues, especially climate change. Here he talks about the evolution of risk data and the role of regulation in shaping the industry’s approach.

Strong ESG performance is no longer an optional credential for insurers: investors, raters and regulators all demand it.

Insurance companies are faced with new challenges as severe weather events continue to impact renewable energy projects and are working to improve their understanding and management of risk in the sector through technical engineering capabilities and increased collaboration with industry stakeholders.

The hard insurance market appears to be softening, with Airmic’s latest pulse survey identifying signs of ‘green shoots’ as the pace of rate increases slows