Climate Change

Insurers need to go beyond traditional ESG concerns like climate change and consider other macrosocial and environmental challenges such as global supply chain crises and geopolitical conflicts to act on their ESG-related risks and responsibilities.

Recent climate events have dented Brazil’s reputation as a non-catastrophic market, a perception that is set to have an impact on the country’s insurance market.

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.

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

2022's Airmic ERM (Enterprise Risk Management) Forum held in London, provided risk professionals a networking platform to explore trends that are reshaping the enterprise risk management landscape, such as the impact of geopolitical tensions on supply chains as well as the increasing threat of cyber attacks as our world becomes more interconnected.

Airmic’s latest survey has identified that climate risk is not being prioritized among its members and that risk professionals are more concerned with managing severe short-term risks, such as flooding and tropical cyclones than the long-term impact of climate change.

KBRA report concludes that COP remains an important global event despite challenges of reaching consensus on loss and damages this year

Climate-related risks are accumulating in supply chains, posing a growing threat to business interruption insurers and their clients.

Tim Edwards talks to Meg Green, live at the London Market Conference 2022, about nat cat loss trends and the fallout of Hurricane Ian.

Using technology to make insurance fairer for underserved farmers

KBRA looks at a new report on the threat to coastal communities from rising sea levels in the coming decades.

Business preparation and public-private collaboration are seen as the keys to prevention

"We can't forget, now that we're 30 years on from Huricane Andrew, that it only takes one storm to make a huge difference in a season," says Churney.

Meg Green sits down with Peter Giacone, senior managing director at KBRA, to talk all things ESG, climate change and ratings.

Being keen to gain insights into the untapped potential of the insurtech world, I was delighted to be granted an interview with Richard Chattock, CEO of Insurtech Gateway.

Whether from primary or secondary perils, losses from natural disasters have now exceeded cat budgets for some years in a row. The frequency and severity of events have exceeded our expectations, usually based on internal and vendor cat models. Efforts have been made using multiple granular economic and risk data to better understand what and where the insured values are (including density, inflation and business interruption), but we are forced to recognize the changing nature of events we face.

Secondary perils are not new to the (re)insurance industry. The risks presented by wildfires, hail and wind have long been modelled, assessed and underwritten by insurers and reinsurers alike.

There’s been no let-up in nat cat events so far this year, with insured losses topping $10bn in the first quarter alone, for the sixth consecutive year.

Climate change is a major concern for our societies as a whole and our industry in particular.

But are the burdens placed on businesses too unrealistic?

The industry is getting to grips with integrating climate change into risk management processes

As losses from secondary perils continue to reach levels typically seen from hurricanes and earthquakes on an aggregate or individual event basis, insurers need to lead the discussion on risk mitigation, says Dan Dick, Global Head of Property Analytics at Aon’s Reinsurance Solutions.

Climate change has long been on the risk register of (re)insurers across the globe.

The Monte Carlo Rendez-Vous has returned to an in-person event after a two-year absence. Did the hiatus have any positive effects?

As climate risks become a growing threat to global stability, the insurance industry plays a critical role in mitigating climate change and promoting resilience.

The growing hydrogen economy has the potential to cut global emissions. How prepared is the insurance market for these new risks?

Boosted by government incentives and the introduction of new products like parametric cover, agricultural insurance has posted solid growth in the past decade in Colombia, attracting new players into the market.

Climate change presents significant risk for the insurance industry on both sides of the balance sheet, and KBRA offers a new metric to help investors dimension an otherwise amorphous aspect of climate risk to specifically move beyond assuming the level of credit risk is related to total emissions.

Parametric insurance often supplements traditional insurance, but can also replace it, said Daniel Vetter, head of Americas, Descartes Underwriting.

Please join us for this free webinar, offered in partnership with Markel, at 10 a.m. on June 8