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Climate Change

  • 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
  • From climate change to geopolitical risks to cyber attacks, insurers are trying to navigate unsure ground. Here are the highlights of exclusive Insider Engage interviews with key executives at RIMS 2022 in San Francisco.
  • The biggest challenge facing insurers today is the need for the industry to come together to collaborate and find solutions for emerging risks, said Chris Sparro, CEO North America, Sompo International Commercial P&C Insurance.
  • Liability insurers’ exposure to litigation losses will widen, according to webinar panel.
  • Insurers must always lift their eyes towards the horizon and scan it carefully for emerging risks. The events of the last two years have reminded every insurer of the need to pay careful attention to the future -- pandemics, the impact of climate change, automation, technology and artificial intelligence, and now war in Europe -- all hold potentially devastating implications for insurers.
  • Insurers can play a leading role in closing the protection gap by helping people plan to reduce the risk of disasters before they strike, and by providing financial help after, said Denis Duverne, chairman, Insurance Development Forum, and chairman of AXA, in an exclusive interview with Insider Engage.
  • As Russia’s invasion of Ukraine intensifies, the international conflict is disrupting global energy supply chains since Russia is one of the world’s largest oil exporters.
  • Carbon emissions reduction targets are often important goals for major cities today, with municipalities and local governments across the globe coming up with individual or joint plans based on existing mechanisms or ones that reflect the circumstances and priorities of a particular city.
  • There has been a great deal of debate about what it will take for individual companies to reduce their carbon dioxide (CO2) emissions. Many argue that either a carbon tax or cap-and-trade program is the most viable option. Some even maintain that such policies should include all greenhouse gases (GHG), including methane and nitrous oxide.
  • This KBRA report is a follow-up to a research publication on KBRA’s general approach to incorporating environmental, social, and governance (ESG) factors in KBRA’s credit rating process across corporate, financial, and government (CFG) ratings, which we describe as ESG Management. While our previous publication provided a broad overview of KBRA’s ESG Management approach, this report focuses on the potential influence of ESG topics on KBRA’s analysis of corporate ratings. It is important to note that this research is not methodology. KBRA’s cross-sector ESG methodology can be found here.
  • Insurance supervisors want wider transparency and disclosure on climate risk and not just greenwash.
  • Insurers can play a role in mitigating cyber risk, but may need to partner with law enforcement and governments, said Sean Kevelighan, chief executive officer, the Insurance Information Institute.
  • Para leer este artículo en español, haga clic aquí.
  • Tim McCosh, Co-Founder and CEO of Yokahu, looks ahead to what promises to be a busy next year as parametric products step in to bridge the trust gap in insurance
  • In September 2013, Chicago’s city council and then-Mayor Rahm Emanuel adopted a building energy benchmarking ordinance that aimed to raise awareness of energy performance as well as unlock energy and cost saving opportunities for businesses and residents. The ordinance, which was fully phased in by 2016, calls on commercial, institutional, and residential buildings larger than 50,000 sf to track whole-building energy, defined as the usage of electricity; natural gas; and any other fuels to operate both common and tenant-occupied spaces. The ordinance requires information to be reported to the city annually and verified every three years by a licensed in-house or third-party professional. The law covers less than 1% of Chicago’s buildings according to Chicago.gov, but roughly 20% of total energy consumed across the city. While the ordinance does not currently require building owners to make mandatory investments, a 2019 energy benchmarking report published in April 2021 revealed $24.6 million in annual energy reduction savings between 2016 and 2019 (approximately $74 million in total) and a 15% decline in carbon emissions per building sf over the period.
  • A potent storm system on December 10-11 that saw a reported 70 tornados tear across Kentucky, Arkansas, Illinois, Mississippi, Missouri, and Tennessee resulted in widespread devastation and tragic loss of life. In Kentucky alone, a significant long-track tornado that started in Woodland Mills, Tennessee, traveled a 165.7 mile path of destruction to Falls of Rough, Kentucky.
  • This KBRA report is a follow-up to a research publication on KBRA’s general approach to incorporating environmental, social, and governance (ESG) factors in KBRA’s credit rating process across corporate, financial, and government (CFG) ratings, which we describe as ESG Management. While our previous publication provided a broad overview of KBRA’s ESG Management approach, this report focuses on the potential influence of ESG topics on KBRA’s analysis of corporate ratings. It is important to note that this research is not methodology. KBRA’s cross-sector ESG methodology can be found here.
  • Cyber, natural catastrophes and the ongoing pandemic are top of mind for executives attending the Joint Industry Forum in New York.
  • How can re/insurers manage growing catastrophe risks if lessons from the past no longer apply?
  • Their size and diversified nature can foster long‑term change.
  • Join a dynamic discussion with Insider Engage, hosted in partnership with Verisk
  • The focus of this year’s gathering at the 26th UN Climate Change Conference of the Parties (COP26) held in Glasgow, Scotland, on October 31-November 12, was to strengthen countries’ emissions reduction goals to limit global temperature rise to 1.5°C. Kroll Bond Rating Agency (KBRA) monitored the proceedings to understand how country commitments will influence international climate investment and spur the low-carbon transition worldwide.
  • The focus of this year’s gathering at the 26th UN Climate Change Conference of the Parties (COP26) held in Glasgow, Scotland, on October 31-November 12, was to strengthen countries’ emissions reduction goals to limit global temperature rise to 2°C and ideally closer to 1.5°C.
  • Increasing stakeholder pressure for the decarbonization of the shipping industry brings mixed credit implications for shipping companies and vessel financings.
  • As the world’s eyes turn to Glasgow where COP26 is upon us, insurers are evermore expected to lead on climate and sustainability.
  • The growth of secondary perils is driving the need for improved risk management, but also creating opportunities for insurers, said Nikhil da Victoria Lobo, head Western & Southern Europe, Swiss Re.
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