China's banking and insurance sector will accelerate the development of green finance and provide comprehensive financial services to assist in the country's transition toward a greener and low-carbon economy, regulatory officials have said.
With the Chinese government's goal of developing green finance, the insurance industry has published details of how it has been helping in green development.
The Insurance Council of Australia (ICA) yesterday said that the Queensland Government's Budget announcement of just A$10m ($7.7m) for household resilience and mitigation measures was a missed opportunity to better protect Queenslanders from extreme weather events.
A new market-led initiative Taskforce on Nature-related Financial Disclosures (TNFD) to support financial institutions and corporates in assessing and managing emerging nature-related risks and opportunities has been launched.
Insurance could cost-effectively help protect and restore mangrove forests, which can offer increased resilience and protect against coastal flooding according to a report published by The Nature Conservancy and University of California and supported by AXA XL.
China's insurance industry will continue to play an active role in promoting social stability and boosting economic growth during the duration of the government's 14th Five Year Plan that covers the years 2021 to 2025. The insurance industry's participation will be at a higher level than previously, as it undergoes supply-side reforms, supports the high-quality development of the real economy, drives innovation and creates new demands, according to the international professional services firm EY.
New Zealanders are increasingly expecting the government and the business sector to take stronger action on climate change adaptation, according to the results of IAG's fourth annual climate change opinion poll released yesterday.
AXA Hong Kong and Macau has released a video series to inspire and encourage customers to support green initiatives in their everyday life.
The number of tropical cyclones forecast to form between 1 April and 30 September this year is above normal, according to Guy Carpenter, the reinsurance broking arm of Marsh McLennan.
In his closing speech for this year's Insurance Development Forum, UN secretary-general Antonio Guterres called for the insurance industry to utilise its investing power in climate-friendly and carbon-neutral portfolios.