New Zealand has become the first country in the world to pass a law that will ensure financial organisations disclose and ultimately act on climate-related risks and opportunities, Commerce and Consumer Affairs Minister Dr David Clark and Climate Change Minister James Shaw announced in a joint statement yesterday.
International insurance broker Howden estimates that as much as $1.5tn of total pension fund capital could be deployed in the (re)insurance space to help close the protection gap in poor communities who are facing the starkest effects of climate change.
Mr Guo Shuqing, CBIRC chairman, has said that China's catastrophe insurance scheme takes earthquakes as the main cause of disasters, but it is urgent to include typhoons, floods, and droughts in the scheme's coverage.
The industry must continue its efforts to address cyber risk better said AIG president and CEO Peter Zaffino, during an Aon fireside chat.
Global risk and reinsurance specialist Guy Carpenter has launched a wildfire risk score (WRS) designed to help clients manage their exposure to the evolving risk of wildfire across Europe.
Speakers at the Annual Insurance Summit organised by the National Insurance Academy recently emphasised the need for collaboration between different stakeholders to bridge the insurance protection gap in the country.
Descartes Underwriting, the largest independent parametric-specialised firm, has formed a partnership with ICEYE, a leader in persistent monitoring and provider of flood hazard data.
US weathered 18 weather and climate disaster events with losses exceeding $1bn each across the country till September during 2021.
Insured losses from natural catastrophes are expected to be at or above the budget expectations of global reinsurers in 2021 as well, the fifth year in a row, according to S&P Global Ratings analysis.
Paris headquartered global insurer AXA has announced new commitments to preserve biodiversity by implementing a plan to fight against the deterioration of forest ecosystems.