Sompo Holdings has said that Sompo Japan Insurance will not insure and invest in new construction of coal-fired power plants in Japan, except for projects for which underwriting, investment and financing have already been announced.
Catastrophe risk modelling firm AIR Worldwide has released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modelled crop lines of business and a newly modelled sub-peril. This update also includes a new livestock module that adds six additional lines of business and two new sub-perils.
The Ministry of Climate Change and Environment has drawn up an action plan to enhance the insurance sector's capabilities to adapt to the repercussions of climate change.
New Zealand will be the first country in the world to require the financial sector to report on climate risks, according to Minister for Climate Change James Shaw.
Global reinsurer Swiss Re has announced further measures to support the transition to a low carbon economy. Starting January 2021, Swiss Re's internal carbon levy will increase from today's $8 per tonne to $100 per tonne CO2.
The (re)insurance industry is navigating one of the most significant periods of change in recent times which is altering perceptions of risk across the sector. The impact of COVID-19, the first globally systemic insurance loss, has put pressure on a marketplace already addressing challenges on multiple fronts. During this period of transformational change, reinsurance continues to be a highly effective tool to enable insurers to respond, according to a panel of speakers at the media briefing 'The changing nature of risk' hosted by Guy Carpenter.
Sub-Saharan Africa, South Asia, the Middle East and North Africa are the regions facing the largest number of ecological threats, according to the inaugural edition of the Ecological Threat Register (ETR).
The African Risk Capacity (ARC) Group, a pan-African risk management insurance group, plans to launch a new product in 2021 to help member countries fight floods.
Recent floods ravaging parts of East and South Asia have once again brought the issue of flood risk to the forefront. Flood risk has, in fact, been increasing due to the impact of global warming and the increasing intensity of acute climate events coupled with rapid urban development, according to FM Global Asia vice president and client service manager Tan Hian Hong.
Facing the spectre of intensifying disaster risk, China is moving apace with its resilience building efforts - from emergency response and protective infrastructure, to developing agricultural insurance products, according to a World Bank knowledge note.