Supporting the transition to sustainability

Supporting the transition to sustainability

Supporting the transition to sustainability

Insurers have an important role to play in sustainability, not only in terms of their own businesses and employees, but also in supporting their customers as they transition to a more sustainable future. Insurers are looking at how they are exposed to transition risk, but it is also important to talk about transition opportunities, where insurers help support their customers…

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

Tokyo-based MS&AD is the latest Japanese insurer to be attacked for its allegedly “weak” position on insuring coal by various NGOs, led by Insure Our Future, a US-based environmental, consumer protection and grassroots organisation that says its mission is to hold the insurance industry accountable for its role in the climate crisis. MS&AD came under fire after it became the…

Daimler and US authorities finalise $1.5bn dieselgate settlement

Daimler and US authorities finalise $1.5bn dieselgate settlement

Daimler and US authorities finalise $1.5bn dieselgate settlement

German car manufacturer Daimler and its subsidiary Mercedes-Benz have settled actions brought by US authorities over their role in the dieselgate scandal for $1.5bn, following an agreement in principal last month. Daimler said the settlement ends proceedings that alleged it fitted emission control systems to cheat diesel tests in 250,000 vehicles in the US. The company has also agreed a…

Munich Re says cyber, climate change and pandemics are ‘major risks of our time’

Munich Re says cyber, climate change and pandemics are ‘major risks of our time’

Munich Re says cyber, climate change and pandemics are ‘major risks of our time’

Munich Re expects claims in the low triple-digit–million euro range from the explosion at Beirut’s port last month and another low triple-digit–million loss from Hurricanes Hanna, Isaias and Laura, with Covid-19-related losses slowing since the end of June. On the wider reinsurance market, Munich Re said Covid-19 is a wake-up call for major threats such as cyberattacks and climate change.…

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

FM Global urges Asia-Pacific leaders to retain focus on climate risks

Recovery from the Covid-19 pandemic and preparation for a potential second wave is clearly top of the agenda currently for business leaders across the Asia-Pacific region and worldwide. But leaders in the Asia-Pacific region in particular must continue to focus on the impact of climate change and invest in loss prevention, business continuity and risk management and mitigation measures to…

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma uses consultation to press EU to create pan-European transfer solution for systemic risks

Ferma has told the EU in a public consultation that it should help create a pan-European risk transfer solution for systemic risks because current national insurance pools are insufficient, particularly for business interruption (BI) losses, and make it difficult for companies operating across Europe. In a response to the EC’s public consultation on its renewed sustainable finance strategy, the federation…

UK insurance sector welcomes DEFRA plans on flood defences

UK insurance sector welcomes DEFRA plans on flood defences

UK insurance sector welcomes DEFRA plans on flood defences

The UK insurance industry has welcomed plans revealed this week of a new long-term plan to tackle flood risk and coastal erosion from the Department for Environment, Food and Rural Affairs (DEFRA), which includes an investment of £5.2bn in flood and coastal defences by 2027. The British Insurance Brokers Association (BIBA) said it was particularly pleased to see proposals for…

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe has called for the European Commission to remove the definition of environmental, social and governance (ESG) preferences of policyholders in its consultation on amendments to Solvency II and the Insurance Distribution Directive (IDD) concerning sustainability risk. Insurance Europe said clarification of sustainability preferences should be dealt with in the regulatory technical standards of the Sustainable Finance Disclosure Regulation,…

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Bushfires that broke out in Australia during the summer months at the end of 2019 and into 2020 will cost insurers A$1.86bn, according to estimates from PERILS, which has raised the loss from an earlier estimate of A$1.57bn. Australia’s ‘Black Summer’ bushfires caused 34 deaths and burned 18.6m hectares of land, peaking around the turn of the year. New South…

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