New environmental liability guide from IUA

New environmental liability guide from IUA

New environmental liability guide from IUA

The International Underwriting Association (IUA) has published a new environmental liability guide, which underlines that general liability policies provide extremely limited cover for environmental liabilities. According to the IUA, A Practical Buyer’s Guide to Environmental Risk highlights a number of key limitations of non-specialist policies and demonstrates the breadth of coverage available for environmental risks in the environmental impairment liability…

Wind: Mitigating the environmental impact

Wind: Mitigating the environmental impact

Wind: Mitigating the environmental impact

While the climate case for renewables is undeniable and the economic case is becoming increasingly compelling, clean energy does present some threats to the environment that need to be navigated. The potential benefits of renewable energy sources such as wind, solar, hydro, tidal and geothermal are widely known, including a reduction in greenhouse gas emissions, the diversification of energy supplies…

EBRD and Euler Hermes support investments in green bonds

EBRD and Euler Hermes support investments in green bonds

EBRD and Euler Hermes support investments in green bonds

The European Bank for Reconstruction and Development (EBRD) and Allianz Group’s trade credit insurer Euler Hermes SA/NV have signed a master risk participation agreement to support investments in green bonds. As a result, Euler Hermes, through its UK branch, has taken on half the risk in an existing EBRD loan to a financial institution in Serbia. Moreover, the company has…

GVNW to focus on risk management and sustainability with photovoltaic energy

GVNW to focus on risk management and sustainability with photovoltaic energy

GVNW to focus on risk management and sustainability with photovoltaic energy

The German association of risk and insurance managers, the GVNW, will host a virtual event on photovoltaic systems on 8 July. The event will examine different aspects of photovoltaics – which are solar panels used to generate electricity – to gauge, in particular, how their insurability is developing. Alexander Thoma and Meike Horst from Basler Sachversicherungs AG, the Bad Homburg-based…

CO2 pricing and adequate regulatory framework key to Green Deal success

CO2 pricing and adequate regulatory framework key to Green Deal success

CO2 pricing and adequate regulatory framework key to Green Deal success

The European Green Deal needs the commitment of the business community and an adequate European regulatory framework to achieve its potential, concluded a recent German Insurance Association (GDV) webinar on the role of insurance in promoting sustainability. The webinar, moderated by Kirstin Zeidler, head of communications at the GDV, featured a debate with Ottmar Edenhofer, director and chief economist of…

Argo exits Trans Mountain pipeline cover as campaign steps up pressure on insurers

Argo exits Trans Mountain pipeline cover as campaign steps up pressure on insurers

Argo exits Trans Mountain pipeline cover as campaign steps up pressure on insurers

Lloyd’s and Bermudian insurer Argo Group will not renew cover for Canada’s Trans Mountain oil pipeline after the current policy expires at the end of August, according to several media reports. In a statement to Canadian website Public Citizen, Argo said: “This type of project is not currently within Argo’s risk appetite.” It confirmed that its current insurance policy with…

Work underway to bring post-hurricane parametric protection to Mesoamerican Coral Reef

Work underway to bring post-hurricane parametric protection to Mesoamerican Coral Reef

Work underway to bring post-hurricane parametric protection to Mesoamerican Coral Reef

Willis Towers Watson (WTW) has launched a multinational partnership programme with the Mesoamerican Reef Fund to develop pandemic insurance solutions to help restore the Caribbean coast’s 1,000km reef system and local economies after hurricanes. The Mesoamerican Reef Insurance Programme will design and implement parametric insurance covering hurricane risk to the Mesoamerican Reef (MAR) and the communities that depend on it…

Howden seeks backing for new sustainable insurer Parhelion

Howden seeks backing for new sustainable insurer Parhelion

Howden seeks backing for new sustainable insurer Parhelion

Howden has seed-funded the launch of what it describes as the world’s first fully sustainable insurer, Parhelion, which is targeting a capital raise of $500m. Parhelion will provide traditional risk coverage and create new ESG-specific products for future risks. Howden said the company will look at risk “through a new lens”, to support a “unique underwriting approach” based on data,…

Environmental risk and remediation in focus in Italy

Environmental risk and remediation in focus in Italy

Environmental risk and remediation in focus in Italy

Sustainability is a wide-ranging subject that encompasses all the impacts of business on society, the environment and the workforce. It is a trend that will influence the strategies of companies in all industries during the next few years, and will become the acid test of enterprises’ financial credibility. Tackling sustainability in all its peculiar aspects is a major challenge and…

Italian risk managers told to tool up to combat climate change

Italian risk managers told to tool up to combat climate change

Italian risk managers told to tool up to combat climate change

The third day of proceedings at Anra’s 21st annual conference last week was dedicated to an analysis of the new risks posed by energy transition and digitalisation. Those are two examples of how the role of a risk manager will need to evolve and follow change, ideally anticipating that change and its impact on the business before others. The two perils…

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