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…

EQC renews New Zealand $6.2bn reinsurance programme

EQC renews New Zealand $6.2bn reinsurance programme

EQC renews New Zealand $6.2bn reinsurance programme

The New Zealand Earthquake Commission (EQC) has renewed its $6.2bn reinsurance programme for the forthcoming year and said that its investment in research and modelling after the Canterbury earthquakes of 2010 had clearly helped its case. “International reinsurers have again shown their ongoing confidence in New Zealand and the Earthquake Commission with this year’s agreement, which commenced on 1 June…

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

Berkshire lunches EIL cover in France

Berkshire lunches EIL cover in France

Berkshire lunches EIL cover in France

Berkshire Hathaway Specialty Insurance (BHSI) is now offering environmental impairment liability (EIL) insurance in France. The company said the new policy combines cover for multiple environmental risks, with technical and legal support to help insureds mitigate environmental incidents and claims. The policy provides protection for an insured’s operating sites and offsite services, such as transport operations. It includes cover for…

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

The Covid-19 pandemic and resultant economic downturn are set to extend the hard US commercial insurance market through 2021, according to Willis Towers Watson (WTW) in a report that shows buyers already face tough conditions. “The pandemic and economic downturn will very likely extend the hard market through 2021, with market discipline continuing as insurers’ losses materialise and their investment…

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon withdrew its 2020 guidance on revenues and profits as it announced its first-quarter results on Friday, because of the uncertainty caused by the Covid-19 pandemic. The group is preparing for a likely reduction in revenues in coming quarters because of the global economic downturn caused by the virus. It assured investors that it is proactively managing its cost base…

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Risk managers cannot afford to ignore climate change risks, despite the immediate Covid-19 crisis, and should be encouraging their directors and officers to maintain climate change on boardroom agendas if they are to thrive in the coming months. Experts speaking at a webinar organised by Commercial Risk warned climate change activists will be working hard despite the lockdowns, and will be…

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT Specialty has boosted its renewable energy team with the creation of new regional roles. Oliver Holme has been appointed to the newly created role of UK and US offshore wind leader. Mr Holme previously worked as lead risk and insurance specialist for a Danish utility. He will relocate to Boston from London early in 2021 and he will…