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The business is looking to become a lead presence in green risks in London, following Syndicate 457’s exit from oil and gas business.
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The group has also developed a multi-stage reduction path for its withdrawal from thermal coal by 2038.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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Shock departures from the Net Zero Insurance Alliance have cast a shadow over the group’s long-term future, as a number of high-profile carriers review developments and consider their ongoing membership.
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The NGO called out “climate laggards” for “tarnish[ing] the reputation of Lloyd’s and all other Lloyd’s insurers”.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
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The report states that nature-related financial risks need to be better understood, quantified and managed within insurance underwriting portfolios.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Industry climate alliances have received allegations from conservative politicians and regulators in the US that such commitments are illegal group activities that violate antitrust laws.
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Reliable ESG information is increasingly important, as an estimated $33.9tn of global assets under management will consider ESG factors within three years.