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The carrier said it would no longer support greenfield oil exploration and plans a full phase-out of thermal coal from its underwriting portfolio by 2040.
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Axa XL’s global sustainability director set out practical considerations for insurers in their net-zero transitions at a conference today.
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The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.
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The business is targeting a return on equity of 10% in its industrial lines business.
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UnipolRe has pulled out of writing property cat excess-of-loss business as it became the first reinsurer to fully exit the class based on the impact of climate change, Insurance Insider can reveal.
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If you only read a handful of stories this week, make it the selection below.
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Regulators must be less demanding around data requirements from brokers as intermediaries make the shift towards net-zero, the London & International Insurance Brokers Association (Liiba) says.
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Sources say the insurance industry will not walk away en masse from existing clients.
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Male board members still hold more than two thirds of all seats at listed carriers and brokers, analysis shows.
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The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).
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The broker said that weather-related losses had become more severe in the past decade because of climate change.
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The insurance industry is uniquely positioned to bolster the transition to net zero and improve resilience to climate shocks, according to Selwin Hart, UN assistant secretary-general for climate change.