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The renewables underwriter said the sector was suffering from broad terms, high claims and new entrants from the oil and gas sectors.
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Joachim Wenning said the financial sector would play a crucial role in the “very, very costly” energy transition.
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Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
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Financial authorities must ‘massively expand’ risk-sharing pools.
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The UN’s Butch Bucani, speaking on Swiss Re’s COP26 panel, warned that the transition was not just about “putting a thermometer in your insurance portfolio and saying ‘it’s 1.5 degrees’”.
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The UK’s largest firms including insurers and brokers will be mandated to disclose climate-related financial information from April.
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The insurance market has the potential to become a “significant influencer” in combatting modern slavery, according to the independent anti-slavery commissioner Dame Sara Thornton.
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The carrier will stop underwriting and investing in new upstream oil greenfield exploration projects, unless certain conditions are met.
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The regulator plans to switch its supervisory approach from assessing the implementation of climate-related expectations to “actively supervising against them”.
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The Corporation said it planned to transition its £3bn ($4.1bn) Central Fund to net zero by 2050 by redirecting capital flows to green investments.
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The pair have created a ‘carbon risk rating’ for customers that underwriters can use when considering the impact of each policy.
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Lloyd’s also highlighted its desire not to become the “market of last resort” for carbon-intensive companies.