Reinsurers’ estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%, according to a report published by S&P Global Ratings. “Unmodeled risks and the inherent difficulties in attributing extreme events to climate change create the risk that …
British insurer Aviva called on Wednesday for urgent action from policymakers, developers and insurers to protect homes and businesses from the impact of climate change, saying most were ill-prepared to handle extreme weather. It said more than 570,000 new homes …
Howden, the London-based insurance group, announced the launch of a Climate Risk and Resilience division. Led by Charlie Langdale, the team will focus on risk transfer products that help to accelerate and de-risk the move towards a low carbon economy, …
Climate change financial ‘stress tests’ will need to be improved with better data and modeling, a new paper by a global oversight body has recommended, but potential losses at individual banks or insurers should not be publicly disclosed. The report …
Guy Carpenter & Co., the reinsurance business of Marsh McLennan, announced the launch of a suite of climate advisory and modeling services, as companies look to develop and integrate robust climate change strategies into their overarching environmental, social and governance …
The world’s top financial regulators want to coordinate efforts to prepare for potential risks from climate change as authorities still lack common standards for assessing what could be one of the biggest threats facing banks and insurers. The Financial Stability …
TOKYO – As the world tries to price the cost of climate change, Japan’s second largest non-life insurer MS&AD foresees the potential rise in claim payments in 2050 to be anywhere between 5% to 50% from current levels. Sompo Holdings, …
TOKYO – Japanese financial institutions are struggling to put a price tag on the cost of climate change, an effort made difficult by the long timeframe and a lack of data for making credible predictions. Non-life insurer MS&AD, for one, …
The UK is struggling to put in place adequate measures to deal with rising sea levels and warmer temperatures caused by pollution, the government’s independent adviser on climate matters has warned. Average land temperatures in the UK have risen by …
Legal & General Investment Management will sell holdings in four companies including U.S insurer American International Group Inc. after deeming they’re making insufficient progress on addressing climate change risks. The UK asset manager said in a statement on Tuesday it …
