The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine capital requirements for now. The …
Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according to report published by …
ZURICH – Large Swiss banks and insurance companies will have to provide qualitative and quantitative information about risks they face from climate change, Swiss financial watchdog FINMA said on Monday as it released an amended publication on disclosure. FINMA’s updated …
There is now a 40% chance that global temperatures will temporarily reach 1.5 degrees Celsius above pre-industrial levels in the next five years — and these odds are rising, a U.N. report said on Wednesday. a U.N. report said on …
Climate change is making hurricanes bigger and stronger, and it may soon push them farther north. Yet Canada’s homeowners, businesses and insurers underestimate that escalating risk, according to one of the world’s leading reinsurance firms. Overall, the northern nation has …
The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by international organizations, has launched a program to develop a parametric flood and earthquake product, as well as indemnity landslide protection in Colombia. The IDF, …
UK Chancellor of the Exchequer Rishi Sunak is pushing the Group of Seven (G-7) economies to impose mandatory reporting of environmental risks on their big companies, people familiar with the matter said. Under the proposals, the biggest companies would report …
Organizers of a United Nations summit where world leaders will seek to negotiate an accord for nature akin to the Paris climate agreement want banks and fund managers to play their part in protecting the planet’s biodiversity. Ahead of the …
Lloyd’s announced the next 11 insurtech start-ups that are participating in the sixth cohort of its Lloyd’s Lab innovation accelerator program. These insurtechs will be focused on creating simpler products for customers, including building solutions related to climate risks. This …
New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said on Tuesday. All banks …
