February 24, 2020
Australia’s prudential regulator said on Monday it was looking to better understand the financial risks of climate change and would begin undertaking deeper assessments of the industry’s vulnerabilities to improve resilience. The Australian Prudential Regulation Authority (APRA) will develop industry …
February 14, 2020
Australia’s central bank chief Philip Lowe warned of wide-ranging economic and financial impacts from climate change, after his drought-stricken nation suffered some of its worst wildfires ever. Speaking on a panel with his Canadian counterpart, Lowe pointed out that drought …
February 13, 2020
Mark Carney said he’s lucky he never had to cut interest rates below zero as Bank of England governor because they would have damaged the UK. Carney, who leaves the central bank next month, has long been opposed to negative …
January 31, 2020
The Bank of England faces an uphill climb to get the finance industry ready for one of its biggest threats: the climate. About 80% of senior finance executives believe their firms “lack well-developed strategies to manage the risks of climate …
January 29, 2020
Canberra, Australia’s capital that’s surrounded by bush, is facing its worst wildfire threat in 17 years as a blaze sparked by a military helicopter approaches the city amid heatwave conditions. Residents in Canberra’s southern suburbs should be vigilant after the …
January 27, 2020
Australian insurers are well-capitalized and should be able to withstand losses from the 2019/2020 bushfire season, aided by strong capital positions and support from reinsurance partners, said AM Best. The ratings agency explained that comprehensive use of reinsurance has helped …
January 24, 2020
Australian wildfires that have razed thousands of homes and blackened an area about the size of England may also create the nation’s first climate refugees. That’s the view of Michael Mann, distinguished professor of atmospheric science at Pennsylvania State University, …
January 23, 2020
It took two years for Nigel Allison to build his mud-brick house on a sleepy southeastern tip of Australia, and just hours for it to be gutted by fire. The cherished three-bedroom home built in 1986 was one of several …
January 21, 2020
The New South Wales and Victorian state governments will coordinate the clean-up of insured and uninsured residential and commercial properties destroyed in the deadly wildfires. Under the plan, the states will appoint major contractors to do the work, which will …
January 21, 2020
As the financial industry comes under pressure to avoid funding dirty energy, the heads of Citigroup Inc. and Zurich Insurance Group AG said they need their clients to do more work too. “I say to our clients, ‘I don’t want …