Insurance

Biggest insurers failing to get to grips with adaptation, says ShareAction

While most large insurers provide insurance solutions that support climate change mitigation, many are failing to actively support adaptation, according to non-profit ShareAction.

Adaptation investment being blocked, report finds

Adaptation and resilience financing is "rich in instruments but fragmented in use", a report has found, as a financing gap has emerged "so large that public funding alone cannot close" it.

'Won't know if we got the numbers right' on nature insurance, says AXA

Insurers won't know for some years if they are pricing nature correctly, AXA recently told an event, amid debate about the role of parametric insurance.

If insurance fails from climate risk, then the rest of finance will follow, says Aviva

Climate risk is an existential threat not just to the insurance industry but to the broader financial services industry, an Aviva board member has warned, given its role in absorbing risk, but that needs to change.

Lack of data hindering parametric insurance coverage

Despite growing demand for physical risk parametric insurance, Global Parametrics has told Environmental Finance that a lack of reliable data is hindering insurers.

Extreme heat 'emerging as a structural economic risk', warns Allianz

Extreme heat has the potential to hit up to 7% of GDP in major European economies by 2030, and is likely to "compress" expected returns on capital and the value of investments, according to modelling by Allianz.

Typhoon triggers instant insurance payouts for Vietnamese coffee farmers

A parametric insurance policy for Vietnamese coffee farmers backed by insurance brokerage Willis and risk transfer specialist Global Parametrics has been triggered for the first time after a typhoon hit farmer yields.

'Big appetite' for financing transition and climate risks, says Aon

While physical climate risk keeps many company chiefs up at night, there is a growing appetite among insurers to finance such risks, according to broker Aon.

'Insurance will play key role in transition after Iran'

The breakdown of the traditional models governing fossil fuel energy markets will create opportunities for renewables, as the transition accelerates following the Iran conflict, according to one market player.

Insurers warned against hesitancy to back climate adaptation by EIOPA

Insurers have been urged to more proactively back climate adaptation measures, as the EU's insurance supervisor voiced concern that the industry was not incentivising such measures.

Howden-backed pilot produces biodiversity risk platform for UK

Aviva still not disclosed and set targets on insurance emissions, lagging behind peers

Aviva has said that it is still not ready to disclose or set targets for its insurance-associated emissions, placing it behind some industry peers in climate-related reporting.

Almost 'too difficult' to keep up with growth of renewables, says Tokio Marine's green insurer

The fast growth of the renewables industry is making it difficult for insurers to keep up, as new technologies and opportunities continue to emerge, according to TMGX.

Insurers race to plug gaps in climate risk assessments to meet UK rules

UK insurers have flagged challenges linked to improving their use of climate scenario analysis among aspects likely to require the most work as they race to meet a deadline set by their regulator.

Lancashire profits hit by California wildfire losses

BoE climate lead flags risk of decline in insurance coverage

The prospect of insurers reducing coverage in the face of increasing physical climate risks is being monitored by the Bank of England for potential spillover impacts on banks and households, according to the central bank's climate policy lead.