Leading insurers set industry benchmark for climate change
by Gill Montia
Story link: Leading insurers set industry benchmark for climate change
A leading group of insurers would appear to have integrated climate change into “business as usual”, according to the latest review of ClimateWise members from PricewaterhouseCoopers (PwC). Over the past five years, the 27 world-leading insurance companies that make up the ClimateWise membership have made significant advances in research and data used for modelling risk. [...]
Munich Re: new evidence for human-made climate change
by Gill Montia
Story link: Munich Re: new evidence for human-made climate change
A new study from Munich Re shows that North America has been most affected by weather-related extreme events in recent decades – the continent being exposed to every type of hazardous weather peril, partly because there is no mountain range running east to west to separate hot from cold air. According to the research, nowhere [...]
Allianz strengthens ecological and social focus
by Gill Montia
Story link: Allianz strengthens ecological and social focus
Allianz is planning to become the first major company in the world to establish a committee at board level tasked with ensuring that ecological and social issues are taken into account in decisions made throughout the organisation. The committee’s members will be Allianz SE board members Clement Booth, Maximilian Zimmerer and Jay Ralph, who will [...]
Global warming 2°C target “no longer attainable”
by Gill Montia
Story link: Global warming 2°C target “no longer attainable”
Munich Re reckons hopes of a successful conclusion to the world climate summit, which starts today in Durban, South Africa, are “extremely slim”. Progress may be achieved in the second negotiating track, i.e. adaptation aid for the countries worst hit by climate change. However, after the collapse of negotiations in Copenhagen two years’ ago, global [...]
Munich Re calls for renewable energy drive
by Richard Kilner
Story link: Munich Re calls for renewable energy drive
Munich Re has called for a new range of initiatives regarding climate change, with reinsurance operations CEO Torsten Jeworrek describing the switch from fossil fuels to renewable energy as the prime task of the century. The firm forecast that the hopes of a successful conclusion to the negotiations in Durban, South Africa, were slim and [...]
Britons engage with climate change
by Gill Montia
Story link: Britons engage with climate change
Britons are doing their bit to try to prevent climate change but need more help and support, according to new research from Aviva. A study by the insurer found that 85% of respondents are already taking positive action when it comes to tackling climate change, with almost seven in 10 people saying they were concerned [...]
Munich Re insures wind-power guarantees
by Gill Montia
Story link: Munich Re insures wind-power guarantees
Munich Re has begun insuring guarantees given to customers by Fuhrländer, a German builder of wind-power plants. Claiming an industry first, the reinsurer says it now has a range of innovative covers used to underwrite risks in the renewable energies sector. Fuhrländer gives buyers of its up to 2.5-Megawatt wind turbines a technical guarantee of [...]
2010′s natural catastrophes account for $37bn in insured losses
by Gill Montia
Story link: 2010′s natural catastrophes account for $37bn in insured losses
Nine hundred and fifty natural catastrophes were recorded in 2010, against a yearly average for the last ten years of 785. According to Munich Re, nine-tenths of 2010′s events were weather-related, although the reinsurer states: “The overall picture last year was dominated by an accumulation of severe earthquakes to an extent seldom experienced in recent [...]
Willis Re unveils Latin American flood risk models
by Gill Montia
Story link: Willis Re unveils Latin American flood risk models
Willis Re, the reinsurance arm of Willis Group Holdings, has unveiled detailed flood-risk models and large-event scenarios for key Latin American cities including São Paulo, Santiago and Bogotá. The models, which have been developed by Willis Research Network (WRN), should help the firm’s clients optimise their related portfolios and manage their downsides for flood risk. [...]
Munich Re scores solar panel first
by Gill Montia
Story link: Munich Re scores solar panel first
Munich Re says it has introduced the first insurance solution to provide an effective performance warranty for certain types of solar panel in the US. The new plan covers concentrator photovoltaic (CPV) systems manufactured by SolFocus and has been devised in collaboration with the manufacturer and broker Woodruff-Sawyer & Co. The insurer and reinsurer already [...]
ClimateWise advocates government partnerships with insurers
by Gill Montia
Story link: ClimateWise advocates government partnerships with insurers
ClimateWise, a group set up by insurers to respond to the risks and opportunities of climate change, has launched a global insurance industry statement that focuses on developing countries. Prepared in collaboration with the United Nations Environment Programme Finance Initiative, The Geneva Association and Munich Climate Insurance, the statement seeks to highlight ways in which [...]
Caribbean faces rising hurricane risks
by Richard Kilner
Story link: Caribbean faces rising hurricane risks
The future development of the Caribbean could be hampered by increasing hurricane and storm activity caused by climate change, according to the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The study found that wind, storm surge and inland flooding damage took up 6% of some nations’ GDP, with costs expected to rise by 1-3% by 2030. [...]
Flood and Water Management Bill becomes law
by Gill Montia
Story link: Flood and Water Management Bill becomes law
The Flood and Water Management Bill 2009-10 has received the Royal Assent. The Bill addresses the threat of flooding and of water scarcity, both of which are expected to increase with climate change. The new legislation requires the Environment Agency to create a National Flood and Coastal Erosion Risk Management Strategy, which a number of [...]
Natural catastrophe losses down to $22 billion
by Gill Montia
Story link: Natural catastrophe losses down to $22 billion
Munich Re has reported that 2009 saw 850 natural catastrophe events, resulting in insured losses of $22 billion. Losses were far lower in 2009 than in 2008, due to a lower level of major catastrophes and a “very benign” North Atlantic hurricane season. However, in 2009, the total number of destructive natural hazard events exceeded [...]
Munich Re head “stunned” at failure of climate change talks
by Gill Montia
Story link: Munich Re head “stunned” at failure of climate change talks
The chief executive of Munich Re says he is “stunned” by the outcome of the Copenhagen climate change conference. Nikolaus von Bomhard has issued a statement making it clear he is more than disappointed that the 2°C goal agreed with China and India at the G8 summit was merely recognised by delegates, with no pledges [...]
Floods could cost £4bn per year by 2035
by David Masters
Story link: Floods could cost £4bn per year by 2035
Home insurance firms are set to lose £4 billion a year by 2035 on repairing flood water damage unless the industry takes the lead in creating a flood prevention strategy. Insurance companies should work with the Environment Agency and local authorities on putting flood prevention measures in place and making homes flood proof, Co-operative Financial [...]
Green Insurance Company aims for expansion
by Richard Kilner
Story link: Green Insurance Company aims for expansion
Intermediary firm the Green Insurance Company has celebrated two years of business by announcing ambitious plans for growth. The firm is part of Kwik Fit Financial Services and operates in an unusual place within the insurance market as its car insurance product guarantees to offset every molecule of carbon dioxide emitted from clients’ cars. To [...]
Chubb encourages green rebuilding
by Richard Kilner
Story link: Chubb encourages green rebuilding
In a bid to promote the green agenda, the Chubb Group of Insurance Companies is to encourage homeowners to go green after their home is damaged (or even destroyed). One of the issues with going green can be exorbitant costs, but Chubb has promised to assist homeowners with insurance that will cover the costs of [...]
CII calls for industry leadership on climate change
by Gill Montia
Story link: CII calls for industry leadership on climate change
The body that represents professionals working in the insurance sector has warned that climate change will present the industry with the “biggest challenge in our time”. A new thinkpiece from the Chartered Insurance Institute (CII) emphasises “the clear and pressing need” for insurers to assess and effectively manage the issues raised by changing weather patterns. [...]
Flood prone housing developments uninsurable
by David Masters
Story link: Flood prone housing developments uninsurable
Insurance for new properties built in flood-prone areas will become increasingly difficult to find, the Association of British Insurers (ABI) warned this week. Developers who build in areas of high flood risk will find it difficult to sell properties because insurance will be prohibitively expensive or unavailable, the ABI said. Stephen Haddrill, director general of [...]
