FCA introduces “greenwashing” rules to help navigate investment market
The Financial Conduct Authority is introducing a package of measures to address “greenwashing” concerns and help consumers navigate the market for sustainable investment products. The FCA has acted in response to consumers increasingly demanding more sustainable products and services. As a result, there has been a growing number of products and services which claim to […]
Storm Babet costs eclipse three biggest UK storms of 2022
As the United Kingdom deals with the impact of yet more flooding, experts are predicting the costs of damage to residential and commercial properties caused by October’s storm Babet will be more than the combined insurance industry’s bill for three of the biggest storms of 2022. Storm Babet delivered what the Met Office called “exceptional […]
Natural catastrophes remain major risk for insurance sector
Satoru Komiya, the Tokio Marine President and Group CEO, believes natural catastrophes rather than a systemic cyber-attack remains the “biggest risk” to the insurance sector. Komiya said the insurance company “cannot run away from” natural catastrophe risk despite deepening concerns among investors and policymakers over rising industry losses linked to climate change. After successive years […]
Global insurance already facing £39billion climate change losses in 2023
Climate change is being blamed for the severe thunderstorms, earthquakes, extensive flooding and heatwaves that have led to the global insurance industry already suffering £39billion ($50bn) in losses in 2023. Heading into 2023, Deloitte, warned climate change risk was a pressing issue for insurance regulation with insurers’ and reinsurers’ rates exacerbated by inflation and the […]
Climate change and its impact on insurance risk management
Company boards need to raise their awareness about the risk to balance sheets stemming from climate change, particularly since some aspects of these risks are not covered by conventional insurance. Of longer term worry is the impact the biodiversity loss and the collapse of ecosystems will have on the globe. Climate change is increasingly impacting […]