The COP27 climate summit in Egypt entered its final week, with nearly 200 countries racing to reach an agreement to steer the world toward reducing greenhouse-gas emissions and increasing funding for countries affected by climate change.
Tag: climate change
President Biden Announces Methane Emission Restrictions at COP27
President Biden is moving to tighten restrictions on methane emissions and to increase funding for developing countries to adapt to the effects of climate change.
Climate Activists Protest Outside Chubb CEO Greenberg’s NYC Home
On Thursday climate activists built a two-story mock oil derrick outside the NYC home of Chubb CEO Evan Greenberg in protest of the insurer’s climate record.
Companies Aren’t Sharing Climate Goals to Avert ‘Greenwashing’
Companies are increasingly attempting to shield their climate commitments from public scrutiny. According to a survey conducted by South Pole, a climate consultancy and carbon offsets developer, the phenomenon known as green hushing has become pervasive even as businesses set more ambitious internal targets. South Pole polled 1,200 large companies from 12 countries, all of… Continue reading Companies Aren’t Sharing Climate Goals to Avert ‘Greenwashing’
Climate Change, War-Related Risks Top Insurers’ Concerns
Climate change remains the top concern for insurance companies, even as Russia’s invasion of Ukraine fuels geopolitical and energy-related concerns. For the second year in a row, global warming is regarded as the greatest threat to society in the next five to ten years, according to a report released Sunday by French insurance giant AXA… Continue reading Climate Change, War-Related Risks Top Insurers’ Concerns
U.S. Treasury Proposes New Climate Data Collection Rule for Insurers
The US Treasury announced on Tuesday that it would propose a new rule to collect data on climate-related risks from property and casualty insurers, one of the first concrete steps in a new push to strengthen financial regulation to help combat global warming. In a Federal Register notice, the Treasury’s Federal Insurance Office stated that… Continue reading U.S. Treasury Proposes New Climate Data Collection Rule for Insurers
Flood Maps Are Out of Date Says FEMA
The Federal Emergency Management Agency’s flood maps are out of date and understate the risks to homes and businesses from flooding and extreme rain caused by climate change, according to FEMA Director Deanne Criswell. Flooding in Jackson, Mississippi, a week ago, overwhelmed the city’s main water treatment plant, leaving more than 150,000 state-capital region residents… Continue reading Flood Maps Are Out of Date Says FEMA
Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Top reinsurers said at the industry’s annual meeting in Monte Carlo that global geopolitical tensions, high inflation, and climate change have increased demand for risk protection and will result in higher premiums. Reinsurers insure insurers and have raised premiums in recent years in response to higher losses. “On top of the effects of COVID-19 and… Continue reading Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Geopolitical Tensions, Climate Change, Inflationary Pressures Increasing Exposures, Reshaping Insurance
Global geopolitical tensions, macroeconomic developments, and climate change increase demand for risk management. The re/insurance industry must prioritize modeling and contract certainty to ensure pricing is appropriate for the risks assumed, thereby increasing capacity. Swiss Re supports clients with its risk knowledge, capital strength and innovative solutions. Ahead of the Rendez-Vous de Septembre 2022, Swiss… Continue reading Geopolitical Tensions, Climate Change, Inflationary Pressures Increasing Exposures, Reshaping Insurance
Emerging “Extreme Heat Belt” to Impact Over 107 Million Americans by 2053
First Street Foundation last week eleased their peer-reviewed extreme heat model along with the implications highlighted in The 6th National Risk Assessment: Hazardous Heat. The report identifies the impact of increasing temperatures at a property level, and how the frequency, duration, and intensity of extremely hot days will change over the next 30 years from… Continue reading Emerging “Extreme Heat Belt” to Impact Over 107 Million Americans by 2053