Insurance news – week commencing 31/10/21

week commencing 31/10/21:

With the future of the planet standing at a ‘minute to midnight’, Mark Carney’s coalition of private capital lost no time announcing funding for the journey to net zero and Lloyd’s described its new framework for tracking how much carbon its syndicates are producing as ‘necessary’ and ‘brave’ – two words to quicken the pulse.

Private capital gets serious

Mark Carney’s coalition, Gfanz, has announced that it could provide up to $130 trillion of capital to help the transition to net zero, while Rishi Sunak announced firms will have to publish net zero roadmaps. External-link. [Financial Times]

Chair has measure of climate problem

Lloyd’s chairman Bruce Carnegie-Brown has said that Lloyd’s framework for measuring syndicates’ carbon underwriting is necessary, with managing agents due to pilot the scheme in 2022. External-link. [The Insurer]

Underwriting fuels criticism

Insurers have been criticised by campaigners for continuing to support oil and gas projects, which they say are undermining global efforts to limit global heating. External-link. [Insurance News Australia]

Big firms to come clean

Large publicly traded companies, as well as private companies with over 500 employees and £500 million in turnover, will be forced to disclose climate-related financial information from April 2022. External-link. [Commercial Risk] External-link. [BBC News]

Risk sharing key for planet

A new University of Cambridge report argues that risk-sharing mechanisms need to be rapidly expanded across the world to accelerate the fight against climate change and more equitably manage climate risks. External-link. [Insurance Insider]

Underwriting on the wall for WFH?

The Covid-19 pandemic forced the insurance industry to rapidly change the way that it works. However, as underwriters and brokers return to the Lloyd’s building, it’s unclear whether old practices will return. External-link. [Financial Times]

Catastrophic Q3 for insurers

Losses to the insurance industry in 2021 caused by natural catastrophes have already hit $11.4 billion. As climate change increase extreme weather frequency, insurers are having to consider their pricing. External-link. [Insurance Insider]

Greggs won’t roll over

Greggs lodged a claim in the High Court for £100 million, believing this is the value of its business interruption losses during the pandemic. Zurich believes it should receive £2.5 million. External-link. [Law360]

WTW acquires rest of Indian joint venture

Regulatory changes mean that Willis Towers Watson was able to acquire the remaining 51% of shares in Willis Towers Watson India. External-link. [Insurance Day]

Insurtech smashing records

A report from Willis Towers Watson has found that investment in insurtech in 2021 has already reached $10.4 billion. This puts it on track to overtake investment in 2018 and 2019 combined. External-link. [Insurance Times]

IT departments having nightmares

Research has found the number of ‘zero day’ cyber attacks (which exploit previously unknown weaknesses) doubled in 2021. One of the most prevalent is ‘PrintNightmare’. Apparently, it has left IT professionals anxious and paranoid – a bit like us on a short print deadline then? External-link. [CIO Dive]

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