Industry Segments: Environment Page 2 / 7
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- May 15 2024
Singapore’s ‘forever chemicals’ ban highlights growing momentum for claims exclusions
The city state will ban the use of certain PFAS chemicals from February 2025, those used in fire-fighting foams from 2026, according to the National Environment Agency.
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- May 14 2024
Battery risks extend EV insurance’s frontier into product liability
The heightened risks of fire and explosions associated with the use of lithium-ion batteries are forcing (re)insurers to rethink the way they approach their motor insurance business.
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- May 10 2024
US carbon credit carrier Oka expands to Australia through partnership with Clima
The partnership will be brokered by PSC Paragon and will support clients' efforts to meet net zero targets and enter voluntary carbon market through climate disclosure and decarbonisation.
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- May 6 2024
El Niño-aggravated extreme heat threatens Vietnam: national weather agency
The temperature in two towns reached 44 degrees Celsius last week and May weather is expected to be 1.5 to 2.5 degrees higher than in previous years, says National Centre for Hydro-Meteorological Forecasting.
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- April 30 2024
QBE elevates Nicola Schroder to group head of sustainability
Melbourne-based Schroder will be responsible for sustainability governance, strategy implementation, human rights, and modern slavery initiatives, and driving social impact through the QBE Foundation.
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- April 26 2024
Opinion: European regulator’s climate conundrum poses questions for South-East Asia’s risk mitigation
Excluding high-risk areas from coverage does not provide a viable solution, as all actors need to work together to address climate risk, including the P&C sector, governments and society.
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- April 25 2024
New UN-led climate forum launches with IAG, Singapore insurers as founding participants
The Net-Zero Insurance Alliance has been discontinued and the new forum will comprise 19 (re)insurers from Africa, Asia, Europe, Latin America and the Caribbean, North America, and Oceania.
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- April 23 2024
Asia warming faster than global average, hit by 79 weather-related disasters in 2023: WMO
Floods and storms are causing the highest number of reported casualties and economic losses, whilst the impact of heatwaves became more severe, according to a report from the UN climate agency.
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- March 14 2024
Tokio Marine sets decarbonisation goal for 60 emission-heavy companies
Companies that fail to set up decarbonisation plans by 2030 will be cut off from its insurance underwriting, investment and financing, the Japanese insurance group said.
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- March 4 2024
Hong Kong Federation of Insurers commits to carbon neutrality by 2050 with climate charter
With 33 inaugural signatories, the climate charter introduces actionable goals across claims management, underwriting, societal engagement, investments, governance and disclosure.
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- February 29 2024
Shipowners, IOPC settle over 8000 claims one year after MT Princess Empress oil spill
The newest estimate of total damage to environmental and coastal communities exceeds US$731m, including environmental losses of US$712m and socioeconomic losses totalling US$19.5m.
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- February 9 2024
New Zealand bans ‘forever chemicals’ in cosmetic products from 2027
The decision puts the spotlight on exclusions to claims from exposure to PFAS, which as IAN reported recently has yet to find many takers in Asia Pacific.
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- February 5 2024
WTW launches parametric protection for South Pacific coral reefs
Fiji’s island communities will be eligible for payouts of up to US$450,000 for reef restoration and community assistance if cyclones hit.
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- January 23 2024
Carbon specialist Lloyd’s coverholder Kita enters Singapore
The niche player, which has operations in the US, Canada, Switzerland and the UK, covers carbon credit risks by protecting buyers against delivery risk.
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- December 6 2023
China’s financial regulator launches consultation on green insurance development
The National Administration of Financial Regulation targets a full-fledged green insurance servicing sector by 2030.
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- October 11 2023
Extreme events in Greater China could lead to US$4.6tn economic losses over five years: Lloyd’s
This is the largest financial impact, closely followed by Asia Pacific with the losses worth US$4.5 trillion, says new Lloyd's systemic risk scenario that models food and water shocks.
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- September 1 2023
Gallagher hires Australia head of climate and sustainability from Marsh
Sophie Griffin will be responsible for leading Gallagher's efforts to help clients mitigate and adapt to climate change risks and achieve their sustainability goals.
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- July 12 2023
WTW, Axa Climate roll out Asia’s first 4-peril parametric cover
The policy offers Sri Lankan shrimp farms protection against earthquake, typhoon, excess rainfall and heat stress.
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- July 5 2023
Net-zero alliance to make membership rules less prescriptive: report
The UN-led insurers' climate coalition is proposing to remove a six-month deadline for members to publish greenhouse gas emissions targets.
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- June 16 2023
Philippines to get US$750m World Bank loan for ESG, expanding crop insurance
The policy loan will bolster environmental protection and fund new insurance products for smallholder farmers and support operations of the Philippine Crop Insurance Commission.