Conning launched a new service designed to help institutional investors assess climate change risks for their portfolios. Berkshire Hathaway Insurance Companies added Indiana, Kansas, Kentucky, Nevada, and Oregon to the states offering its Homeowners insurance product. Openly, an InsurTech MGA focused on high-end home insurance, has entered the Ohio market.
Conning, a provider of risk and capital management software and professional services for the financial industry, launched a new service designed to help institutional investors assess climate change risks for their portfolios.
The firm’s new Climate Risk Reporting and Scenario Service is designed to respond to the increasing interest Conning said it has seen by insurers and pensions in environmental, social and governance (ESG) investing globally and the evolving ORSA, TCFD, IAIS and other frameworks for climate related risk management.
The service produces a climate risk report using Conning’s GEMS Economic Scenario Generator software, detailing the future evolution and risks to portfolio market values under a range of climate scenarios and stochastic economic projections. As an additional benefit, users of the service have access to the underlying scenario sets for use in their asset and liability modeling systems.
In addition, Conning’s climate stress scenarios let users explore different pathways in terms of when and how transition and physical climate impacts may occur in the future, Conning said.
Berkshire Hathaway Insurance Companies added Indiana, Kansas, Kentucky, Nevada, and Oregon to the states offering its Homeowners insurance product.
GUARD’s product targets dwellings valued over $75,000 and includes one- to four-family residences, renters, and condo units (both owner-occupied and those held for rental).
By mixing and matching policy forms, endorsements, and optional coverages aimed at broader protection, policyholders can obtain property insurance suited to their circumstances, the company said.
Berkshire Hathaway GUARD Insurance Companies is a property/casualty insurance operation that writes $2 billion in premium nationally.
Openly, an InsurTech MGA focused on high-end home insurance, has entered the Ohio market.
Ohio homeowners and independent agents can now buy Openly’s premium insurance, obtaining quotes in 15 seconds, the company said.
Rather than listing everything included in a policy, Openly’s policy focuses on what is not included in the plan, eliminating questions or doubts around coverage. The platform also offers more coverage than the industry carrier average, offering Ohioans more protection, the company claims.
In June, Openly announced raising $15M in a Series A funding round, which has allowed for rapid growth and plans to continue expanding into Massachusetts, Indiana, Georgia and South Carolina. Agents are already live on its platform in Arizona, Illinois, Pennsylvania, Tennessee and Kentucky, according to the company.
Sources: Conning, Berkshire Hathaway GUARD, Openly