climate risk News
As Climate Risk Rises, U.S. Insurers Continue to Invest in Fossil Fuels
U.S.-based insurers have invested hundreds of billions of dollars in fossil fuel-related assets, which in turn contribute to the risk of climate-related damage to the underwriting side of their ...
InsurTechs Need to Prioritize Data, Resilience to Tackle Climate Challenges
Swiss Re estimated in its latest sigma report that in 2021, natural catastrophes resulted in total global economic losses of $270 billion. The level of insurance coverage for these climate related ...
Chubb Underwriters to Oil & Gas Clients: Show Us Emission-Cut Plans
Chubb Limited announced new underwriting criteria for oil and gas extraction projects yesterday that will require clients to reduce methane emissions. Methane, a byproduct of oil and gas production, ...
Climate Is Forcing the Most Risk-Aware Industry to Reinvent Itself
When it comes to climate impacts, the front line of the finance industry is insurance. Last year's payout from damages caused by extreme weather events totaled $120 ...
ECB Climate Stress Test Highlights $71B Risk for Euro Zone Banks
A sudden jump in carbon prices coupled with floods and droughts this year would lead to losses of at least 70 billion euros ($71.1 billion) for the euro zone's largest banks, the European Central ...
Europe’s Landmark Test of Banks’ Resilience to Climate Risk Is Softer Than Expected
Europe's landmark test of banks' resilience to global warming was far softer than many lenders had expected, according to people familiar with the matter. Even the toughest hypothetical scenarios in ...
The Global Urgency of Building the Carbon Removal Industry
"If you build it, they will come." This famous, but paraphrased, quote from the film "Field of Dreams" is apropos of the fledgling carbon removal industry. The demand is there, but supply needs to be ...
Insurance Industry Support of Carbon Removal Needed in Drive to Net Zero
Ditching investments in fossil fuel businesses—and denying them insurance—aren't the only ways for the insurance industry to participate in the drive to net zero greenhouse gas emissions, ...