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Insurance industry is suffering from the impact of climate change

May 24, 2022May 23, 2022 H. Cutner

Insurance Industry - Climate Change loss

According to a new Capgemini report, only about 8 percent of insurers are adequately preparing. Climate change has been causing harm to the insurance industry, but only about 8 percent of insurers are adequately preparing for the impact of its risks, according to a report published by Capgemini consultants and the Efma industry body. Losses from natural disasters have exploded by 250 percent over the last three decades. The report stated that over the last thirty years, insured natural catastrophe losses have risen by a tremendous 250 percent. Severe storms…

Insurance industry taking a close look at limiting climate change exposure

August 27, 2021August 26, 2021 Julie Campbell

Insurance industry - Fossil Fuels - Coal Plant

As a part of its efforts, it is taking certain moves away from fossil fuels, particularly in coal. The insurance industry is taking the threats from climate change increasingly seriously and as a part of its efforts to limit exposure, it is moving away from fossil fuels that pose the highest risk. Twenty-three companies have adopted coverage limiting or cessation policies for the coal sector. “This was not an issue that was central in the insurance sector, even 7 years ago,” explained Insurance Bureau of Canada national director of climate…

Will the global insurance industry save us from climate change?

April 25, 2016April 24, 2016 G. Turner

global insurance industry - earth day plant growth

Earth Day turned a lot of heads toward the critical environmental issues we’re facing. The global insurance industry has stepped up and has shown that it was listening when scientists around the world made it clear that the top message they wanted to share on Earth Day 2016 was that the planet’s temperatures are rising. Regardless of whether people agree with the cause of the matter, it is happening in a measurable way. Why is the global insurance industry showing concern? For one thing, it’s made up of people who,…

Cyber security is becoming risky for the insurance industry

July 22, 2015July 21, 2015 S.Vagus

Survey shows that insurers are becoming more concerned about cyber risks The Cyber Security Forum Initiative, alongside the Pew Research Center, has released the results of a new survey that highlights the risks that the insurance industry is facing. According to the survey, cyber risk and interest rates are now among the top risks that insurers are experiencing in the global market. Regulatory risks continue to be a significant concern for the insurance industry, but the rise in cyber attacks and other digital issues are beginning to cause concern for…

Insurance industry sees prices fall worldwide

February 11, 2014February 8, 2014 H. Cutner

The global pricing dropped during the last quarter of 2013, says a recent news report. According to recent insurance industry news issued in the Global Insurance Market Quarterly Briefing from Marsh, the average pricing declines that were experienced around the world – aside from in the United States – sent the global rates downward during the last quarter of 2013. During that time, the company tracked the rates and found that the global index dropped in many areas. For instance, this insurance industry report showed that the risk management global…

Insurance industry in the Middle East and North Africa primed for growth

May 31, 2013May 29, 2013 H. Cutner

The Zurich Insurance Group report has shown that the sector in these regions is ready to expand. According to a new report from Zurich, the insurance industry is ready for a considerable amount of growth in both the Middle East and North Africa, and this could lead to a significant level of economic growth in those regions. At the same time, it noted that while there is growth potential, there remain several challenges in the way. The insurance industry in the Middle East and North Africa (MENA) region currently has…

Report highlights effect of natural disaster on insurance industry

May 11, 2013May 25, 2013 Logan B.

Insurance industry continues to wrestle with catastrophes Aon Benfield’s Impact Forecasting, the catastrophe modeling division of the company, has released its latest Global Catastrophe Recap report. These reports are issued monthly and highlight the natural disasters that have occurred around the world and details what impact they may have had on the insurance industry. The latest report provides some insight on the natural disasters that struck throughout the U.S. in April. The report makes note of several severe events that have caused significant damage in some parts of the country.…