Tag: insurance industry climate change

Zurich Insurance company pricing strategy keeps it ahead of climate change impact

Live Insurance News
Insurance company - Climate Change - Business Strategy

The insurer’s price hikes helped it to bring in operating profits that were better than expected by mid-year. The Zurich Insurance company recently reported that it has achieved a half-year operating profit that was better than expected, bolstered by its life business and the price increases it implemented to mitigate increased claims from severe storms. Zurich is the fifth-largest insurer in Europe and posted a $3.72 business operating profit. Though there wasn’t much of a difference over last year’s first half, analysts were polled by the company and their average…

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Insurance industry climate needs spur new NOAA and NSF research center

Marc
Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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Treasury Department investigates insurance coverage impact of climate change

Logan B.
Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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Insurance industry official calls for more climate change risk assessment

H. Cutner
Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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Will the California Department of Insurance report recreate the industry?

Logan B.
California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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