ESG

A new report sets out how to scale insurance and capital for environmental protection projects, for a sector estimated to reach $50bn in size by 2030.

Local officials have warned that the cost of rebuilding in British Columbia could exceed C$1bn ($790m).

Record rainfall has caused floods and landslides across the Canadian province of British Columbia, leading to at least one death and cutting all rail access to the country’s largest port in Vancouver, according to Reuters.

The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.

The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).

The broker said that weather-related losses had become more severe in the past decade because of climate change.

Financial authorities must ‘massively expand’ risk-sharing pools.

The new material provides frameworks for discussing ESG and aligning objectives.

Demand for climate-related solutions is ‘trickling up’ from clients and insurers to the ILS market .

Howden said passing risks onto governments would degrade the value of the insurance industry.

S&P suggested that an “abrupt rethinking” was a more likely outcome than gradual pricing increases – but a third way is possible if ratings agencies set a glidepath to change.

Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.