...on the publication of Climate Change Adaptation Reports opened by saying "We welcome the Government’s invitation under the Climate Change Act 2008 to publish Climate Change Adaptation Reports. Our reports set out how climate change affects our respective responsibilities and the actions we, and the financial sector, are taking in response to it. As UK financial regulators, we are focused on making sure that the risks from climate change and the opportunities from the transition to a net-zero economy are being identified and proactively managed across the financial sector. Doing so creates opportunities for UK companies and consumers, as well as helping address climate change." Lloyd's announced it is joining the UN-convened Net Zero Insurance Alliance(NZIA), further affirming its commitment to cross industry collaboration to mitigate and manage the impacts of climate change and support the speed of the transition to net zero-in joining the alliance, the Lloyd’s Corporation commits to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050, at the latest. It will also set, publish, and report against, interim science-based targets every 5 years to drive near term action. Flood Re, the joint initiative between the UK government and insurance industry to help make home insurance more affordable, toured flood-prone cities in the UK to highlight the resilience measures that residents and businesses can install to mitigate against the risks of increased flooding-the tour ended in Glasgow in time for the beginning of the COP26 Climate Summit. Marsh announced the launch of a new directors and officers liability D&O) insurance initiative that will recognize US-based clients with superior environmental, social, and governance(ESG) frameworks. Global average annual insured losses from extreme events are in excess of $100bn reported Verisk AIR Worldwide. Apex Group announced its appointment by global (re)insurance broker BMS to deliver Carbon Footprint Assessment & Reporting Services.
Global commercial insurance prices increased 15% in the third quarter of 2021, according to the Global Insurance Market Index released by Marsh-the same rate of increase recorded in the previous quarter. Almost one quarter of small-to-medium enterprises(SMEs) in the UK have purchased cyber insurance due to increased remote working as a result of COVID-19, according to a survey by GlobalData.
Consolidated global investment into the InsurTech sector continued to reach new highs-capital invested in insurance technology start-ups surpassed the $10bn mark for the first time in any one year on record. 2021 has now overseen a record-breaking $10.5bn raised during the first three quarters of the year. Still with three months left to go, 2021 is now only $12m short of the entirety of what was invested into InsurTechs globally in 2018 and 2019 combined. The total deal count was 421 which is also an annual record according to the new Quarterly InsurTech Briefing from Willis Towers Watson. The new InsurTech100 list for 2021 was launched-the ranking recognizes the world’s most innovative technology solution providers that address the digital transformation challenges in insurance. Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services(MIS) announced a strategic partnership with digital first Managing General Agent(MGA) McCosh Holdings, and Munich Re Automation Solutions reported its partnership with MetLife France who has adopted the ALLFINANZ product suite to digitise its life insurance underwriting process.
Exor and Covea signed an MoU for the sale of PartnerRe for $9bn. Fidelis announced the opening of its state-of-the-art trading floor–the ‘Forum’at 37-39 Lime Street, London. Third quarter financial reports started flowing-they included Chubb, The Hanover; Arch Capital, AXIS Capital, Everest Re, RenaissanceRe, the first nine months result from SCOR and Swiss Re; and brokers Gallagher and Willis Towers Watson.
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