European Insurance and Occupational Pensions Authority (EIOPA)’s Post

It's great to attend the De-Risking Summit at Mansion House today, marking the first day of London Climate Action Week . Howden and Boston Consulting Group (BCG) jointly published new research on the role of insurance in mobilising the climate transition "The Big Picture: The $10 Trillion Role of Insurance in Mobilising the Climate Transition." 📊 Key insights reveal that over half of the $19 trillion committed to financing the climate transition by 2030 will require additional insurance coverage. This is a potential game-changer for accelerating climate finance at the necessary speed and scale. Great to see Nigel Topping, CMG who wrote the foreword to the report, discussing the paradigm shift needed in the global insurance industry to de-risk the resilient net-zero transition. Download the report here: https://lnkd.in/eqsd2jsc #ClimateAction #Insurance #ClimateFinance #Sustainability #Phyla

Policymakers agreed to establish a fund that would help compensate vulnerable countries coping with loss and damage caused by #climate change during #COP28 in November and December 2023. According to MNK Re DIFC’s Mr, Mario Nahas, reinsurers can also make an impact through schemes that combine private sector finance with government funding. Middle East Insurance Review spoke with him. ✍️ Article written by: Sarah Si #Reinsurance #ReinsuranceIndustry #Reinsurers #ClimateXhange #Climateimpact

For centuries, the insurance sector has innovated in how we conceive, identify, and quantify hazards, even as insurance costs have acted as an incentive for reducing exposure to hazards. Climate change is altering these arrangements in profound ways. Join us for the first in a webinar series from the Water Resilience for Economic Resilience (WR4ER) initiative which will explore the state of play around both risk and resilience in the insurance sector, for consumers and regulators of insurance, and for the broader economy. 🗓 April 9 2024 ⏰ 09:00 ET | 15:00 CEST Register ➡ https://lnkd.in/eCdUx7MW Asian Development Bank (ADB), Australian Water Partnership, Deltares, French Ministry Ecology, Energy, and Territories, French Water Partnership, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Global Commons Alliance, Global Resilience Partnership, Inter-American Development Bank, IUCN, Netherlands Ministerie van Infrastructuur en Waterstaat, OECD - OCDE, UK Foreign, Commonwealth and Development Office, U.S. Department of the Treasury, Veolia, Water Policy Group, Wetlands International, The World Bank

The Hong Kong Federation of Insurers (HKFI) has launched the Insurance Industry Climate Charter, with backing from 33 (re)insurers. The Charter promotes sustainable practices across operations, investments, and claims management and underscores the Hong Kong insurance industry's united front against climate challenges. #insurance #hongkong #climate

A new government reports warned that Australia’s worsening climate change may see insurance companies and banks withdrawing their services from communities that are vulnerable to extreme events, triggering ‘cascading effects” across the economy.   The government released its first National Climate Risk Assessment on 12 March 2024, highlighting 11 priority areas that were at “significant risk” from climate change, including water security, agriculture and economic resilience.   The assessment showed that pressures on Australia’s financial system from a surge in climate-related disaster claims could lead to a “plausible worst-case scenario” where insurers and lenders pull out of highly exposed communities. Moreover, it also warned of broader international dangers to Australia’s economy because of climate change, which include surges in migration from badly affected regions as well as disruptions to international trade routes.     This content is jointly prepared by ripple2wave and ZWEEC Analytics Pte Ltd. Follow us for more interesting content on #water and #sustainability.   #Australia #climatechange #economy #climateimpacts #financialcrisis   Sourced from: https://lnkd.in/gSEnaW-H    

Australia’s worsening climate change may see insurance companies and banks withdrawing their services from communities that are vulnerable to extreme events. These communities may potentially trigger “cascading effects “across the economy.   The government released its first National Climate Risk Assessment on March 12, highlighting 11 priority areas that were at “significant risk” from climate change, including water security, agriculture, and economic resilience.   The assessment showed that pressures on Australia’s financial system from a surge in climate-related disaster claims could lead to a “plausible worst-case scenario” where insurers and lenders pull out of highly exposed communities.   #Australia #climatechange #extremeevents #climatecrisis #naturaldisasters #climaterisk   This content is jointly prepared by ripple2wave and ZWEEC Analytics Pte Ltd. Follow us for more interesting content on #water and #sustainability.   Sourced from: https://lnkd.in/gSEnaW-H    

A new government reports warned that Australia’s worsening climate change may see insurance companies and banks withdrawing their services from communities that are vulnerable to extreme events, triggering ‘cascading effects” across the economy.   The government released its first National Climate Risk Assessment on 12 March 2024, highlighting 11 priority areas that were at “significant risk” from climate change, including water security, agriculture and economic resilience.   The assessment showed that pressures on Australia’s financial system from a surge in climate-related disaster claims could lead to a “plausible worst-case scenario” where insurers and lenders pull out of highly exposed communities. Moreover, it also warned of broader international dangers to Australia’s economy because of climate change, which include surges in migration from badly affected regions as well as disruptions to international trade routes.     This content is jointly prepared by ZWEEC Analytics Pte Ltd and ripple2wave. Follow us for more interesting content on #water and #sustainability.   #Australia #climatechange #economy #climateimpacts #financialcrisis   Sourced from: https://lnkd.in/gSEnaW-H    

🌍 🌊 🔥 Climate change is driving a transformation in Europe's insurance industry. With natural disasters on the rise—like storm Boris and the recent floods in the Central and Eastern Europe—insurance companies, and governments must work together to be prepared to better tackle these challenges. In an interview with Világgazdaság, Petra Hielkema, Chair of EIOPA, highlights the need for stronger collaboration to ensure consumers are well protected.   Find out more in the full interview here 🔽 https://lnkd.in/efVnMckh   #ClimateChange #Insurance #EU #EIOPA #NaturalDisasters #Sustainability

With funding from the U.S. Agency for International Development, we will develop a climate-resilient insurance solution that aims to unlock climate adaptation investment from the private sector https://ow.ly/1sNW50QZmBf #ClimateRisk #ParametricInsurance #DisasterRiskReduction #ClimateFinance #ASmarterWayToRisk

Adapting to Climate Change's 'New Normal' at Reinsurance Europe Conference Today, I had the privilege of joining an insightful panel session at the Reinsurance Europe conference. Our focus was on the pressing need to adapt to the 'new normal' that climate change presents and the crucial integration of ESG (Environmental, Social, and Governance) principles for a sustainable future. One of the key topics we delved into was the significant impact of climate change on the insurance industry, particularly the challenges of insuring property in high-catastrophe (high-cat) zones. We discussed how planning by governments may not have fully accounted for the extent of climate change's impact on risk assessment. Moreover, we explored the idea that insurance, despite being an additional expense, can instill confidence in investors. This, in turn, can drive better outcomes for those residing in catastrophe-prone areas. Thank you to the chair, Piet Haers (QBE), and my fellow panelists, Philip Hough (Aspen), Charles Mathias (Fidelis), and Anne Marie Buttner (Swiss Re), for their valuable contributions and thought-provoking discussions. Let's continue to work together towards a resilient and sustainable future. #insurers #eyinsurance #ReinsuranceOutlookEU #Betterworkingworld @piethaers Philip Hough Charles Mathias Annemarie Büttner Philip Vermeulen