ESG

Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.

Constance Hunter previously served as KPMG’s chief economist and has nearly three decades of experience in the financial sector.

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.

In his new role, Francis Bouchard will work closely with executives and climate leaders across the company’s four businesses.

The group’s first event will be held in Los Angeles, with more chapters to follow.

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

The insurance industry is uniquely positioned to bolster the transition to net zero and improve resilience to climate shocks, according to Selwin Hart, UN assistant secretary-general for climate change.

Survey results found that 69% of P&C carriers believe disregarding ESG factors would lead to “elevated reputational risk”.

ESG is emerging as a key threat to D&O insurers as pressure grows on companies to provide disclosures.

It is possible to imagine the emergence of forces that could disrupt the new status quo on corporate responsibility.