Insure Our Future Global

In this article entitled "The insurance sector facing climate risks" published in the Spanish economic journal Invertia, I explain: ?? The #physicalrisks derived from climate change are an undeniable reality, causing significant losses in the insurance sector. A study by Swiss Re reveals that in 2023, natural disasters led to economic losses valued at $280 billion, of which 40% were insured—amounting to $108 billion, a figure above the 10-year average of $89 billion. ?? According to Mapfre's consolidated management report for the 2024 fiscal year, which is set to be approved at its next shareholders' meeting on March 14, 2025: "The increased frequency of adverse weather events in Europe, mainly in Iberia and Central Europe, has had a net attributed effect of €68 million on the year's results. This figure includes claims recorded due to the DANA (Isolated High-Level Depression) that affected southeastern Spain in October 2024, amounting to €34 million (...).” ?? I review some climate and energy policies of the world's leading insurers based on the Scorecard of Insure Our Future Global. ?? However, #transition #climaterisks have yet to be fully addressed by insurance companies, which so far have adopted only timid policies to restrict underwriting and investments in the fossil fuel sector. This contradiction jeopardizes the sector's long-term viability, making it essential for insurers to adopt stricter underwriting and financing policies. https://lnkd.in/dTNYC687 Instituto Internacional de Derecho y Medio Ambiente (IIDMA)

?? According to a study by the Miami Herald, it is revealed that Florida insurers claimed to be losing money whilst their affiliates and parents companies profited in the billions. Regulators must step in and stand up for Floridians, who were told that insurers made a net loss of $432 million between 2017 and 2019, all whilst their affiliate companies showed a net income of $1.8 billion. Read in full here: https://brnw.ch/21wQVQ1 #InsureOurFuture #Florida #Insurance

???? Steve Coulter of Green Alliance featured this week in the New Statesman calling upon the insurance industry to take action globally, yet most specifically at Lloyd's. All too often, the world's largest marketplace for fossil fuel insurance has shirked off its legal right and social responsibility to regulate its market, in face of growing global climate destruction. No more excuses, as Lloyd's must #InsureOurFuture before it is too late. ?? https://lnkd.in/eMKVRrkE

Mao once was asked, 'what do you think of the French Revolution'? Supposedly replied: 'too soon to tell'. That would have been a less satisfying answer the closer you were in time and space to events as they unfolded. Fortunately to decode some of the climate, energy, and politics aspects of [gestures at the world] this Wicked Problems - Climate Tech Conversations assembled some of the finest minds since Alfred Thayer Mahan dined alone to work through the polycrisis of Trump, LA fires and other climate shocks, insurance, and the prospect for climate litigation: former California insurance commish Dave Jones now of the Center for Law, Energy & the Environment at Berkeley Law; Steve Coulter at Green Alliance; and friend-of-the-show climate journo Dana Drugmand. Strap in. Gonna be a bumpy hour + but worth your time. https://lnkd.in/eh-x29ZS And for a bit more of my thoughts on what it all means - https://lnkd.in/ejCxRKpJ

?? It is a stark warning from Jerome Powell, US Federal Reserve Board chair. As insurance becomes unattainable, properties become unmortgageable - revealing the systemic risk caused by climate inactive insurers. There is no time like the present for insurance companies to drop fossil fuels and?#InsureOurFuture ?? Insurance Business America https://lnkd.in/gh4zc-9s

?? 60% of California voters support a policy proposal such as SB 222, that would enable insurers and individuals harmed by climate disasters and extreme weather events, like the recent wildfires in California, to recover their losses from oil and gas companies directly, with each component of the bill receiving majority support. ?? Read in full: https://lnkd.in/e5MuyNDg

【ブログ記事更新】Insure Our Futureが世界の保険会社の気候変動対策を評価するスコアカード。2024年版「Within Our Power」が昨年12月にリリースされました。日本からはMS&ADホールディングス、SOMPOグループ、東京海上ホールディングスの3社が評価対象となっています。 日系保険会社の気候変動対策は、世界業界と比較してどのような評価を受けたのでしょうか？最新のブログ記事で詳しく解説しています！ Our annual scorecards assess the climate performance of global insurers on their fossil fuel exclusion policies. This year, new research also reveals the extent to which insured losses can be attributed to climate change and presents data on the state of renewable energy insurance. The new blog post sheds light on the performance of 3 Japanese insurers: MS&AD Insurance Group, Sompo and Tokio Marine HCC. Do their climate policies live up to their global competitors? Check out the new blog post to find out more! https://brnw.ch/21wQGvz

?? #InsureOurFuture's Risalat Khan provides vital analysis of the #CaliforniaWildfires. From the role that climate change played in enhancing the impact of these fires, and the surpassing of climate and economic tipping, to the much needed community centred solutions to move forward, read in full here: https://brnw.ch/21wQFUw

?? Japanese insurers alone are grappling with ￥90 billion ($575 million) in claims from the LA Fires, underscoring a trend that’s becoming impossible to ignore. With climate change driving a growing share of global weather-related losses, the financial stakes are rising fast, as noted by Walter James, PhD and Alexander Pui. ?? Flood-related losses in Japan are also projected to surge by 64% by 2040 (Swiss Re), as extreme weather events—from typhoons to wildfires—become more frequent and severe. As risk models shift, are Japan’s insurers adapting fast enough? Or are under-regulated capital requirements keeping fossil fuel financing alive? ?? Read more in The Japan Times: https://lnkd.in/erdEcG-5 #InsureOurFuture #Insurance #Japan

We've sent a letter to EU Commissioner Maria Luís Albuquerque, co-signed by 22 organisations & experts, urging action on the growing financial risks of fossil fuel investments. European Insurance and Occupational Pensions Authority (EIOPA)’s recent report shows these risks are still underestimated, threatening Europe’s insurance sector and financial stability???? ??We’re calling European Commission to review the EU insurance regulation #SolvencyII in 2025 to address these risks and protect the future of Europe’s economy and people. European citizens trust insurance companies to protect them from future risks and we need solid, evidence-based regulation to maintain that trust. Read our joint letter????? https://lnkd.in/eq-ry6gZ Finance Watch, Reclaim Finance - ONG, Milieudefensie, Fair Finance International, Urgewald, FEBEA - European Federation of Ethical and Alternative Banks and Financiers, AnsvarligFremtid, Campax, Finanzwende.