Climate change

California, rushing to halt an exodus of property insurers fleeing wildfire risk, has designated regions of the state where companies will be required to provide coverage in exchange for new industry-friendly regulations.

As soon as temperatures breached 43.6C in Ahmedabad, Makwana and thousands of other women were told that ICICI Lombard, an insurance company, would pay them a portion of their daily wages.

Casey Kempton, president of personal lines at Nationwide, addressing the Insurtech Insights conference, said carriers should work to educate policyholders about what to expect from weather claims.

Hurricane season has become more active due to climate change, leading to more damage — and more insurance claims. Here is how the industry is responding.

Experts predict a highly active Atlantic hurricane season, highlighting the widening protection gap and emphasizing the need for more affordable, accessible insurance coverage.

Data fraud, questionable accounting practices and intensified catastrophes are just some of the issues that have battered the voluntary carbon market.

With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best Co. Inc.

Municipal analysts have been tracking the challenges faced by home insurers in California and other states plagued with extreme weather events as a harbinger of credit risk.

Consumer advocates engaged with insurance and climate change issues are asking NAIC, the association of state regulators, to share the data it will be collecting on property risk by mid-June.

Complexity within the insurance industry is exacerbated by climate change.

Highlighting what technology tools insurers are using to better understand the risks associated with the climate crisis.

California Governor Gavin Newsom said he wants lawmakers to expedite the approval process for insurance companies seeking to hike rates, saying an overhaul of the state's market is taking too long.

Catastrophe bonds and other insurance-linked securities, which powered last year's highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.

Heavy rains in Rio Grande do Sul, Brazil's southernmost state, left entire cities under water and shut down its main airport indefinitely.

Climate-related disasters rank as just one of the leading factors.

Ariel Re, Hiscox cyber consortium; Swiss Re Gen AI underwriting assistant; Liberty Mutual Reinsurance announced a partnership with Safehub and more insurtech news.

The Net Zero Insurance Alliance will instead be replaced by the Forum for Insurance Transition to Net Zero (FIT), convened and led by the United Nations Environment Programme, according to a statement on Thursday.

"Lax regulation and monitoring of property insurers makes Florida mortgage markets far more exposed to climate risk than people might think," said Parinitha Sastry, an author of a working paper by researchers at Harvard University, Columbia University and the Federal Reserve.

Greater exposure to climate risks is driving an increase in insurance premiums and decrease in insurance availability.

The two companies, units of Japan-based Tokio Marine Holdings Inc., said the decision will affect 12,556 policies with premiums of $11.3 million.