Climate change

The confluence of the right tech, models, and curated property data empowers the underwriter – and insurers at scale – to better write and manage wildfire risk.

So far, little is known about how the fire will impact BigCoast's carbon removal capacity or how much carbon has been released.

Baldwin Risk Partners has launched "Centers of Excellence"

For insurance companies, the impacts of biodiversity loss could translate into growing underwriting risks, notably for insurance lines such as flood, crop, liability, life and health.

The government-sponsored enterprise's chief executive managing the issue is looking at how things like roof pitch can mitigate the impact of natural disasters on homes.

Up to $1 million will be awarded for solutions that address climate risk and aim to empower vulnerable frontline communities.

Deepa Soni, EVP and CIO at the Hartford gives the keynote address; Nationwide's embedded partnerships; CSAA on workforce trends.

Sessions held throughout Dig-In 2023 with panelists from insurers such as New York Life, Arch Insurance and CSAA Insurance Group discussed the importance of technology in insurance and how to use data effectively.

There are now at least 18  direct air capture plants operating worldwide, according to the International Energy Agency, and more are coming online.

The MGA market in the P&C insurance industry is experiencing significant changes, driven by trends such as growth in the excess and surplus space, prioritizing speed to response over speed to market, and the emergence of parametric insurance.

AIG's decision comes on the heels of both State Farm and Allstate Insurance Co. announcing plans in recent weeks to stop writing new policies in fire-prone California.

(Bloomberg) --California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state.

The technologies safeguard insurers' ability to understand historical data and remotely apply those insights to risk modeling and underwriting.

New technologies have the capability to provide an analysis of potential exposures.

The political attacks are interfering with insurers' independent efforts to price climate risk, which will harm policyholders, main street investors and local economies, a GFANZ spokesperson told Bloomberg last week. 

The company pointed to growing "catastrophe exposure" and substantial increases in construction costs for its decision.

The company's partnership with Planet Labs PBC will use satellite data insights to protect agricultural stakeholders in drought risk periods.

Swiss Re said its withdrawal doesn't reflect a lesser commitment to climate policies.

The average annual property insurance payment in the state is $4,231, nearly triple the national rate of $1,544, according to the Insurance Information Institute, an industry association.

The company addresses wildfire risk through its software system that protects properties through satellite connectivity.