News

Weekly News Roundup – 5th March

ESG factors and their associated risks have been hitting the headlines in recent weeks. For those of you not in the know, “ESG” stands for Environmental, Social, and Governance, and these non-financial factors are becoming increasingly important in the eyes of investors, shareholders and customers. ESG is more than just climate change and clean energy; it looks at business ethics, diversity, human rights… and its importance in the world of insurance is ever increasing. Lloyd’s has asked its managing agents to stop underwriting policies on various coal and oil activities from 1 January 2022 and, subsequently, the Carmichael coal mine in Australia has struggled to find insurance following the refusal of several syndicates to write the business.

Below there are some great thought pieces, which will hopefully enable some meaningful conversations to take place within your businesses!

Large carriers set to lead ESG integration into underwriting decisions (Source: The Insurer)
More and more of the larger insurers are starting to incorporate ESG frameworks into their businesses, particularly from an underwriting perspective.

2021: the great reset in insurance (Source: Insurance Thought Leadership)
There has mean a notable shift in the way companies approach corporate and social responsibility and 2021 will be the catalyst for big change.

Insurers face greater pressure to manage ESG risks (Source: Insurance Business Magazine)
Another credit agency has announced it will be incorporating ESG factors into its rating process and insurers will need to respond.

Why sustainability and ESG are key insurance business issues (Source: Intelligent Insurer)
Experts say that there are numerous benefits for businesses if they adopt an ESG strategy now.

Lloyd’s ESG report (Source: Lloyd’s of London)
At the back end of last year Lloyd’s published its first ever ESG report setting out their commitments and ambitions to help contribute to a more sustainable future.