Felix Dodds comments on sustainable development, coffee & life

LOS ANGELES, California —The California Department of Insurance and the United Nations Environment Programme (UN Environment) have launched a yearlong effort to develop a Sustainable Insurance Roadmap to confront California’s climate risks. California Insurance Commissioner Ricardo Lara and Butch Bacani, who leads UN Environment’s Principles for Sustainable Insurance (PSI)—the largest collaboration between the United Nations and the insurance industry—announced the groundbreaking initiative at a roundtable co-hosted with the UCLA School of Law and UC Berkeley School of Law last July 23rd. This is the first time the United Nations has partnered with an American state to create a sustainable insurance strategy and action plan that would tackle the growing risks of climate change. Last year, California experienced the deadliest and most destructive wildfires in the state’s history, resulting in more than USD 12 billion in insured losses, making it the world’s costliest disaster. ...

In an important development in the financial markets, Chubb becomes the first major US insurer to cut its exposure to the coal industry. Its Chairman Even G. Greenberg gave as the reason that the company accepts "the reality of climate change". they follow leads by Allianz, Hannover and Lloyds Group who have already scaled back the coal insurance they offer. Another insurer Zurich announced last week that it is going to increase its restrictions on underwriting and investing in fossil fuels. For Chubb this isn't unsubstantial something like 30% of their revenue comes from underwriting the building or operating of new coal-fired plants. Chairman Greenberg said in a statement that, "Making the transition to a low carbon economy involves planning and action by policymakers, investors, businesses and citizens alike." Chubbs general counsel Joseph Wayland went further in his explanation: “As a global insurer we are impacted by climate change, in everything fro...

First-ever insurance industry guide to manage environmental, social and governance risks launched at major UN-Allianz event to drive greater action 12 March 2019 —Over 200 insurance industry leaders and key stakeholders from across the globe gathered in Munich last 27 and 28 February to raise the insurance industry’s ambition in tackling the world’s most pressing sustainability challenges such as climate change, environmental degradation, social inequality, ageing populations, and major health risks. At the international event , Insuring for sustainable development: Raising the industry’s ambition , the first-ever insurance industry guide to manage environmental, social and governance (ESG) risks —or sustainability risks—was launched. The event, co-organised by UN Environment’s Principles for Sustainable Insurance Initiative (PSI)—the largest collaborative initiative between the UN and the global insurance industry—and by the global insurer, Allianz, was held at Allianz’s gl...