Zurich longevity swap to cover £2bn National Grid pension liabilities

It will protect the grid operator against the risk of rising costs as a result of 6,000 pensioners and future dependent members living longer than expected

Allianz pledges to cut back on insuring coal companies

It plans to phase out both its proprietary investments in coal-based business and its insurance coverage of such risks by 2040

Insurance scheme to protect poor from climate risks

A new insurance scheme to help poor people in Asia and Africa deal with the challenges arising from climate disasters has been launched. It is expected to meet nearly 1% of the ambitious goal of the G7 countries to increase access for around 400 million uninsured people in developing nations to insurance products. The African […]

Extreme weather ‘has caused $1.7tn climate risk gap’

Natural disasters and extreme weather have created a global climate risk protection gap of $1.7 trillion (£1.3tn) over the last decade. That’s according to insurance industry network ClimateWise, which suggests this figure arises from just 30% of catastrophic losses having been insured. The group suggests 2017 is on track to become one of the most […]

UK offers ‘enhanced’ overseas investment insurance

The UK is providing an “enhanced” overseas investment insurance (OII) policy to protect businesses investing abroad, including in the oil and gas industry. OII can protect an investor in the UK against potential losses on investments, primarily related to political or extraneous events. UK Export Finance (UKEF) is offering UK businesses wider access to government-backed […]

npower and Allianz partner on boiler maintenance

One of the UK’s largest energy suppliers has partnered with an insurance firm to provide a central heating and boiler service across the UK. Within the joint venture, npower will be responsible for introducing home services products to customers and Allianz Worldwide Partners will fulfil these services. This will include fielding a network of highly […]

Drivers put off EVs ‘due to high insurance costs’

Higher insurance premiums are putting off most drivers (70%) from switching to hybrid or electric vehicles (EVs). New research conducted on behalf of the Institute of the Motor Industry (IMI) found while 40% of people are concerned about air pollution and see ultra low emission vehicles (ULEVs) as a solution, they are unwilling or unable […]

Government’s plans for driverless car insurance

The government has proposed to change the compulsory motor vehicle insurance to include the use of automated vehicles (AVs). Following a consultation on driverless cars, the Department for Transport (DfT) said it will make “minimum legislative changes” required to enable the market to develop appropriate AV insurance products. It believes the single insurer model would […]

British insurers want data from driverless cars

British vehicle insurers want better access to driverless car data. The Association of British Insurers (ABI) says it is becoming increasingly important that road laws account for the presence of driverless car drivers. The UN body that sets international vehicle safety regulations is due to update the rules in 2019 and the ABI hopes to influence […]

Can insurers influence switch to clean energy?

Should the insurance industry do more to help encourage people and businesses towards clean energy sources? That was the question raised during Swiss Re’s 150th birthday celebrations at the Queen Elizabeth Olympic Park in London on Thursday. A trillion-pound network of insurers and re-insurers stretches across the world, providing guarantees for natural disasters such as […]