Insurance groups operating on the Lloyd’s of London market are “climate wreckers of last resort”, a new report has said.
The United Nations Environment Programme (UNEP) has released its latest Adaptation Gap Report, providing crucial data for the Loss and Damage Fund negotiations at COP28.
In a scenario where extreme weather events lead to food and water shocks, Lloyd’s estimates that the world stands to lose $5 trillion over a five-year period.
Nestlé (SIX:NESN) is to pilot a weather insurance programme for more than 800 smallholder coffee suppliers in Indonesia.
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The rise of climate litigation has left insurers wary of covering any business that may be at risk.
The big news of last week was the agreement of the rules on climate disclosure bill for large Californian companies by the Assembly. The Climate Corporate Data Accountability Act is now in the hands of California’s Democratic Governor to see if it passes into law – if it does that means mandatory climate risk disclosure across the worlds fifth largest economy.
Amid its efforts to prevent oil exploration in Congo Kinshasa, Greenpeace has found a new target: insurance companies.