Carney warns of risk from climate change regulations
Former Bank of Canada governor Mark Carney has warned that regulations which aim to tackle the impact of climate change pose a risk to financial markets, insurance companies and the wider business world. Mr Carney, now governor at the Bank of England, told a dinner at Lloyds of London Tuesday: “Once climate change becomes a defining issue for financial stability, it may already be too late.” Insurers, he said, are at risk, citing data which suggests the industry is under-pricing risk by up to 50 per cent based on current weather trends pervading.
Trans-Pacific Partnership to create new opportunity for global insurance
An agreement which leads to the completion of the Trans-Pacific Partnership would create new opportunities for insurance companies according to one of Japan’s leading industry executives. Yasuyoshi Karasawa, president & CEO of the MS&AD Insurance Group which already has significant operations in North America, told theworldfolio.com that the trade agreement would allow the insurance sector to operate in an “expanded sphere” and play more important roles. He said that his company’s global operations only accounts for 20 to 25 per cent of the entire business but he sees expansion to 50 per cent.
Insurance company warns of lack of disability cover
Workers are leaving themselves at risk by not having insurance cover to protect them in the event of disability. A report from Canada’s RBC Insurance says that 72 per cent of working Canadians would face serious financial implications if they were unable to work for three months. The issue is recognized by workers with 95 per cent agreeing that a disability could happen at any time but 43 per cent of Canadian workers do not have coverage through their workplace benefits. Senior manager of Life and Living Benefits at RBC Insurance, Mark Hardy, said that a third of workers have a period of disability of at least 90 days at some time during their lives.
German firms step up cyber coverage
While robust diesel emissions data may not be a priority for some German firms it seems that the nation is taking the increasing risk of cyber attack very seriously. Global insurance firm
Marsh says that the German cyber insurance market will grow by 30 per cent each year. Currently the market is worth $10 million, tiny compared to the US where $2 billion of cyber premiums will be paid this year. However
Marsh’s German business unit has seen an increase in enquiries and signed contracts for cyber coverage so far in 2015.
