Insurance regulation is key to mitigating climate change impact
Risk-based insurance systems enabled by supportive regulation are fundamental in protecting communities from climate risks, according to a new report from the Cambridge Institute for Sustainability Leadership Fellow Dr Ana Gonzalez Palaez and Dr Sebastian von Dahlen, Chairman G-AWG, International Association of Insurance Supervisors. The report, titled ‘Insurance regulation for sustainable development: Protecting human rights against climate risks and natural hazards’ analyzes the role of insurance regulation in mitigating the effects of climate change on people, livelihoods and shelter. The report, which can be viewed at http://www.cisl.cam.ac.uk argues that without effective regulation millions are denied access to insurance which is contrary to the sustainability goals of the United Nations. Dr Gonzalez Palaez commented: Our research shows that the protection of human rights and preservation of community capital from climate risk via insurance regulation are aligned and mutually reinforcing.
Wal-Mart faces health benefits gender-discrimination case
Wal-Mart is being sued by an employee who says that the retailer’s previous policy of denying health insurance benefits to same-sex couples is a violation of gender discrimination laws. Wal-Mart’s policy changed last year but the employee Jackie Cote’s wife was diagnosed with cancer in 2012 and the couple incurred $150,000 in medical bills. She claims that she had repeatedly asked Wal-Mart to add her spouse to her benefits but was refused. She is now seeking class-action status for the case. The Globe and Mail reports that Wal-Mart has said that its coverage pre-2014 was legal.
ACE appoints new VP for high net worth insurance division
Jim Fults has been appointed senior vice president and head of product management and analytics at ACE Private Risk Services, its high net worth personal insurance business. Fults joined ACE as VP product management for the auto and umbrella insurance lines of business, coming from Fireman’s Fund’s personal insurance business, which ACE acquired in April.
Regulation is number one concern for insurers
An annual survey of insurance companies has found that regulation is their top concern. The ‘Banana Skins’ survey from PwC and the Centre for the Study of Financial Innovation shows that globally the industry’s concern about burgeoning regulation centers on its cost and distraction, but also its potential to damage competitiveness. Macro-economy, interest rates, cyber-risk and investment performance complete the top five concerns. Although natural catastrophes are 9th in the list climate change is 19th. Despite recent terrorist attacks they rank 23rd in the survey.
