How insurers are assisting with the energy transition
How insurers are enabling a “less volatile” transition away from fossil fuels is the focus of the second of two special Insurance Post Podcasts, to coincide with the 2024 United Nations Climate Change Conference, more commonly known as COP29.
At COP 28, the UAE Consensus recognised the need for rapid and sustained emissions reductions. Gus Majed, group CEO and founder of Paratus, tells podcast host Scott McGee that the insurance sector is now looking at targeted cover for the cost side for adoption of greener energy and price risk insurance.
He said lessons had been learned from the speedy retreat from investing in gas and oil before the Covid-19 pandemic, given the economy’s reliance on these fuels.
Majed said: “A lot of traditional funding into fossil fuels fled, and what subsequently happened was record power prices, gas prices, inadvertently.
“What the insurance industry is seeing now is a realignment and more pragmatism between capital and risk. Now, innovation is going to be the key moving forward.”
During the podcast, Ian Gibbs, national technical manager of Sedgwick, and Majed also unpick the agenda for COP 29, which is about adaptation and developing more specifics on how countries will put in place measures to cope with and minimise the unavoidable impacts of climate change.
Sharing his hopes for COP 29, Gibbs said there will be challenges and opportunities if it sets more ambitious targets, given that the construction industry is a huge contributor to the insurance sector’s carbon footprint.
He said: “I think it will be exciting if the pedal is pushed a bit harder on the accelerator.”
As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to.
To download the episode, go to your podcast provider of choice (Apple, Google, Samsung, Spotify, Audible, etc) and search for Insurance Post.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Fraudster fails to pull wool over Ifed’s eyes
City of London Police’s Insurance Fraud Enforcement Department is investigating suspected fraudulent insurance claims over the alleged theft of more than 650 sheep.
What next for Aviva and insurance’s greatest Dame?
Editor’s View: Emma Ann Hughes considers the remarkable turnaround of Aviva under Dame Amanda Blanc and asks what comes next for the insurer and its formidable group CEO.
Throwback Thursday: Royal retreats from Moscow
Insurance Post’s Throwback Thursday steps back in time to October 1991 to remind you what was going on this week in insurance history when Royal International was reconsidering its plans for a Moscow-based insurance company.
Q&A: Nick Dinsdale, Peach
Nick Dinsdale, underwriting director at Peach, speaks to Insurance Post about the firm’s new hire, AI in underwriting and Peach’s growth plans.
CFC report highlights gap in cyber awareness and understanding
Research from CFC has found that while SMEs are aware of the threat of cyber-attacks, most misunderstand the threats they face and the protection cyber insurance provides.
How AI is redefining the art and science of underwriting
As artificial intelligence adoption expands across underwriting, Marcel Le Gouais examines how a more complete picture is emerging of where automation ends and human judgement remains.
Big Interview: Simon Hunt, HDI
Simon Hunt, CEO of HDI UK and Ireland, reveals how he is looking to grow the corporate and specialty lines insurer by launching a new Lloyd’s syndicate and expanding in areas including energy, cyber and healthcare.
Penny Black’s Social Diary: Aviva’s trams and Earnix’s sushi
Penny Black has been out and about again, notebook in one hand and canapé in the other, keeping a keen eye on the insurance industry’s more whimsical moments.