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INSURANCE MARKET UPDATE

News Briefs Q2 2021

01/07/2021 · Read time 5 minutes

IEA releases two reports on investments in renewable energy

The World Energy Investment 2021 report presents the latest data and analysis of how energy investment flows are recovering from the impact of COVID-19, and the outlook for 2021. Read more.

Financing Clean Energy Transitions in Emerging and Developing Economies is a collaboration with the World Bank highlighting that renewable energy investment in these countries needs to increase by more than seven times — over USD1 trillion by 2030 for the world to reach net zero emissions by 2050. Read more.

The Energy & Power Newsletter

July 2021 Energy & Power Newsletter considering the insurance trends over the last quarter.

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Chubb releases annual Liability Limit Benchmark & Large Loss Profile report

The report provides data highlighting the frequency and severity of large losses over the past decade, as well as the liability insurance limits for businesses across several industry sectors, including oil and gas, and utilities. The report includes a discussion of the economic impact of socially driven phenomena such as social inflation, so called nuclear verdicts, and the trend towards increasing loss costs. Read more.

Board of directors and ESG

Many boards of directors have grappled with ESG matters to varying degrees over the past year or more, and recent events indicate that a tipping point may have arrived. Pivotal events involving two large energy companies clearly signal how ESG issues generally, and climate change in particular, are gaining momentum. The two events come at the issues from different perspectives, one focusing on society-at-large and the other on the impact on investors when they perceive a company lacks a strategy to address the impact of climate change on its business. A briefing prepared by Marsh, and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, provides a synopsis of recent events and guidance for boards and directors. Read more.

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“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”