Global Risk Dialogue Spring/Summer 2021 - The climate change issue

What is the role of reinsurance in the insurance industry – especially given risks like climate change, cyber security, political unrest and natural catastrophe events? We find out more from the Head of Reinsurance and Catastrophe Risk Management, Hyeji Kang.

ESG issues ranging from pollution to diversity to cyber security and climate change increasingly are landing on the desks of risk managers and, especially, directors and officers. Elevating and identifying ESG risks and making sure it is understood how they will play out in and out of the boardroom is crucial.

Businesses are entering a period of huge policy and regulatory change as the world steps up its efforts to combat global warming. Actions to address climate change  pose significant operational and compliance challenges for companies and those that over promise or lag behind are facing increasing scrutiny.

Elsewhere, the Covid-19 global pandemic highlights the importance of business continuity planning for current and future operational disruptions while continued civil unrest is growing awareness in the C-suite of the need for business continuity planning to address disturbances.

Social inflation is challenging the liability environment for companies and impacting claims payments for insurers and is no longer just a US phenomenon.

Technical excellence is a term that is often cited in insurance, and especially so in relation to AGCS’s international clients with their complex risk profiles. But while it is frequently used, what does it truly mean in this context? AGCS’ Chief Underwriting Officers, Renate Strasser and Tony Buckle, share their perspectives.

Meanwhile, 130 km (81 mi) off the Yorkshire coast in the Dogger Bank, construction has begun on the world’s largest multi-field offshore wind farm to provide up to 5% of the UK’s total energy needs by 2026. AGCS is leading the insurance coverage for the three-phase construction project.