At a recent Mining Insurance & Risk Association conference in Vancouver, a cyber risk specialist informed a travel-weary auditorium of insurance and risk professionals on their 2nd cup of joe, that she had researched the Dark Web (basically the underground hackers hangout) and found that 28 out of 30 attendee companies had some form of exposed data available for sale or freely available for use by others.
CRE Insurance
The $9 trillion solution to our 1% problem – Australia’s Net Zero Cost
The latest report from Net Zero Australia (University of Melbourne, the University of Queensland, Princeton University and management consultancies Nous and Evolved Energy) puts the cost at $1.5 trillion by the end of the decade, with the need for $7 trillion to $9 trillion of capital by 2060 to meet Australia’s aspiration of net zero by 2050.
UN convened Net-Zero Insurance Alliance (NZIA) starts to split
The United Nations convened, Net-Zero Insurance Alliance (NZIA) has been eviscerated in the last month with the wholesale exodus of the (re)insurance market from its membership.
As part of its charter, NZIA members must commit to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the Paris Agreement on Climate Change.
Part of this NZIA protocol compels member companies to meet NZIA’s “emissions reduction target” by choosing either an overarching insurance associated emissions reduction target of between 34-60% by 2030, or targeting emissions on a sector-by-sector basis in line with a net zero pathway for that sector. Much of the language used within its requirements refers to ‘pressuring’ its ‘insureds’ in ‘dirty’ industries to fall into line.
Now only 17 insurers remain, with the founding and major member companies alike, including giants Munich RE, Swiss RE, Lloyds, Zurich, Hannover, QBE, and even Paris headquartered AXA and Scor, all vacating their association with the NZIA.
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CRE establishes Perth, WA business
NATIONAL BUSINESS, GLOBAL REACH, REGIONALLY FOCUSSED
CRE, in partnership with Woods Insurance Brokers, has joined forces to establish CRE in Western Australia, commencing from 1st February 2023.
Operating as an extension of CRE, CRE WA will now connect with us nationally to specialise in mining, construction, and energy risks both locally and on those clients with international assets.
Resource Industry Network (RIN) Briefing
Resource Industry Network Briefing, Mackay, Friday 3rd February 2023
National business, global reach, regionally focussed
CRE partners with Resource Industry Network and other regionally based industry advocates to help mining, construction, and engineering companies tackle their contract negotiations and operational risks head on, with the confidence of having people with our experience that is rarely available to clients based outside of capital cities.