Insurance companies focuses on climate risk, war exclusions and ESG

The recent world insurance congress

Australia (WICA) in Melbourne was organized by insurance law professionals but placed significant emphasis on issues affecting the broader insurance industry.

Angus Kench, the conference chair and a board member of the Australian Insurance Law Association (AILA), which was one of the organizers, was asked if this inclusive approach was more deliberate at this Melbourne event compared to previous WICAs. Kench, who also serves as the Vice President of Casualty, workers’ Comp, and Crisis Management Claims in the Asia-Pacific region for Liberty Specialty Markets, explained that AILA has always aimed to provide educational and networking opportunities for all segments of the insurance industry. He highlighted that while “law” is a central aspect of their focus, they leverage their connections and thought leaders to offer education that encompasses various facets of the insurance business.

WICA’s program was structured around four critical themes that are highly relevant to the insurance industry:

A conflict; A climate; A innovation (including careers); A ESG (environmental, social, and governance). These themes featured speakers and panel discussions with a diverse mix of professionals, including lawyers, underwriters, claims specialists, brokers, academics, actuaries, and other experts in the insurance field. One of the sessions, “Climate and Catastrophic Events,” addressed climate-related litigation risks for insurers, with a focus on threats to collaborative insurer action, rising premiums, and the growing involvement of citizens in climate-related litigation cases. The importance of insurers and industry stakeholders working together to transition toward a net-zero economy was emphasized.