Philip Morris enters the UK insurance market & more…Keep up to date with the latest insurance and finance news in our weekly round-up…

Californian insurance commissioner refuses to mandate climate risk disclosures

Californian insurers will not be forced to disclose their fossil fuel business after insurance commissioner Ricardo Lara yesterday rejected a petition from more than 60 public interest groups. Executive director, Carmen Balber, said: “By refusing to acknowledge the insurance industry’s role in global warming, he’s abdicating California’s leadership role in combating climate change. “Every new scientific study finds the climate threat is more urgent than the last. In denying this petition, Lara denies that urgency in favour of more talk with the industry.”

Total reinsurance capital drops in 2018, but alternative capital keeps rising: Willis Re

While total dedicated reinsurance capital dropped in 2018, alternative capital continued its steady rise, according to a report published by Willis Re.

Philip Morris enters UK insurance market

Marlboro maker Philip Morris has launched an insurance subsidiary in the UK that promises to slash premiums by half under on condition.

Aon creates new Global Construction & Inland Marine unit

Global insurance and reinsurance broker, Aon, has announced the combination of its Construction  & Engineering and Inland Marine teams into a single practice within its Reinsurance Solutions operation.