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TOP NEWS IN GLOBAL INSURANCE
– Chubb Ltd. will require clients to reduce methane emissions as part of its new underwriting criteria for oil and gas extraction projects. CEO Evan Greenberg said the Switzerland-based company is looking to accelerate its climate-related initiatives through the move, "without committing to sweeping net-zero pledges." Chubb would also not provide insurance coverage for oil and gas projects in certain government-protected conservation areas.
– UK-based Lloyd's of London expects strong premium growth for 2023, with a projected gross written premium of £56 billion against £46.7 billion in 2022. The company also increased its reserves related to the war in Ukraine to £1.4 billion as of Dec. 31, 2022, compared with £1.1 billion at June 30, 2022. Lloyd's booked a full-year 2022 loss before tax of £769 million, compared with profit before tax of £2.28 billion in the previous year.
➤ Banks face greater scrutiny from D&O insurers after SVB, Credit...