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Wales Online
10-07-2025
- Climate
- Wales Online
'Heatwaves should be given names like storms - they are a danger to life'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info When the sun shines in Wales, we celebrate it. A day at the beach, a picnic in the park, all pursuits that aid our well-being after a long winter, while front pages carry photos of dripping ice cream cones and cheer another 'scorcher'. But as the thermometer nudges past 30°C again this week, it's time we delve a little deeper. Prolonged, extreme heat isn't normal, and we aren't prepared for its side effects. My role is to be a guardian of future generations under Wales' Well-being of Future Generations Act, but also to make sure those in charge are doing all they can so we can live well today. And climate change isn't just a future problem — it's happening now, and heatwaves are one of its most lethal symptoms. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here Globally, heat kills more people than floods, earthquakes, and hurricanes combined. According to insurance company Swiss Re, an estimated 500,000 people lose their lives every year to extreme heat. Yet here in Wales, high temperatures are not yet being treated as the public health emergency they often are. Academics have been leading a growing movement to name heatwaves in the same way we name storms – a simple, but powerful message. When we hear that Storm Babet is on its way, we know to prepare — to check in on neighbours, avoid travel, and follow emergency guidance. The same logic should apply to heatwaves, especially when we know they disproportionately impact older people, young children, and people living in poverty. Naming heatwaves would make their danger visible — and visibility drives urgency. If you tell someone the weekend will be "Heatwave Idris" suddenly it's not just a beach day. It's a signal that something potentially life-threatening is happening, and we need to respond accordingly. My Future Generations Report 2025 argues that climate risk must become a core part of how we plan, design, and deliver public services. Health boards, councils, and emergency planners should be working with communities to assess vulnerability to climate extremes and take coordinated action. In places like Cwm Taf Morgannwg and Pembrokeshire, this kind of forward-thinking is already under way. Cwm Taf Morgannwg Public Services Board's climate risk assessment involved more than 220 people from residents to emergency planners, to identify how floods, droughts, and heatwaves could affect everything from infrastructure to social care across three local authority areas. This isn't top-down decision-making — it's people-led planning that responds to real lived experience. And this is vital, because the impacts of climate change are not distributed equally. Research from Madrid shows people on lower incomes suffer most due to poorly insulated homes, lack of access to green space or air conditioning, or pre-existing health conditions that are worsened by heat. So, what can we do? For starters, we must stop seeing climate adaptation as optional. The Well-being of Future Generations Act gives Wales a unique framework to plan for long-term challenges. By the end of 2027, I want every public services board in Wales to have a climate risk assessment and outline clear steps that reflect their communities' needs. The natural world holds many of the solutions and we must ensure our climate action is nature-led. Increased tree cover in our towns and cities can significantly reduce local temperatures, improve air quality, and make urban areas more resilient to heat. This year it was announced a quarter of Newport, South Wales, would be covered by trees within 10 years, with the planting of almost 30,000 'urban forest' trees. Wales was the first country in the world to measure its urban tree coverage and has planted its first Tiny Forests, from Barry to Kinmel Bay. In Medellín, Colombia, a network of green corridors has already reduced average city temperatures by 2°C, with Paris, Durban and San Fransisco taking similar action. Imagine the impact if we summer-proofed all our spaces, so we could enjoy more comfortable days and protect our most vulnerable. We should also rethink how and where we build. The National Infrastructure Commission for Wales sees climate change as a national security threat, urging planners to stop developing in flood-prone areas. It recommends we treat nature as a stakeholder in every major infrastructure decision — and create a dedicated fund for adaptation and resilience. These are not radical ideas; they are common sense. Crucially, adaptation will require listening to those most at risk — older people, disabled people, low-income families, carers — and putting their needs at the heart of planning. We're not moving fast enough - only two of our 13 Public Services Boards (the statutory bodies set up to improve the well-being of the area under our future generations law) have a climate change risk assessment. The cost of doing nothing is enormous. But the cost of acting now — planting trees, upgrading infrastructure, reforming planning, educating the public — is far lower, with multiple benefits. If giving monikers to storms has played a part in saving lives, there's every reason to believe it could do the same for heatwaves. Because the climate crisis isn't coming — it's here. And we'd better start naming it.
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Business Standard
04-07-2025
- Business
- Business Standard
Indian insurers urge IRDAI to revamp bond valuation to boost debt market
Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies Bloomberg By Bhaskar Dutta and Saikat Das Indian insurers have asked their regulator to revamp bond valuation norms, according to people familiar with the matter, a move that could encourage greater participation in the corporate debt market. Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies, the people said, asking not to be named as the talks are private. The current approach assigns similar valuations to bonds with the same rating, they added. The push for a new methodology comes at a time when Indian insurers' assets are rising, driving increased investment in debt securities. Easing valuation rules could improve liquidity in India's relatively shallow corporate bond market, they said. As India's economy expands, the nation's insurance market will be the fastest growing among the other G20 nations, global reinsurance company Swiss Re wrote earlier this year. Insurance companies are making the request to shield their so-called unit-linked insurance plans, or ULIPs, from potential losses, the people said. These plans combine investment in financial markets with life insurance coverage. Growing market The discussions around the valuation models signal a growing market, although a potential shift calls for careful risk management on the part of insurers, said Anil Gupta, senior vice president at ICRA Ltd., an affiliate of Moody's Ratings, that provides valuations for fixed-income instruments. The current method — — the so-called matrix valuation — prices illiquid bonds to comparable securities that are more regularly traded. As a result, many bonds in an insurer's portfolio end up being valued the same way, the people said. This can lead to losses when the bonds are sold in the market, especially as the method doesn't distinguish between securities issued by state-owned firms and private issuers, they added. In contrast, the preferred security-level valuation method accounts for the unique characteristics of each instrument. This shift would better align valuations with actual market transactions and conditions, they added. While the security-level method is more reflective of market conditions, there are potential risks involved depending on the kind of securities being considered, said Gupta. If bonds being chosen are illiquid, then the method runs the risk of overstating the value of a portfolio, he said.
Bloomberg
26-06-2025
- Business
- Bloomberg
Bloomberg Masters In Business: Velina Peneva
Barry speaks with Velina Peneva, group chief investment officer at Swiss Re about the business of reinsurance, managing risk, her career path and more. Peneva started her career at Bain & Company in 1998 and later became Partner in 2011. While she was there, she worked with fund managers and investors, became a leader in the private equity practice in Zurich and became a member of the firm's global investment committee. Peneva joined Swiss Re in 2017, becoming co-head of client solutions & analytics, before being named Group Chief Investment Office and member of the Group Executive Comittee in 2023.
Business Upturn
25-06-2025
- Business
- Business Upturn
ClimateTech Connect Returns to Washington DC, April 2026, Uniting Global Leaders for Climate Resilience and Innovation
By GlobeNewswire Published on June 25, 2025, 20:02 IST WASHINGTON, June 25, 2025 (GLOBE NEWSWIRE) — Following the success of its inaugural conference, ClimateTech Connect will return to Washington, D.C. on April 8–9, 2026, for its second edition, and today, organizers are proud to announce the newly appointed 2026 Advisory Council. The 2025 conference drew top leaders from insurance, finance, government, and technology to explore the intersection of climate resilience and innovation. Participating organizations included J.P. Morgan, Chubb, American Family Ventures, American Express, Marsh McLennan, Swiss Re, Lloyd's, Munich Re, NASA, USAA, Liberty Mutual, NOAA, FEMA, the EPA, and the National Institute of Building Sciences. With a highly curated senior-level audience and robust cross-sector dialogue, ClimateTech Connect quickly established itself as a must-attend convening for those shaping the future of climate adaptation. 'Technological innovation is essential for advancing climate resilience and adaptation, as it empowers communities and businesses with the tools and solutions needed to effectively respond to extreme weather and climate events, which are only growing in frequency and severity across the globe. We are thrilled to bring the second edition of ClimateTech Connect back to D.C.' stated Megan Kuczynski, Founder and CEO, ClimateTech Connect . I am honored to serve once again on the ClimateTech Connect Advisory Council. The inaugural conference had relevant and timely topics, A-list speakers and engaged tech entrepreneurs. The diverse mix of interests reflected the urgent need for partnerships. The focus must be on risk reduction not simply risk transfer. I look forward to building the second edition of the conference with such an esteemed group, ' Francis Bouchard, Managing Director, Climate, Marsh McLennan ClimateTech Connect is proud to announce the esteemed 2026 Advisory Council: Francis Bouchard , Managing Director, Climate, Marsh McLennan , Managing Director, Climate, Marsh McLennan Raghuveer Vinukollu , Head-Climate Insights and Advisory, Munich Re US , Head-Climate Insights and Advisory, Munich Re US Jerry Theodorou , Director, Finance, Insurance, and Trade Policy, R Street Institute , Director, Finance, Insurance, and Trade Policy, R Street Institute Jacqueline Legrand , Founder and CEO, Maptycs , Founder and CEO, Maptycs Anil Vasagiri , Senior Vice President, Head of Property Solutions at Swiss Re , Senior Vice President, Head of Property Solutions at Swiss Re Emilio Figueroa , Head of Insurance, Eventual Treasury and Eventual Weather , Head of Insurance, Eventual Treasury and Eventual Weather Lisa Wardlaw , President and Founder, 360 Digital Immersion , President and Founder, 360 Digital Immersion Sarah Russell , Managing Director, Bellwether at X, The Moonshot Factory , Managing Director, Bellwether at X, The Moonshot Factory Steve Weinstein , Chief Executive Officer and Founder of Mangrove Property Insurance, Chair, Bermuda Institute of Ocean Sciences (BIOS) , Chief Executive Officer and Founder of Mangrove Property Insurance, Chair, Bermuda Institute of Ocean Sciences (BIOS) Denise Garth , Chief Strategy Officer, Majesco , Chief Strategy Officer, Majesco Jennifer Hoolehan Kyung , SVP, Business Performance Office, Nationwide , SVP, Business Performance Office, Nationwide Nigel Walsh , Global Head of Insurance, ServiceNow , Global Head of Insurance, ServiceNow Angela Grant , Chief Legal Officer and Corporate Secretary, Palomar Insurance , Chief Legal Officer and Corporate Secretary, Palomar Insurance Franklin Nutter , President, Reinsurance Association of America , President, Reinsurance Association of America Dominique Roudaut , Chief Strategy and Innovation Officer, Dai-ichi Life Holdings Inc. , Chief Strategy and Innovation Officer, Dai-ichi Life Holdings Inc. Charlie Sidoti , Executive Director, Innsure , Executive Director, Innsure Andrew Eil , Climate Tech Advisory and Investor , Climate Tech Advisory and Investor John Wilson , Academic Director, University of Connecticut Business School With climate-related risks accelerating globally, ClimateTech Connect 2026 will serve as a vital platform for solution-driven dialogue and cross-sector alignment. Whether you're in insurance, infrastructure, finance, government or emerging tech, this is the place to build the relationships and roadmaps that will shape our climate-resilient future. Register now for the lowest rates offered all year. Click here for the speaker application form, and click here to submit interest for sponsorship. About ClimateTech Connect ClimateTech Connect is where thought leaders, innovators, policymakers, and industry experts will gather to advance climate adaptation and resilience strategies at scale. The conference brings together technological, engineering, and scientific innovations together with business leadership to mitigate the risk of and recover from increasingly frequent extreme climate events. Conference attendees can expect two days of masterclass content including keynotes, TED-style talks, product demonstrations by early stage companies, pitch competition, focused roundtables, a vibrant expo, and immersive networking over breakfast, lunch and opening night gala reception. About the venue: Located in the heart of Washington DC's renowned Pennsylvania Corridor, the prestigious Ronald Reagan Building and International Trade Center is steps away from the National Mall, Lincoln Center and White House. Press contact:Girish JaggiThe MicDrop Agency [email protected] +1 (289) 623 3627 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
25-06-2025
- Business
- Yahoo
ClimateTech Connect Returns to Washington DC, April 2026, Uniting Global Leaders for Climate Resilience and Innovation
Call for speakers and sponsors now open for the 2026 edition of the conference WASHINGTON, June 25, 2025 (GLOBE NEWSWIRE) -- Following the success of its inaugural conference, ClimateTech Connect will return to Washington, D.C. on April 8–9, 2026, for its second edition, and today, organizers are proud to announce the newly appointed 2026 Advisory Council. The 2025 conference drew top leaders from insurance, finance, government, and technology to explore the intersection of climate resilience and innovation. Participating organizations included J.P. Morgan, Chubb, American Family Ventures, American Express, Marsh McLennan, Swiss Re, Lloyd's, Munich Re, NASA, USAA, Liberty Mutual, NOAA, FEMA, the EPA, and the National Institute of Building Sciences. With a highly curated senior-level audience and robust cross-sector dialogue, ClimateTech Connect quickly established itself as a must-attend convening for those shaping the future of climate adaptation. 'Technological innovation is essential for advancing climate resilience and adaptation, as it empowers communities and businesses with the tools and solutions needed to effectively respond to extreme weather and climate events, which are only growing in frequency and severity across the globe. We are thrilled to bring the second edition of ClimateTech Connect back to D.C.' stated Megan Kuczynski, Founder and CEO, ClimateTech Connect. I am honored to serve once again on the ClimateTech Connect Advisory Council. The inaugural conference had relevant and timely topics, A-list speakers and engaged tech entrepreneurs. The diverse mix of interests reflected the urgent need for partnerships. The focus must be on risk reduction not simply risk transfer. I look forward to building the second edition of the conference with such an esteemed group,' Francis Bouchard, Managing Director, Climate, Marsh McLennan ClimateTech Connect is proud to announce the esteemed 2026 Advisory Council: Francis Bouchard, Managing Director, Climate, Marsh McLennan Raghuveer Vinukollu, Head-Climate Insights and Advisory, Munich Re US Jerry Theodorou, Director, Finance, Insurance, and Trade Policy, R Street Institute Jacqueline Legrand, Founder and CEO, Maptycs Anil Vasagiri, Senior Vice President, Head of Property Solutions at Swiss Re Emilio Figueroa, Head of Insurance, Eventual Treasury and Eventual Weather Lisa Wardlaw, President and Founder, 360 Digital Immersion Sarah Russell, Managing Director, Bellwether at X, The Moonshot Factory Steve Weinstein, Chief Executive Officer and Founder of Mangrove Property Insurance, Chair, Bermuda Institute of Ocean Sciences (BIOS) Denise Garth, Chief Strategy Officer, Majesco Jennifer Hoolehan Kyung, SVP, Business Performance Office, Nationwide Nigel Walsh, Global Head of Insurance, ServiceNow Angela Grant, Chief Legal Officer and Corporate Secretary, Palomar Insurance Franklin Nutter, President, Reinsurance Association of America Dominique Roudaut, Chief Strategy and Innovation Officer, Dai-ichi Life Holdings Inc. Charlie Sidoti, Executive Director, Innsure Andrew Eil, Climate Tech Advisory and Investor John Wilson, Academic Director, University of Connecticut Business School With climate-related risks accelerating globally, ClimateTech Connect 2026 will serve as a vital platform for solution-driven dialogue and cross-sector alignment. Whether you're in insurance, infrastructure, finance, government or emerging tech, this is the place to build the relationships and roadmaps that will shape our climate-resilient future. Register now for the lowest rates offered all year. Click here for the speaker application form, and click here to submit interest for sponsorship. About ClimateTech Connect ClimateTech Connect is where thought leaders, innovators, policymakers, and industry experts will gather to advance climate adaptation and resilience strategies at scale. The conference brings together technological, engineering, and scientific innovations together with business leadership to mitigate the risk of and recover from increasingly frequent extreme climate events. Conference attendees can expect two days of masterclass content including keynotes, TED-style talks, product demonstrations by early stage companies, pitch competition, focused roundtables, a vibrant expo, and immersive networking over breakfast, lunch and opening night gala reception. About the venue: Located in the heart of Washington DC's renowned Pennsylvania Corridor, the prestigious Ronald Reagan Building and International Trade Center is steps away from the National Mall, Lincoln Center and White House. Press contact:Girish JaggiThe MicDrop Agencygirish@ (289) 623 3627Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
