U.K.-based Chaucer Insurance Group PLC has partnered with U.K.-based carbon insurance specialist Kita Earth Ltd. to insure the delivery risk of carbon sequestration projects, Reinsurance News reported. Kita’s first product, carbon purchase protection cover, protects the buyer of forward purchased carbon credits against delivery risk. Chaucer will provide lead underwriting capacity besides investing in Kita, while RenaissanceRe Holdings Ltd. and Munich Re Syndicate Ltd. will provide the follow capacity.
A report by U.K.-based Chaucer Insurance Group PLC found that social unrest in Latin American nations, especially Colombia and Argentina, surged over the last year, as inflation worsened in these countries already suffering from economic and social tensions resulting from the COVID-19 pandemic.
A report by U.K.-based Chaucer Insurance Group PLC said that insurance policies may start excluding property damage caused by the civil unrest in the Middle East and North Africa region.