A Lloyd’s Lab-backed insurtech has launched a data-enabled deductible buy-down product for renewable energy sites, aimed at easing capital requirements and modernising underwriting practices. Smaller renewable assets are often required to hold up to 90 days of revenue in reserve against BI losses, which can amount to several million per site.

Shipping assets worth £92bn remain stranded in the Persian Gulf following disruption to traffic through the Strait of Hormuz, according to Allianz. It says the Middle East conflict and subsequent closure of the strategic waterway highlight a "new maritime order". The insurer estimates that around 1,150 cargo vessels are awaiting the resumption of normal operations.

Rising temperatures and more volatile rainfall are increasing environmental and economic risks in densely populated metropolitan areas, according to a climate risk assessment of Tokyo's Ueno Park. The study used spatial analysis to examine how climate change could affect infrastructure, tourism and public spaces in one of Japan’s busiest urban parks, which attracts around two million visitors a year.

Extreme heat is placing increasing pressure on Switzerland, which is warming at more than twice the global average rate, according to analysis from Swiss Re Institute. Switzerland now experiences around 10 to 15 days each year with temperatures of 30°C or above.

Accelerated compliance certification is undermining confidence among UK cyber security professionals, with 87% of senior managers saying the speed at which certification is achieved affects its credibility, according to research from business resilience specialists at IO.

The City of London Police has launched a new campaign urging businesses to report ransomware attacks promptly and strengthen their cyber defences, as fresh data shows hundreds of UK organisations were targeted over the past year.