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Your search for “climate change”
Addressing climate change health risks: GA and Wellcome
28th February 2024
The Geneva Association (GA) and Wellcome have recently published a joint report providing a clear framework for understanding how climate change impacts people's health. This report also offers recommendations for health and life insurance companies on addressing these risks. While insurance firms are familiar with handling claims related to property damage ... Read the full article
Climate change set to increase economic losses, US and Philippines most exposed: Swiss Re
28th February 2024
The Swiss Re Institute has predicted that climate change will have a larger impact on economic losses in the future, with the US and Philippines anticipated to be the hardest hit. As per the firm's report, four key weather perils, namely floods, tropical cyclones, winter storms in Europe, and severe thunderstorms, ... Read the full article
ICIEC and BOAD partnership at COP28 looks to address key areas like climate change
7th December 2023
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have announced their partnership with climate change adaptation and communication projects as key core focus areas. At COP28, both parties signed a Memorandum of Understanding ... Read the full article
Climate Change a challenge to UK flood defences: Moody’s RMS & Flood Re
1st December 2023
A joint study by Moody’s RMS, the risk modeling and solutions company, and UK flood reinsurance scheme Flood Re, warns of the limitations of current flood defences in the face of climate change, and calls for the UK to invest further. The main point put across in the report is that ... Read the full article
IAIS report urges action on NatCat protection gaps amid climate change threat
6th November 2023
The International Association of Insurance Supervisors (IAIS) has issued a report, "A call to action: the role of insurance supervisors in addressing natural catastrophe protection gaps," highlighting the vital role of insurance supervisors in addressing the rising threat of natural catastrophe (NatCat) events due to climate change. Protection gaps, defined as the ... Read the full article
Claims for nat cat perils to increase 40% by 2050 due to climate change: CCR
18th October 2023
CCR estimates that claims for perils covered by the natural disaster compensation scheme are likely to increase by around +40% by 2050 as a result of climate change, and by +60% if changes in insured stakes (population growth and urban density) are taken into account. These figures stem from CCR and ... Read the full article
Fighting climate change has become an ever greater challenge: Allianz CEO
22nd September 2023
"The long era of robust economic growth, low inflation, and geopolitical stability is over, and it's replaced by uncertainty, volatility, and war. Suddenly, fighting climate change has become an ever greater challenge," suggests Allianz CEO Oliver Bäte. Bäte's comments stem from his speech at a summit of leaders from 34 governments ... Read the full article
Businesses navigate challenges on the road to net-zero in the face of climate change risks: Zurich
14th September 2023
As the world grapples with the urgent need to combat climate change and achieve the goals set by the Paris Agreement, a new report by Zurich Insurance Group and global insights agency Horizon Group sheds light on the progress and challenges faced by businesses in their journey towards net-zero emissions. The ... Read the full article
Impacts of climate change continuing to be felt around the world: PwC’s Jim Bichard
13th September 2023
With climate change topping the list once again for PwC's “Reinsurance Banana Skins" report, "it does not seem surprising" due to it being so dominant for all the major events that the industry has seen over the last 12 months, states Jim Bichard, Partner and Read the full article
Zurich and KPMG collaborate to offer comprehensive climate change advisory services
13th September 2023
Zurich Resilience Solutions, the commercial risk advisory and services unit of Zurich Insurance Group, has joined forces with KPMG Switzerland, a prominent professional services firm, to provide cutting-edge advisory services addressing the multifaceted challenges posed by climate change. Initially available in Switzerland, this strategic collaboration will soon extend its reach to ... Read the full article
Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC
11th September 2023
In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
Climate change makes it challenging to predict storm dynamics: Lockton Re
21st July 2023
Underlying climate related changes are making it challenging to predict storm dynamics; as some of those changes are becoming more evident, the likelihood of loss causing storms has also increased, according to new research by Lockton Re. Lockton's reinsurance business has recently launched a new research series focused on the hurricane ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
Global Shield Solutions Platform launched to address loss and damage from climate change
14th June 2023
The Global Shield Solutions Platform (GSSP), a pioneering financing vehicle aimed at assisting vulnerable countries in effectively tackling loss and damage exacerbated by climate change, was officially launched on June 9, 2023. The momentous occasion took place at the Gustav-Stresemann-Institute in Bonn, Germany, during the InsuResilience Global Partnership Annual Forum. With the ... Read the full article