RenaissanceRe has announced the company’s collaboration with Moody’s Analytics to benchmark the environmental impact of risks within its underwriting portfolio.
The initiative combines Moody’s sustainability and financial data, models, and analytics with RenaissanceRe’s underwriting and climate expertise to support and provide risk-taking capacity for its customers as they navigate the transition to a lower carbon economy.
Cathal Carr, SVP and the Chief Underwriting Officer for Europe, and Global Head of Climate & Sustainability Underwriting Strategy at RenaissanceRe, said, “As managers of complex risks, the reinsurance industry is uniquely positioned to protect communities and businesses against the impact of a changing climate.
“We are proud to offer the industry a consistent way to support their sustainability objectives—from brokers to carriers and now to reinsurers as well.”
This collaboration marks the first time that Moody’s sustainability capabilities will be applied to a reinsurer’s treaty books, providing a transparent benchmarking approach across counterparties and diverse risk classes.
Stephen Tulenko, the President of Moody’s Analytics said, “As the insurance industry faces new sustainability challenges, such as climate-driven physical risks and the transition to a low-carbon economy, there is an increasing need for data, models, and analytics to assess the associated risks in their underwriting portfolios.
“We are excited about collaborating with an innovative industry expert like RenaissanceRe as we enhance our underwriting solutions and provide a consistent view of risk across the value chain.”
