Reinsurance News

Climate change news

News on climate change and how it affects the global insurance and reinsurance industry.

Important to separate shifts in hurricane exposure and climate trends: Aeolus

16th May 2022

When exploring the potential influence of changing climatic conditions on hurricanes, it’s important to recognise that trends in exposure may be even more important than trends in climate change, according to Dr. Pete Dailey, Head of Research at Aeolus Capital Management. Earlier this month, our sister site ... Read the full article

MAPFRE joins net zero climate alliance

27th April 2022

MAPFRE has joined the Net-Zero Insurance Alliance (NZIA) with the objective of achieving greenhouse emission neutrality by 2050 for its insurance and reinsurance underwriting portfolios. The company plans to establish underwriting criteria to reduce emissions, to define decarbonisation commitments with more relevant customers, and to promote agreements, products, and services that ... Read the full article

Schroders Capital to manage €100m private assets impact mandate for Barmenia

21st April 2022

Schroders Capital, the private markets division of Schroders, has announced that it has been chosen by the German insurance company Barmenia, to manage a €100 million multi-private assets impact portfolio. The portfolio, which aims to be fully invested within the next 36 months, will be classified as Article 9 in accordance ... Read the full article

US states adopt new standard on climate-related risks

11th April 2022

A group of state insurance regulators in the US has adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The announcement, made during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, is ... Read the full article

The Hartford sets 2050 net zero target for all operations

8th April 2022

US property and casualty insurer, The Hartford, has announced its goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. The goal is in addition to the company’s existing targets, where they aim to operate ... Read the full article

Swiss Re invests in Climeworks’ $650mn equity round

6th April 2022

Reinsurer Swiss Re has invested in carbon dioxide air capture technology company specialist, Climeworks’ CHF 600 million (USD 650 million) equity round, which marks a major milestone for the company, and an even bigger step for the carbon removal industry. Last August, Swiss Re signed a ten-year purchase with Climeworks ... Read the full article

Verisk forms Climate Advisory Council

5th April 2022

Verisk has announced the formation of a Verisk Climate Advisory Council, whose members will provide strategic guidance and feedback on climate change solutions the company is developing. The ongoing research of the council members will help ensure that Verisk is well-informed on the latest climate change research and analyses, the firm ... Read the full article

Insurance industry’s financial clout key to fighting climate change: Lloyd’s CEO Neal

4th April 2022

Lloyd’s CEO John Neal has said climate change is the ‘single biggest opportunity’ he has seen in his career. Speaking on the Lloyd’s 2021 earnings call, Neal said that he saw climate change not as a threat, but as an opportunity for the industry ‘to stand up and be counted’. Neal said ... Read the full article

Marsh McLennan commits to net zero by 2050

31st March 2022

Marsh McLennan has committed to reaching net zero across its operations by 2050, alongside reducing its carbon emissions by half in the next eight years. All this was detailed in the firm’s just-released Accelerating Impact report, where it sets out its emissions reduction target. That target, says Marsh McLennan, is aligned ... Read the full article

Tailored insurance solutions for climate risk are key for agriculture: SCOR

29th March 2022

In a recent report, global reinsurer SCOR has assessed the impact that climate change can have on key natural perils that affect insurers and reinsurers, saying it’s important that solutions are developed to address the evolving risk landscape. The report was released in the second part of the reinsurers technical paper ... Read the full article

Howden’s Flandro: Hardening market to last longer than expected

28th March 2022

The fast-changing macroeconomic issues currently impacting the re/insurance industry are expected to cause for the hardening market to last longer than expected, according to Head of Analytics at Howden unit HX, David Flandro. In the insurance broker's latest review and earnings update for FY2021, Flandro, alongside Michelle To, Head of Business ... Read the full article

Berne Union launches Climate Working Group

22nd March 2022

The International Union of Credit and Investment Insurers, Berne Union, has launched a new Climate Working Group with the objective to accelerate climate action in the export credit, trade finance and political risk insurance industries by fostering innovation and promoting alignment around low-carbon transition. The group leverages the Berne Union network ... Read the full article

Demex launches Climate Risk Appraisals Service

18th March 2022

The Demex Group, a technology company that focuses on delivering climate-resilience through financial risks on a global scale, has launched a new service – Climate Risk Appraisals. The company says that Climate Risk Appraisals will provide a new management strategy for climate resilience. Demex assesses and prices climate-driven risk across an unlimited ... Read the full article

New Swiss Re climate policy targets shift away from oil & gas

17th March 2022

Swiss Re has announced a new climate policy that includes commitments to shift away from the most carbon-intensive oil and gas production. By 2025, the reinsurer says that half of its overall oil and gas premiums are to come from companies that are aligned with net zero by 2050, and by ... Read the full article

RMS expands Climate Change Models suite

11th March 2022

RMS has expanded its latest suite of RMS Climate Change Models to enable customers to strategically assess the near and long-term impacts of climate change across a wider range of perils and regions. The RMS Climate Change Models address the growing need for climate change analytics in operational underwriting and portfolio ... Read the full article