Reinsurance News

climate change

Swiss Re finds major economies at risk from biodiversity decline

24th September 2020

A new report from Swiss Re Institute claims that one fifth of countries worldwide are at risk from ecosystem collapse and biodiversity declines, which threaten some of the major global economies. The reinsurer says that more than half of global GDP, equal to $41.7 trillion, is dependent ... Read the full article

Munich Re strengthens capital base with green bond issuance

24th September 2020

Global reinsurer Munich Re has issued a subordinated green bond for the first time in its history, with the volume issued totalling €1.25 billion (USD 1.46 billion). The German reinsurance company says that the bond proceeds will be invested in renewable energies and the like, while the issuance also bolsters the ... Read the full article

Zurich adds climate change to natural hazards risk advisory service

17th September 2020

Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future. Zurich's newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks. Climate change is consistently viewed as ... Read the full article

Insurers have a responsibility to take action on climate change: Sweeney, BoE

16th September 2020

While the insurance industry has made progress on the issue of climate change and related risks, it's vital that the sector, alongside regulators, further advance their thinking and take action, according to Anna Sweeney, Executive Director, Insurance Supervision Division, Bank of England (BoE). Although somewhat overshadowed in recent months by the ... Read the full article

Swiss Re steps up internal carbon levy

15th September 2020

As part of its efforts to transition to net-zero emissions in operations by 2030, Swiss Re has announced that it will increase its internal carbon levy to $100 per tonne as of 2021. The new levy is considerably higher than the current levy of $8 per tonne CO2, and is set ... Read the full article

AXA Climate, SatSure to offer parametric solutions for private & public sector

8th September 2020

AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale. AXA sees climate risk understanding and mitigation as key in reducing the financial consequences that climate-related events may have on communities and businesses. As ... Read the full article

Jupiter announces launch of ClimateScore Global

17th August 2020

Jupiter, a provider of predictive data and analytics for climate risk and resilience, has announced the launch of a climate risk analytics tool called ClimateScore Global. ClimateScore Global predicts future physical risk from flooding, extreme heat, high wind, drought, wildfire, hail, and earthquake. Its scope and granularity is designed to project how ... Read the full article

Re/insurance has major role in tackling climate change: Swiss Re’s Baertschi

20th July 2020

In the wake of the COVID-19 pandemic, the insurance industry must reflect on the lessons it has learned and take a stance as a major player in the fight against climate change. This is according to Urs Baertschi, Chief Executive Officer Reinsurance EMEA / Regional President EMEA at Swiss Re, who ... Read the full article

AXA inks insurance contract with low-carbon cement manufacturer

15th July 2020

Global insurer AXA is to provide Hoffmann Green Cement Technologies with an insurance contract protecting the manufacturing process of its low-carbon H-UKR cement. H-UKR cement is a binder perfected and developed by Hoffmann Green that has a substantially lower carbon footprint than traditional varieties. Hoffmann Green now has a contract covering the ... Read the full article

Industry leaders call for investment in climate resilience

6th July 2020

A panel of industry leaders at a Coalition for Climate Resilient Investment (CCRI) event have called for a systemic shift in the way projects are financed to build resilience to climate change. With $90 trillion in infrastructure investment needed globally over the next decade to achieve global growth expectations, speakers argued ... Read the full article

InsuResilience Solutions Fund signs grant agreement with MiCRO, SBS Seguros Colombia

26th June 2020

The InsuResilience Solutions Fund, represented by the Frankfurt School of Finance and Management, has signed a grant agreement to help strengthen Colombia’s resilience to natural catastrophes. Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to €2.5 million. The ... Read the full article

Climate change & cyber growing priorities for re/insurers: LCP

22nd June 2020

A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article

Now is the time to address the climate change challenge: Jeworrek, Munich Re

15th June 2020

Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re, has said that now is the time to "finally and consistently" address the climate change challenge. In recent months, the global outbreak of COVID-19 has unsurprisingly dominated headlines and, as a result, many have lost sight of the long-term global ... Read the full article

SCOR signs up to UN carbon neutral investment pledge

28th May 2020

SCOR has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target, and already ... Read the full article

PRA postpones insurance & climate stress tests due to Covid-19 pressures

7th May 2020

The UK's Prudential Regulation Authority (PRA), part of the Bank of England, has announced that the planned 2019 insurance stress test results will now not be published, as it pauses further work in this area due to the impacts of the Covid-19 pandemic. The PRA said that its focus is on ... Read the full article

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