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Climate change news

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

Climate is single biggest opportunity for re/insurers: John Neal

16th June 2021

Lloyd’s CEO John Neal has described climate change as “the largest single underwriting and investment opportunity” that most re/insurers will see in their careers. Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to “look at climate positively.” Neal was joined by ... Read the full article

WTW, WWF target greater nat cat resilience in Fiji & Papua New Guinea

14th June 2021

Re/insurance broker Willis Tower Watson has announced a project to help support the climate adaptation and financial resilience of coastal communities in Fiji and Papua New Guinea (PNG) vulnerable to the impacts of climate change, including major shock events. The project, launched in partnership with the World Wide Fund for Nature ... Read the full article

G7 package to scale up climate protection funding

14th June 2021

A new package of support from the UK, Germany and US aims to scale up protection for vulnerable communities against the impacts of climate change. Agreed at the recent G7 summit, the package includes £120 million in new funding from the UK and €125 million from Germany, with the intention of ... Read the full article

Data is the biggest barrier when addressing climate risk: WTW

11th June 2021

According to a new survey by Willis Towers Watson (WTW), the availability of data is the biggest test firms expect to face over the next five years in order to address climate risk. The survey was created to gain insights on progress made to assess and manage the impact of climate ... Read the full article

Re/insurance industry is acting as the world’s shock absorber: Mumenthaler, Swiss Re

10th June 2021

In a recent discussion with Climate Change UN, Christian Mumenthaler, Chief Executive Officer of Swiss Re, explored how the re/insurance industry is an invisible force which holds the world together and allows economies to run. During the exchange, Mumenthaler said: “It's not just Swiss Re, I think the whole insurance and ... Read the full article

UN chief says decisive climate action needed from re/insurers: IDF

8th June 2021

UN Secretary-General António Guterres has asserted that the re/insurance industry has a “key role to play” in promoting the transformations needed to protect the world from climate change. Speaking at an Insurance Development Forum (IDF) event today, Guterres said re/insurers must take “decisive action now” to help mitigate the impacts of ... Read the full article

BoE launches climate stress test for insurers

8th June 2021

The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article

2021 a “pivotal year” for re/insurers’ climate efforts: Swiss Re’s Ojeisekhoba

7th June 2021

Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that following the outbreak of the COVID-19 pandemic, 2021 could be a “pivotal year” for the re/insurance industry to help push for more societal resilience to climate change. As countries look to a sustainable pandemic recovery, and with ... Read the full article

DBRS Morningstar notes growing momentum of sustainable insurance investments

3rd June 2021

Analysts at DBRS Morningstar have pointed to the “growing momentum of sustainable investment among insurers” which it says should support a transition towards a low-carbon economy globally, and help to mitigate the effects of climate change. With Environment, Social, and Governance (ESG) awareness on the rise, the firm noted that many ... Read the full article

Swiss regulator asks re/insurers to disclose climate risks

1st June 2021

Swiss financial regulator FINMA has said that, going forward, re/insurance companies and banks will be required to publicly provide “qualitative and quantitative information” on the risks they face due to climate change. FINMA said the move will support the sustainable development of the Swiss financial centre, while preventing the public from ... Read the full article

Climate change could impact US corn yields by 40%: AIR

21st May 2021

In collaboration with data analytics provider Verisk, David Victor and experts from AXIS Capital, explored how climate change may affect agricultural risk in the United States, specifically looking at the impact on corn yield. Verisk’s extreme event modelling business unit, AIR Worldwide (AIR), conducted the research to isolate effects of variation ... Read the full article

Aon, Willis & Mercer join sustainable investing group

13th May 2021

Fourteen institutional investment consulting firms in the US, including Aon, Willis Towers Watson (WTW) and Mercer, have established a joint working group to advance sustainable investing. Aon Hewitt Investment Consulting, WTW, and Mercer, which forms part of broker Marsh McLennan, will aim to support clients by promoting and improving sustainable investment ... Read the full article

WTW establishes framework to support climate transition plans

4th May 2021

Re/insurance broker Willis Towers Watson (WTW) has announced the launch of Climate Transition Pathways (CTP), an accreditation framework that helps insurers and financial institutions to identify which organisations have transition plans aligned with the Paris Agreement. The CTP governance committee will work with independent third-party groups including Volans, a consultancy responsible ... Read the full article

AXA to target environmentally positive & inclusive insurance

30th April 2021

Global insurer AXA has launched a progress index to measure its implementation of several new climate and inclusivity targets. On the insurance side, these include strengthening the share of insurance products with a positive impact on the environment, through the guarantees or services offered, as well as the promotion of inclusive ... Read the full article

SCOR sets further climate targets for investments

28th April 2021

French re/insurer SCOR has announced further climate targets to reduce the carbon intensity of its investments and accelerate its move towards net-zero emissions. By 2025, SCOR now aims to have reduced the carbon intensity of its corporate bonds and listed equities portfolio by 27%. It's hoped that this new target will support ... Read the full article

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