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Climate change news

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

IDF & V20 Group call for more international climate support

20th September 2021

The Insurance Development Forum (IDF) and the Vulnerable Twenty (V20) Group of Ministers of Finance have called for joint collaboration and international support to strengthen global physical climate risk management capabilities. Together, the IDF and V20 also announced their intention to advance on the creation of the Global Risk Modelling Alliance ... Read the full article

Climate change is not a risk, it’s a fact: Swiss Re CEO Mumenthaler

16th September 2021

In a recent video interview for the Artemis Live series from our sister site, Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, stressed that while the re/insurance industry certainly has a role to play, it is not the solution to climate change. The 2021 IPCC Climate Risk ... Read the full article

Transition to a low carbon economy requires global collaboration: Lloyd’s CEO Neal

16th September 2021

The critical journey to a successful transition to a low carbon economy will require global collaboration on a vast scale, according to John Neal, Chief Executive Officer (CEO) of Lloyds. Executives from the specialist Lloyd’s insurance and reinsurance recently market held a virtual climate change discussion, as part of the 2021 ... Read the full article

Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s

15th September 2021

To better assess the impacts of climate change over time, there's a real need to integrate the work of the scientific community with the actuarial work undertaken by the re/insurance industry, according to Dr. Kirsten Mitchell-Wallace, Head of Portfolio Risk Management, Lloyd's. Executives from the specialist Lloyd's insurance and reinsurance market ... Read the full article

Liberty Mutual commits to 50% emissions cut by 2030

14th September 2021

Liberty Mutual Insurance has announced a new climate commitment to reduce its Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from its 2019 levels by 2030. To reach these goals, the company plans to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying ... Read the full article

Climate change the industry’s largest growth opportunity, says Swiss Re

9th September 2021

Climate change, while acknowledged as a real and existential threat, has been highlighted by Swiss Re as the re/insurance industry's largest opportunity for growth. The reinsurer has called for an annual investment of $6.9 trillion to meet current 2030 targets and warns of devastating consequences to the global economy should this ... Read the full article

Climate change is front and centre for reinsurers, say Aon execs

8th September 2021

As industry losses from so-called secondary perils such as wildfires, winter storms and floods continue to rise, coupled with the expectation of more frequent and severe events in general, climate change is "front and centre in most people's thinking," according to Andy Marcell, Chief Executive Officer (CEO) of Aon's Reinsurance ... Read the full article

ARC, GCA partnership targets more climate resilient agriculture sector

6th September 2021

The African Risk Capacity (ARC) Group has signed a Memorandum of Understanding (MoU) with the Global Center on Adaptation (GCA) to help facilitate investments into the risk management of government planning and high-level advocacy. Aimed at building a more climate resilient agriculture sector, the MoU will be supported by a joint ... Read the full article

Swiss Re forecasts rapid property market growth amid shift to higher-risk lines

6th September 2021

As economic development and climate change contribute to a fundamental shift to higher-risk,  catastrophe-exposed property lines, global property and casualty (P&C) insurance premiums are forecast to more than double to USD 4.3 trillion by 2040, according to analysis by Swiss Re Institute. Driving the rise of more than 50% from 2020's ... Read the full article

Swiss Re in carbon removal agreement with Climeworks

25th August 2021

Reinsurer Swiss Re has signed a ten-year purchase agreement with Climeworks, a specialist in carbon dioxide air capture technology, to tackle climate change using direct air capture and storage of carbon dioxide. Worth $10 million over the ten years, Swiss Re hopes the collaboration will help it to achieve its goal ... Read the full article

Kin offers greater protection in upgraded reinsurance program

19th August 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has upgraded its reinsurance program to offer greater disaster protection. The insurer, which is currently backed 42 blue chip reinsurers, supports and manages risks for homeowners who are most exposed to the mounting impact of climate ... Read the full article

Slow climate response could “damage” Lloyd’s brand, says Chairman

11th August 2021

Lloyd's of London Chairman Bruce Carnegie-Brown says the marketplace’s brand could be “damaged” by re/insurers that have proved slow to withdraw their backing for carbon-intensive activities. Speaking to the Financial Times, Carnegie-Brown warned that climate laggards could “let down” efforts at Lloyd’s, which has already come under fire from climate activists ... Read the full article

Lloyd’s takes steps to accelerate transition to net zero carbon

29th July 2021

The specialist Lloyd's insurance and reinsurance marketplace has unveiled a new climate action roadmap as the entity looks to work with critical industries to help accelerate the pace of change as the need for net zero carbon intensifies. Today, Lloyd's has released a new report, Insuring a sustainable, greener future, as ... Read the full article

Society will not meet climate targets without investor action: Swiss Re

23rd July 2021

Reinsurer Swiss Re has warned that society will fail to reach the Paris Agreement target of limiting global warming without more action from investors and other financial market players. As part of its latest Responsible Investments publication, Swiss Re stressed that long-term investors have “an important role to play in achieving ... Read the full article

Germany floods “very likely” linked to climate change: Munich Re’s Rauch

16th July 2021

Ernst Rauch, Chief Climate and Geo Scientist at Munich Re, has said that events such as the recent catastrophic flooding in Germany are “very likely related to climate change,” and are set to grow in both frequency and intensity. This week’s flooding has impacted many parts of Central and Western Europe, ... Read the full article

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