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Reinsurance News

climate change

Concerns about climate, cyber & political risks intensify: AXA survey

16th October 2019

Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article

Climate & tech disruption top CEO concerns in 2019, reports KPMG

14th October 2019

A new report by KPMG has determined that climate change is regarded as the most pressing concern to organisational growth amongst CEOs in 2019, with technological disruption also high on the agenda for re/insurance CEO’s in particular. The study, which surveyed 1,300 CEOs across 11 key markets and 11 industry sectors, ... Read the full article

Deutsche Rück and VöV Rück commit to sustainable investments

14th October 2019

German reinsurers The Deutsche Rückversicherung Group (Deutsche Rück) and VöV Rückversicherung KöR (VöV Rück) have joined an investor initiative that will see them commit to more sustainable investment practices. The companies signed the Principles for Responsible Investment (PRI), a financial initiative that was established with help from the United Nations back ... Read the full article

There’s a measurable difference in today’s climate, says RenRe’s O’Donnell

11th October 2019

Kevin O’Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), has said that today, observable change in the world's climate is taking place. “There’s a measurable change that is going on, there is a measurable difference in today’s climate compared to previous climate,” said O’Donnell, addressing an ... Read the full article

AXIS Capital withdraws support for Australia’s Carmichael mine, sources report

3rd October 2019

Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has dropped its bid to provide coverage for the controversial Carmichael coal mine project in Australia, according to sources at Reuters. The publication said that sources close to the company confirmed that AXIS had withdrawn its quotes for insurance of the mine’s ... Read the full article

Swiss Re, Allianz & Zurich commit to net zero emissions by 2050

26th September 2019

Re/insurance giants Swiss Re, Allianz and Zurich are among a group 12 global companies that have committed to transitioning their investment portfolios to net zero greenhouse gas emissions. The Net-Zero Asset Owner Alliance represents more than US $2.4 trillion, and was convened by the UN Environment Programme’s Finance Initiative and the ... Read the full article

Climate resilience requires action on both sides of the balance sheet: BoE Governor

25th September 2019

Building global climate resilience will require insurers and reinsurers to take more action on both sides of their balance sheet, according to Mark Carney, Governor of the Bank of England (BoE). Speaking at the UN General’s Climate Action Summit 2019, Carney said that, on the liability side, re/insurers must focus on ... Read the full article

New public-private ocean risk initiative launches at UN climate summit

24th September 2019

As part of the UN Secretary General’s Climate Summit, a collaborative initiative between the re/insurance and finance sectors, governments, and environment organisations is being launched to build resilience to ocean risk in vulnerable areas. The newly formed Ocean Risk and Resilience Action Alliance (ORRAA) will aim to support resilience in the ... Read the full article

Evidence for rapid climate change “absolutely compelling”, says Kessler

10th September 2019

Denis Kessler, the Chairman and Chief Executive Officer of French reinsurer SCOR, has described the evidence for rapid climate change as “absolutely compelling” and called on the industry to share expertise. His comments, delivered at a conference this morning at the international rendez-vous of insurance and reinsurance, detailed the extent of ... Read the full article

Climate change among top reinsurer concerns in 2019, reports PwC

9th September 2019

Climate change has quickly climbed the ranks to join technology and cyber risk as one of the three most pressing concerns for the reinsurance industry in 2019, according to the new Banana Skins report by PwC. Now ranked as the third-biggest concern to reinsurers, climate risk is a new entry to ... Read the full article

Background paper calls for better use of insurance to adapt to changing climate

27th August 2019

A background paper submitted to the Global Commission on Adaptation by global risk transfer experts recommends numerous ways to maximise the benefits of risk transfer solutions for climate adaption. Specifically, the paper calls for investment in open-source models that offer a long-term view of climate risk and link to insurance solutions, ... Read the full article

Climate change liability poses serious risk to profitability: Clyde & Co

6th August 2019

New laws and regulation that have emerged in response to climate change are giving rise to liability risks that pose a serious risk to companies’ future profitability, according to a new report from law firm Clyde & Co. The firm noted that there has been a twenty-fold increase in climate law ... Read the full article

Climate change among most urgent threats for reinsurers: CSFI & PwC report

16th July 2019

Climate change is ranked as the second most urgent threat to business by reinsurers, and as the third most urgent by property and casualty (P&C) insurers, according to a new report from the Centre for the Study of Financial Innovation (CSFI) and PwC. The Insurance Banana Skins 2019 report surveyed re/insurers ... Read the full article

Climate change risks hit $1 trillion for some of the world’s largest firms: Report

3rd July 2019

A group of the world's largest companies across various industries have reported almost $1 trillion at risk from climate change, with a potential $250 billion in losses as a result of write-offs of assets, according to a report by CPD, an international non-profit focused on driving environmental change. In the global ... Read the full article

Chubb recognises climate change reality, says Greenberg, pulls back from coal

1st July 2019

Chubb has become the latest major re/insurer to adopt a climate policy that aims to phase out its exposure to coal-related underwriting and investment. As part of the announcement, Evan G. Greenberg, Chairman and CEO of Chubb, said that the company “recognizes the reality of climate change and the substantial impact ... Read the full article

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