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Reinsurance News

climate change

Vulnerable countries push re/insurance agenda at COP24 climate event

11th December 2018

Representatives of some of the world’s most vulnerable countries have used the ongoing 24th Climate Change Conference of the Parties (COP24) in Katowice, Poland to push for a broader climate and disaster risk financing and re/insurance agenda. Members of the Vulnerable Twenty (V20) group, which represents 48 of the world's most ... Read the full article

AXA XL division to adopt AXA Group’s climate strategy

29th November 2018

AXA Group has announced that its sustainability and climate strategy will be extended to AXA XL, the division that was established following the acquisition of XL Group. The move will see AXA XL, which focuses on large property and casualty (P&C) Commercial Lines, implement the Group’s Corporate Responsibility policies, including those ... Read the full article

Re/insurers taking a “leading role” in the ESG agenda: A.M. Best

19th November 2018

In light of the current absence of any global guidance on how to integrate environmental, social and governance (ESG) criteria into business models, a number of major participants in the re/insurance industry have taken a “leading role” on these issues, according to A.M. Best. Re/insurers are uniquely positioned to tackle the ... Read the full article

IAG says climate change could make world ‘uninsurable’: Financial Review

16th November 2018

The insurance industry will be unable to operate effectively if the current trajectory of climate change proves accurate, Insurance Australia Group (IAG) Executive Jacki Johnson told the Financial Review. Johnson’s comments come after the UN Environment’s Finance Initiative (UNEP FI) announced a partnership with a group of 16 large, global ... Read the full article

UN partners with 16 global re/insurers to develop climate risk assessment tools

16th November 2018

The UN Environment's Finance Initiative (UNEP FI) has announced a partnership with a group of 16 large, global insurers and reinsurers, to develop a new generation of risk assessment tools that enable the risk transfer industry to better understand the impacts of climate change on their business. The 16 companies represent ... Read the full article

Argo broker survey identifies most pressing re/insurance shortfalls

6th November 2018

A survey of brokers and the small and medium-sized businesses (SMEs) they serve, conducted by global specialty re/insurer Argo Group International Holdings, Ltd., has identified cybercrime, climate change, and talent retention as among the areas where re/insurance is most likely to fall behind. For example, Argo found that 71% of brokers ... Read the full article

African Development Bank to launch disaster risk financing programme

30th October 2018

The African Development Bank (AfDB) has announced the launch of its first climate risk management initiative, called the Africa Disaster Risks Financing (ADRiFi) Programme. The comprehensive programme, which will initially run from 2019 to 2023, includes the provision of disaster risk insurance cover for poor communities in regional member countries, and ... Read the full article

Emerging climate risks to drive U.S re/insurance costs: ISO

26th October 2018

A diverse range of emerging climate risks, in combination with rising asset values and population trends, are set to increase the frequency and severity of re/insured losses related to global weather events in the U.S, according to a report from ISO, a Verisk Analytics business. ISO noted that one of the ... Read the full article

UK insurers need strategic approach to manage financial risks of climate change: PRA

23rd October 2018

The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article

World Bank Group launches $145mn cat risk facility with UK and German govs

15th October 2018

The World Bank Group, in partnership with the governments of the UK and Germany, has announced the launch of a US $145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of natural catastrophes and climate change. The Group explained that this kind of disaster risk ... Read the full article

Insurers key to mobilising long-term capital for climate risk-resilient projects: GA

12th October 2018

The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient infrastructure, according to a top officials speaking at the Geneva Association's 2018 Extreme Events and Climate Risk forum in Toronto. Those in attendance included Patricia Espinosa, Executive Secretary of the United Nations Framework Convention ... Read the full article

Zurich urges businesses to prepare for climate change

25th September 2018

Zurich Insurance Group has called on businesses to act now and prepare for climate change, as internationally-agreed targets for lower greenhouse emissions look set to miss their mark. The new report from Zurich outlines three steps it believes will help companies develop a climate resilience adaptation strategy. These steps include identifying the ... Read the full article

Society must prepare for more frequent and severe extreme weather events: Swiss Re

17th August 2018

Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article

Swiss Re sees climate change link for hurricanes, drought & wildfire

6th August 2018

In an interview with CNBC, the Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, John Dacey, explained that the firm believes the series of catastrophe events that occurred in the second-half of 2017 are not a one-in-100 year event, but more a one-in-10 year event. After 12 years without ... Read the full article

Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust

15th June 2018

The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article

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