Reinsurance News
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
