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Climate change news

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

Aviva intends to become a net zero company by 2040

1st March 2021

UK insurer Aviva has unveiled plans to become a net zero carbon emissions firm by 2040, as the company sets targets ahead of those required by the Paris Agreement. The Aviva plan includes net zero emissions from its investments by 2040; a cut of 25% in the carbon intensity of its ... Read the full article

Geneva Association task force develops climate framework for re/insurers

25th February 2021

Industry think tank The Geneva Association has mobilised 17 of the world's largest P&C and life re/insurers to form a new task force for tackling climate risk. These companies will come together to develop climate risk assessment methodologies and tools for the re/insurance industry, beginning with a report that lays out ... Read the full article

Insurers make significant climate change improvements: ClimateWise

17th February 2021

The ClimateWise Principles, which aim to help re/insurers disclose their response to climate change, has released a review which shows that insurers have made a significant improvement in climate-related disclosures. It also highlighted the sector’s vital role in shaping resilience to climate change, whilst also showing that the insurance industry firms ... Read the full article

Swiss Re’s Mumenthaler confident in 2050 net zero target

27th January 2021

Swiss Re CEO Christian Mumenthaler has said he has “high hopes” that companies in the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders can reach their target of net zero carbon emissions by 2050. Speaking in an interview with CNBC, Mumenthaler explained that the hardest challenge of the net zero ... Read the full article

Heightened storm frequency, rising sea levels to drive greater losses: report

22nd January 2021

A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article

Marsh & McLennan pledges carbon neutrality in 2021

19th January 2021

Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change. The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also ... Read the full article

Environmental threats still dominate long-term risk landscape: WEF

19th January 2021

According to the World Economic Forum (WEF), environmental risks are again forecast to dominate the risk landscape over the next 10 years, both in terms of impact and likelihood. The WEF’s 2021 Global Risks Report also warned that societal fractures, uncertainty and anxiety will make it increasingly difficult to achieve the ... Read the full article

Allianz (AGCS) & Nephila provide hedge structure for Texas solar project

8th January 2021

The capital solutions unit of Allianz Global Corporate & Specialty (AGCS) and Nephila Climate have entered into a new a proxy generation power purchase agreement (pgPPA) for a 153 megawatt solar farm in Texas. Briar Creek solar farm, which is owned by Lightsource bp, is expected to start commercial operation at ... Read the full article

Castel expands into renewable energy market

18th December 2020

Castel Underwriting Agencies Limited, has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. The company plans to underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural ... Read the full article

Fidelis refuses to back Australia’s Carmichael coal mine

15th December 2020

Specialty re/insurer Fidelis has confirmed that it will rule out underwriting the Adani Carmichael coal project in Central Queensland, Australia, making it the 28th re/insurer to publicly make this commitment. “We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract ... Read the full article

Twelve Capital’s Dr. Rodney calls for greater modeller, insurer collaboration

30th November 2020

Dr. Jamie Rodney, Executive Director of ILS Analytics at investment manager Twelve Capital, has called for more extensive collaboration between risk managers and catastrophe modellers. Dr. Rodney's comments came during our recent Prospectus 2021 conference, and delved into the work Twelve Capital has been doing to better understand hurricane risk ... Read the full article

Insurance must be an integrated part of a better future: Peak Re CEO

16th October 2020

Peak Re Chief Executive Officer Franz Josef Hahn has underlined how the insurance industry must be an integrated part of working towards a better future. In a conversation at one of Aon’s recent fireside chats with industry leaders, Hahn spoke at length about how emerging risks such as cyber and climate ... Read the full article

Shift to physical exposure based models is essential: Convergence 2020

8th October 2020

While catastrophe vendor models have an important place in the insurance and reinsurance industry, the influence of climate change suggests it's essential to leverage more physical exposure based models, according to industry experts. On the opening day of the virtually held 2020 ILS Bermuda Convergence event, climate change took centre stage ... Read the full article

Reinsurers to play important role in climate change: SCOR

7th October 2020

Due to global risks increasing, SCOR believes that the re/insurance industry has a key role to play in addressing current climate change risk challenges. During September, SCOR took place in a webinar, where Michèle Lacroix and Laurent Rousseau looked at how re/insurers can take a proactive stance on sustainability and climate ... Read the full article

Pandemic overtakes climate change as top market concern: AXA

1st October 2020

The latest Future Risks Report from AXA has found that pandemic and infectious diseases have risen quickly to become the foremost concern of risk management experts and the general public this year. Previously ranked as the eighth most concerning risk in 2019, the global outbreak of COVID-19 has since propelled the ... Read the full article

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