Reinsurance News
21st January 2019
Re/insurers Allianz, AXA and Swiss Re are among the top five companies to receive the praise from non-governmental organisations (NGOs) in 2018 due to their actions on climate change. Data compiled by research consultancy SIGWATCH shows that the trio of re/insurers overtook global brands such as McDonald’s, Aldi and H&M as ... Read the full article
15th January 2019
Sea level rise over the 21st century will not be as severe as many climate models have predicted and should not present a major issue for re/insurers provided it is managed appropriately, according to Dr. Judith Curry, President of Climate Forecast Applications Network and Professor Emeritus, Georgia Institute of Technology. Curry ... Read the full article
20th December 2018
Ten of the world’s largest insurers and reinsurers will not provide support for the development of Adani Group’s Carmichael coal mine in Queensland, Australia, following a campaign by 73 prominent environmental organisations. The organisations, which collectively represent 76 million members, penned a letter to 30 global re/insurance companies earlier this ... Read the full article
19th December 2018
The ClimateWise Principles, which aim to help re/insurers disclose their response to climate change, have been revised to better align with recommendations set out by the Taskforce for Climate-related Financial Disclosures (TCFD). The alignment has been called an important milestone for enabling the insurance industry to proactively lead and support the ... Read the full article
17th December 2018
A recent consultation paper on climate change published by the UK’s Prudential Regulation Authority (PRA) is likely to enhance the long-term risk management of re/insurers, but may conflict with the near-term expectations of shareholders, according to Moody’s. Moody’s said that, if implemented, it expects the PRA’s proposed standard to improve ... Read the full article
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
