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Climate change news

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

Industry guidance on innovation flagged during climate-focused Aon fireside

24th November 2021

While industry momentum against climate change is building, guidance on where specifically to focus innovation efforts, as well as the success of communication between re/insurers and businesses, were both flagged as key areas still being refined and worked through. These comments came during a panel brought together for an Aon-hosted fireside ... Read the full article

Climate models are becoming increasingly critical: Aeolus

23rd November 2021

Insurance and reinsurance companies are naturally at the forefront of understanding climate change risk, and as the climate and resilience debate intensifies around the world, climate models are becoming more important, according to Aeolus Capital Management Ltd. Artemis, our insurance-linked securities (ILS) focused sister site, recently hosted a live ... Read the full article

Howden collaborates with Everbridge to address climate risk with parametrics

23rd November 2021

International insurance broker Howden has joined forces with Everbridge, Inc., a leader in critical event management (CEM) and national public warning solutions, to enable response and recovery organisations to address climate risk and resilience. The first-of-its-kind collaboration brings together Everbridge's public safety technology with Howden's insurance expertise. By combining Everbridge's tech with ... Read the full article

CCRI calls for ‘colossal’, ‘rapid’ mobilisation of capital to protect against climate risks

22nd November 2021

The Coalition for Climate Resilient Investment (CCRI) has suggested a shift towards greater investment resilience, including the deployment of a framework for approaching different levels of physical climate risk within the global economy.  The suggested framework goes from top down, looking at systemic risk and resilience, to bottom-up, looking at ... Read the full article

Insurtechs Demex & Vave target US for commercial extreme temp cover

22nd November 2021

Demex Group, an analysis and pricing platform for climate-linked risks is partnering with algorithmic underwriting managing general agent Vave on the delivery of extreme temperature insurance to commercial properties across the US. The intention is to embed Demex's technology within Vave's new commercial offering, which is designed to protect policy holders ... Read the full article

ICA calls for AU$30bn investment to meet rising coastal threat

19th November 2021

A new report released today by the Insurance Council of Australia (ICA) estimates that the country's governments will need to invest $30 billion in large scale coastal protection and adaptation projects over the next 50 years, in order to mitigate the effects of climate change. With cover for actions of the ... Read the full article

WhenFresh partners with Ambiental on FloodScore Climate data

18th November 2021

Property data specialists WhenFresh has announced further collaboration with risk management and predictive analytics firm Ambiental to make available its FloodScore Climate dataset available via its proprietary API. Ambiental’s FloodScore Climate solution is designed to enable the re/insurance and banking sector to respond to the Bank of England's regulatory requirements. It does ... Read the full article

Risk transfer is at the heart of low carbon transition: Rowan Douglas, WTW

17th November 2021

The global risk transfer industry will prove vital in how society is going to manage and orchestrate an orderly transition to a low carbon economy, according to Rowan Douglas, Head of the Climate and Resilience Hub at Willis Towers Watson (WTW), and Chairman of Willis Research Network. Reinsurance News spoke recently ... Read the full article

Swiss Re questions carbon reduction outcomes of COP26 pledges

16th November 2021

In a new report, Swiss Re has raised concerns about the adequacy of the commitments that have come out of the recent COP26 climate talks in Glasgow, suggesting that the pledges “do not unambiguously put the world on a sustainable carbon-reduction trajectory.” The COP26 summit prompted new net-zero targets and agreements ... Read the full article

Reinsurance industry must remediate, repair and improve: Heerasing, SiriusPoint

16th November 2021

Despite some improvements, the reinsurance sector continues to struggle to produce a meaningful return on capital, and as pressure builds on the impacts of climate change and secondary peril losses, there’s a real need for further rate momentum, according to Bobby Heerasing, Head of International Strategic Business Development, SiriusPoint. With the ... Read the full article

Asian Development Bank & V20 partner on Philippines climate insurance

15th November 2021

The Asian Development Bank (ADB) has announced a new project to develop climate-smart insurance for micro, small, and medium-sized enterprises (MSMEs) in the Philippines to be administered through the Asia-Pacific Climate Finance Fund (ACliFF). The climate-smart insurance project represents the first project under the Vulnerable Twenty Group’s (V20) new Sustainable Insurance ... Read the full article

Collaboration with re/insurers “vital” for climate transition: GFIA

11th November 2021

The Global Federation of Insurance Associations (GFIA) has asserted that close collaboration and communication with the industry at both global and local level is “vital” to successfully fight against climate change. In a statement alongside the COP26 summit in Glasgow, the GFIA argued that the transition to a sustainable economy needs ... Read the full article

Global insurance premiums could hit $10 trillion by 2030: Bain & Company

10th November 2021

The evolving risk landscape suggests that global insurance premiums could reach USD 10 trillion by 2030, with climate change predicted to result in a tenfold rise in economic losses over the next 30 years, according to a new report from Bain & Company. The new report, Insurance 2030: As Risks Mount, ... Read the full article

SMI Insurance Task Force launches framework for climate-vulnerable countries

9th November 2021

The Prince of Wales' Sustainable Markets Initiative's (SMI) Insurance Task Force (ITF) has announced the launch of an adaptable and scalable framework designed to improve disaster resilience in low-to middle-income countries. The Disaster Resilience Framework for Climate-Vulnerable Countries highlights the opportunity to combine public and private sector investment with insurance to ... Read the full article

Climate change a growing concern for global re/insurers: PwC

8th November 2021

The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article

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