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climate change

QBE to phase out thermal coal exposure in climate action push

2nd April 2019

Global re/insurer QBE Insurance Group has announced that it plans to stop insuring thermal coal projects as part of its recently implemented climate plan to mitigate the effects of global warming. CEO Patrick Regan explained that from 1 July 2019, QBE will exclude any new direct insurance services for new construction ... Read the full article

Physical & economic impacts of climate change are accelerating: WMO study

29th March 2019

The physical signs and socio-economic impacts of climate change are accelerating as record greenhouse gas levels drive global temperatures towards increasingly dangerous levels, according to a new report from the World Meteorological Organization (WMO). The WMO’s study on the state of the global climate in 2018 highlighted record sea level rise, ... Read the full article

Bank of England to implement new climate risk standards

25th March 2019

The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article

Australian regulator calls for stricter climate risk management practices

22nd March 2019

The Australian Prudential Regulation Authority (APRA) intends to increase its scrutiny of the way re/insurers manage the financial risks of climate change on their business. The regulator called on re/insurers, as well as banks and superannuation trustees, to move from gaining awareness of the financial risks to taking action to mitigate ... Read the full article

Digitalisation of the re/insurance sector has to happen, says Brit’s Jon Sullivan

20th March 2019

Jon Sullivan, Group Deputy Chief Underwriting Officer (CUO) at Brit, recently spoke with Reinsurance News about a number of market trends, including the renewals, technological advancements and disruptions, and also the changing climate. Global specialty insurer and reinsurer Brit’s fourth-quarter 2018 profits were hit by almost $200 million of catastrophe losses, ... Read the full article

Insurers join with UK regulators to address financial risks of climate change

13th March 2019

Several insurers joined the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) last week to develop responses to the financial risks of climate change at the first meeting of the Climate Financial Risk Forum (CFRF). Representatives from Aviva, Legal & General, Lloyd’s of London, RSA Insurance Group, and Zurich ... Read the full article

Large California wildfires could now occur in any year, finds study

5th March 2019

Large wildfires similar to those seen in 2018 could now occur in any year, regardless of how wet the previous winter was, according to a new study published in the Proceedings of the National Academy of Sciences. The study concluded that increased temperatures due to climate change and more effective efforts ... Read the full article

Re/insurers need to address gradual, regional impacts of global warming: Jeworrek, Munich Re

1st March 2019

It's neither possible or wise for insurers and reinsurers to speculate and make price changes in models to account for global warming that people think will occur in two decades time, according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance, Munich Re. In light of increased catastrophe losses in both ... Read the full article

TransRe reduced cat exposure due to climate concerns: Alleghany CEO Hicks

22nd February 2019

Weston Hicks, Chief Executive Officer (CEO) of Alleghany Corporation, has said that the firm's reinsurance arm, Transatlantic Reinsurance Company (TransRe), has reduced its catastrophe exposure in response to concerns about growing climate risks and other adverse market conditions. In a letter to shareholders, Hicks addressed the challenge of writing catastrophe business ... Read the full article

U.S hit by 14 billion dollar nat cats in 2018: NOAA

7th February 2019

The National Oceanic and Atmospheric Administration (NOAA) has released data showing the U.S experienced 14 natural catastrophes each causing over $1 billion in damages in 2018; both the number of events and their cumulative cost ranked fourth highest since records began in 1980. Hurricane Michael topped the list, inflicting over $25 ... Read the full article

Pricing insufficient to account for climate and higher cats: Wallin, Hannover Re

6th February 2019

Ulrich Wallin, the Chief Executive Officer (CEO) of reinsurance giant Hannover Re, has underlined the fact that climate change is not included within current catastrophe pricing, adding that pricing is not sufficient to deal with increased catastrophe losses. Hannover Re recently announced a solid January renewals season, which, keeps the ... Read the full article

Public-private partnerships urgently needed to build climate resilience: Swiss Re

30th January 2019

Further cooperation is urgently needed between the public and private sectors in order build global resilience to climate change and the growing threat of natural catastrophes, according to reinsurance giant Swiss Re. Reporting from the World Economic Forum 2019 event in Davos, Switzerland, Swiss Re said that public-private partnerships, such as ... Read the full article

Re/insurers should consider rewarding climate resilience efforts: Aon

23rd January 2019

Insurers and reinsurers should consider responding to climate change risks by rewarding corporate resilience efforts with premium discounts or access to additional capital, according to Aon. The broker noted in its latest Weather, Climate & Catastrophe Insight report that recent trends in natural disaster activity are putting increasing pressure on re/insurers ... Read the full article

Allianz, AXA & Swiss Re among brands most praised for climate actions

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

Rising sea levels a manageable concern for re/insurers, says climate expert

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

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