Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Climate-related weather perils are intensifying to varying degrees: Swiss Re
19th April 2024
A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be "intensifying to varying degrees." In a recent blog posted by Read the full article
ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa
19th April 2024
The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomenon. A recent meeting took place between Reena Ghelani, UN Assistant ... Read the full article
Re/insurers key in helping accelerate deployment of climate tech: The Geneva Association
9th April 2024
Re/insurers are essential to rolling out the climate technology needed for industries to decarbonise, according to a recent report by The Geneva Association, the global association of insurance companies. In a race to meet global climate targets, industries around the world are under increasing pressure to adopt new technologies and processes ... Read the full article
Addressing climate change health risks: GA and Wellcome
28th February 2024
The Geneva Association (GA) and Wellcome have recently published a joint report providing a clear framework for understanding how climate change impacts people's health. This report also offers recommendations for health and life insurance companies on addressing these risks. While insurance firms are familiar with handling claims related to property damage ... Read the full article
Climate change set to increase economic losses, US and Philippines most exposed: Swiss Re
28th February 2024
The Swiss Re Institute has predicted that climate change will have a larger impact on economic losses in the future, with the US and Philippines anticipated to be the hardest hit. As per the firm's report, four key weather perils, namely floods, tropical cyclones, winter storms in Europe, and severe thunderstorms, ... Read the full article
Net-zero transition accelerating despite geopolitical risk exposure: Swiss Re
18th January 2024
Speaking in an interview with CNBC at the 2024 World Economic Forum in Davos, Christian Mumenthaler, CEO of Swiss Re, observed that despite geopolitics "trumping everything right now" in terms of global focus, there is no hesitation from companies in the net-zero transition, rather, "the movement is accelerating". "I'm co-chair of ... Read the full article
Insurance Europe reconfirms commitment to climate fight as COP28 deal lands
13th December 2023
With countries striking an agreement at COP28 to transition away from all fossil fuels to reach net zero emissions globally by 2050, Europe's insurance industry has reconfirmed its commitment to fighting climate change and "overcoming climate protection gaps." This morning, COP28 president Sultan al-Jaber announced the agreement, aptly named UAE Consensus, ... Read the full article
Role for insurance in Loss and Damage fund, but caution needed: Young, WTW
8th December 2023
The insurance industry needs to be cautious about how it positions itself to support the now operational Loss and Damage fund and not over promise on what it can deliver, Dr. Simon Young, Senior Director, Disaster Risk Finance & Parametrics at WTW, told Reinsurance News around the COP28 summit. On the ... Read the full article
ICIEC and BOAD partnership at COP28 looks to address key areas like climate change
7th December 2023
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have announced their partnership with climate change adaptation and communication projects as key core focus areas. At COP28, both parties signed a Memorandum of Understanding ... Read the full article
As our climate warms we need to adapt as well as mitigate: Swiss Re’s Scotti
6th December 2023
As destructive weather-related events show less predictable patterns and continue to increase in frequency and severity amid the warming climate, Veronica Scotti, Chairperson, Public Sector Solutions, Swiss Re, has suggested that "we need to adapt as well as mitigate to make our world more resilient now." "Climatic natural disasters caused global ... Read the full article
One Acre Fund launches reinsurance scheme to safeguard smallholders impacted by climate crisis
6th December 2023
One Acre Fund has launched a new reinsurance fund, called One Acre Fund Re, set to provide a critical financial safety net for smallholder farmers in 2024. It has been launched in partnership with the International Finance Corporation, US International Development Finance Corporation, and the African Risk Capacity. The scheme is to ... Read the full article
IFRC launches new campaign to address the rapid climate driven humanitarian crises
5th December 2023
The International Federation of Red Cross and Red Crescent Societies (IFRC) has unveiled a new campaign to address rapidly escalating climate driven humanitarian crises. According to the announcement, the campaign calls on global governments and international donors to support local emergency responders and disaster hit communities, helping them to "Stand Tall" ... Read the full article
China and India among world’s most vulnerable nations: DisasterAWARE
5th December 2023
A recent report by DisasterAWARE Enterprise has revealed the world's most vulnerable nations with India ranking lowest in overall resilience, which along with China, has the largest populations with the most potential exposure to natural disasters. The 2024 Disaster Risk Index Report provides a comprehensive evaluation of disaster risk, vulnerability and ... Read the full article
David Howden calls on private sector to act to make vulnerable countries more investible
5th December 2023
In a keynote speech on the Island of Hope (in the Innovation Zone) at COP28 in the UAE, David Howden, founder and CEO of global insurance broker Howden, discussed the power of the private sector to protect vulnerable countries against the impacts of climate change and unlock investment in their ... Read the full article
Re/insurance industry players back new initiative launched at COP28
4th December 2023
A host of re/insurance solutions providers have expressed their support of the ‘Joint Declaration Regarding Credit Enhancement of Sustainability-linked Sovereign Financing for Nature and Climate’ launched at COP28. During the annual climate change conference in the UAE, an array of the world's top multilateral development banks and other international organisations signed ... Read the full article