Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
AXA Climate & Planet extend partnership to boost drought insurance program
11th May 2023
Planet Labs PBC has extended its partnership with AXA Climate to offer continued satellite data-driven insights for the development of parametric insurance products. According to Planet, it owns and operates the largest fleet of Earth observation satellites in history, with approximately 200 satellites currently in orbit. The firm states that it collects ... Read the full article
Chubb launches Climate+ Renewables, its first global climate tech insurance solution
11th May 2023
Chubb has announced that the company's Chubb Climate+ global business unit has launched a packaged insurance solution in the UK that will support the growth of alternative and renewable energy projects, principally onshore wind and ground-mounted photovoltaic solar. The product, Climate+ Renewables, is designed for small to medium ... Read the full article
Rational re/insurance pricing key to mitigating flood risk, says Fathom’s Dr Sampson
4th May 2023
“If the re/insurance market prices flood risk rationally, it will increase pressure for wider rational behaviour, which in the long term will encourage decisions that properly account for the underlying risks,” suggests Dr Chris Sampson, co-founder and CTO of flood and climate risk intelligence provider Fathom. Sampson’s comments stem from an ... Read the full article
Reinsurers leading net zero goals but more urgency needed: Twelve Capital
3rd May 2023
New data from independent investment manager Twelve Capital shows that reinsurers are leading the way in terms of some net zero targets within the wider financial industry, with 50% having adopted operational 2030 targets, compared with just 18% in the sector more broadly. But despite this stand-out figure, Twelve Capital maintains ... Read the full article
Energy transition concerns deflecting focus from climate: Beazley
27th April 2023
New data from specialist re/insurer Beazley suggests that short-term concerns about the energy transition may be deflecting focus away from climate change as the environmental issue of most concern. However, Beazley’s survey of 2000 senior business leaders also shows that the long-term threat that climate change poses is rising to the ... Read the full article
EIOPA and ECB outline policy options to promote climate catastrophe insurance
24th April 2023
The European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) call for increased uptake of climate catastrophe insurance to limit the growing impact of natural disasters on the economy. In their recently published discussion paper they set out policy options on how to better insure households and ... Read the full article
Hannover Re the latest to leave Net-Zero Insurance Alliance
19th April 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article
Lloyd’s offers to insure NHS for unexpected costs such as pandemic
17th April 2023
According to a report from the Guardian, Lloyd’s of London CEO John Neal has proposed a deal with the UK government to help the NHS meet unexpected costs triggered by major events like the pandemic, as well as government cover for floods or droughts. The Guardian said that Neal "floated the ... Read the full article
For re/insurers, climate change extends beyond weather impacts: Philip Hough, Aspen Re
12th April 2023
Driven in part by the rise in losses from what is being defined in the industry as secondary perils, insurers and reinsurers are increasingly confronted with the physical impacts of climate change. However, the challenges are more than just concerning the weather, according to Philip Hough, Global Head of Property ... Read the full article
Zurich joins Munich Re in withdrawing from Net-Zero Insurance Alliance
5th April 2023
Zurich, a global multi-line insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition. The NZIA is a group of 30 insurers and reinsurers representing around 15% of world premium volume globally. The aim is ... Read the full article
Milliman names climate change main factor in insured losses of 2022
4th April 2023
A Millman report on Extreme Weather Conditions in Europe showcases the link between climate change and economic losses which have led to major losses for insurers and reinsurers in Europe. Temperatures in Europe have increased by twice the global average which is the highest in any continent causing severe wildfires, ... Read the full article
Munich Re quits Net-Zero Insurance Alliance
31st March 2023
Global reinsurer Munich Re has announced the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA), citing antitrust risks as limiting the scope of its decarbonisation goals. The UN-convened NZIA is a group of 30 insurers and reinsurers representing approximately 15% of world premium volume globally, who together aim to ... Read the full article
Insure Our Future calls on firms to “immediately” stop covering carbon projects
28th March 2023
The Insure Our Future network has penned a letter to the CEOs of 30 major insurers demanding they "immediately" stop the offering of any insurance services which support the expansion of coal, oil and gas production. Insure Our Future, a global syndicate of activists, sent the letter to a host of ... Read the full article
Global insurance spending likely to double in the next decade, says Lloyd’s Neal
23rd March 2023
Speaking to the Financial Times (FT), John Neal, Lloyd's CEO, suggested the increase in global insurance spending over the next decade is to be driven by a greater perception of risks such as bank failures and climate change. According to FT, Neal noted that financial risks like bank failures as well ... Read the full article
Chubb announces climate & conservation underwriting standards for oil & gas
22nd March 2023
Chubb Limited has announced a new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions, a byproduct of oil and gas production that are among the most severe greenhouses gases. At the same time, the company also announced that it will not provide insurance ... Read the full article
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