Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
RMS extending global risk views for acute & chronic perils
24th May 2022
Risk modelling and solutions company RMS has announced that it will be launching new global views for acute and chronic perils and their climate change impact. The company already offers a range of different regional peril and climate change models, which support detailed acute physical loss modelling products, as well as ... Read the full article
UK climate stress test is “toughest yet” for insurers: Fitch
24th May 2022
Analysts at Fitch Ratings have warned that the UK’s latest supervisory climate stress test for insurers is “the world’s toughest yet,” with many firms expected to fall below the minimum standards imposed. The BoE’s 2021 Climate Biennial Exploratory Scenario test explores the resilience of the UK financial system to the physical ... Read the full article
Swiss Re backs major carbon removal project
23rd May 2022
Swiss Re has become one of the founding buyers of credits from a new Swiss company aiming to reduce the cost of atmospheric carbon removal, according to reports from Reuters. The reinsurer joins banking giant UBS, Boston Consulting Group, private banking firm LGT, and shipping company Mitsui O.S.K. Lines in buying ... Read the full article
Important to separate shifts in hurricane exposure and climate trends: Aeolus
16th May 2022
When exploring the potential influence of changing climatic conditions on hurricanes, it’s important to recognise that trends in exposure may be even more important than trends in climate change, according to Dr. Pete Dailey, Head of Research at Aeolus Capital Management. Earlier this month, our sister site ... Read the full article
MAPFRE joins net zero climate alliance
27th April 2022
MAPFRE has joined the Net-Zero Insurance Alliance (NZIA) with the objective of achieving greenhouse emission neutrality by 2050 for its insurance and reinsurance underwriting portfolios. The company plans to establish underwriting criteria to reduce emissions, to define decarbonisation commitments with more relevant customers, and to promote agreements, products, and services that ... Read the full article
Schroders Capital to manage €100m private assets impact mandate for Barmenia
21st April 2022
Schroders Capital, the private markets division of Schroders, has announced that it has been chosen by the German insurance company Barmenia, to manage a €100 million multi-private assets impact portfolio. The portfolio, which aims to be fully invested within the next 36 months, will be classified as Article 9 in accordance ... Read the full article
US states adopt new standard on climate-related risks
11th April 2022
A group of state insurance regulators in the US has adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The announcement, made during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, is ... Read the full article
The Hartford sets 2050 net zero target for all operations
8th April 2022
US property and casualty insurer, The Hartford, has announced its goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. The goal is in addition to the company’s existing targets, where they aim to operate ... Read the full article
Swiss Re invests in Climeworks’ $650mn equity round
6th April 2022
Reinsurer Swiss Re has invested in carbon dioxide air capture technology company specialist, Climeworks’ CHF 600 million (USD 650 million) equity round, which marks a major milestone for the company, and an even bigger step for the carbon removal industry. Last August, Swiss Re signed a ten-year purchase with Climeworks ... Read the full article
Verisk forms Climate Advisory Council
5th April 2022
Verisk has announced the formation of a Verisk Climate Advisory Council, whose members will provide strategic guidance and feedback on climate change solutions the company is developing. The ongoing research of the council members will help ensure that Verisk is well-informed on the latest climate change research and analyses, the firm ... Read the full article
Insurance industry’s financial clout key to fighting climate change: Lloyd’s CEO Neal
4th April 2022
Lloyd’s CEO John Neal has said climate change is the ‘single biggest opportunity’ he has seen in his career. Speaking on the Lloyd’s 2021 earnings call, Neal said that he saw climate change not as a threat, but as an opportunity for the industry ‘to stand up and be counted’. Neal said ... Read the full article
Marsh McLennan commits to net zero by 2050
31st March 2022
Marsh McLennan has committed to reaching net zero across its operations by 2050, alongside reducing its carbon emissions by half in the next eight years. All this was detailed in the firm’s just-released Accelerating Impact report, where it sets out its emissions reduction target. That target, says Marsh McLennan, is aligned ... Read the full article
Tailored insurance solutions for climate risk are key for agriculture: SCOR
29th March 2022
In a recent report, global reinsurer SCOR has assessed the impact that climate change can have on key natural perils that affect insurers and reinsurers, saying it’s important that solutions are developed to address the evolving risk landscape. The report was released in the second part of the reinsurers technical paper ... Read the full article
Howden’s Flandro: Hardening market to last longer than expected
28th March 2022
The fast-changing macroeconomic issues currently impacting the re/insurance industry are expected to cause for the hardening market to last longer than expected, according to Head of Analytics at Howden unit HX, David Flandro. In the insurance broker's latest review and earnings update for FY2021, Flandro, alongside Michelle To, Head of Business ... Read the full article
Berne Union launches Climate Working Group
22nd March 2022
The International Union of Credit and Investment Insurers, Berne Union, has launched a new Climate Working Group with the objective to accelerate climate action in the export credit, trade finance and political risk insurance industries by fostering innovation and promoting alignment around low-carbon transition. The group leverages the Berne Union network ... Read the full article