Reinsurance News

Climate change news

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

Zurich and South Pole join forces on climate change offering

26th January 2023

Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of Zurich, and South Pole, a climate solutions provider and carbon project developer, have teamed up to support businesses with climate adaptation and mitigation. According to the announcement, the joint offering will help businesses tackle both sides of the climate ... Read the full article

Natural disasters caused over $130bn global insured losses in 2022: Aon

25th January 2023

A new Aon report has estimated that global insured losses caused by natural disasters exceeded $130 billion in 2022, mainly driven by Hurricane Ian, which is the second-costliest event on record from an insurance perspective. The 2023 Weather, Climate and Catastrophe Insight report, revealed that natural disasters caused a $313 billion ... Read the full article

“Monumental” climate adaptation needs require partnerships: Swiss Re’s Scotti

23rd January 2023

Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re, has urged the private business sector to work more closely with governments and other public sector bodies to meet the “monumental” adaptation needs of climate change. Writing in a Swiss Re blog, Scotti asserted that “adaptation needs are so widespread and so ... Read the full article

Insurers show steady climate change improvements: ClimateWise

23rd January 2023

A new report by global insurance industry collaboration ClimateWise has found that its member companies have made progress in disclosing their preparedness and response to climate change. It also highlighted the need for insurers, reinsurers and brokers to become long-term partners and essential enablers of enhanced climate actions. The initiative’s 2022 Independent ... Read the full article

Insurance affordability to be a growing challenge for Australians: Actuaries Institute

20th January 2023

Insurance affordability will be a growing challenge for a significant number of households, said the Actuaries Institute as it reveals a Climate Index at third highest index value ever in Spring 2022. According to the announcement, the Australian Actuaries Climate Index value was driven by extreme rainfall, especially in the south-eastern ... Read the full article

We were over-optimistic about inflation crisis: Mumenthaler

18th January 2023

Swiss Re CEO Christian Mumenthaler has acknowledged that re/insurers and other financial institutions were “over-optimistic” in the lead up to the current inflationary crisis affecting the world economy. Speaking to CNBC news from the Davos 2023 World Economic Forum (WEF) event yesterday, Mumenthaler addressed the issue of reinsurance pricing increases coming ... Read the full article

UN & NZIA launch target-setting protocol to accelerate transition to net-zero

17th January 2023

The United Nations-convened Net-Zero Insurance Alliance (NZIA) has launched its first Target-Setting Protocol at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Version 1.0 of the Protocol will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with ... Read the full article

Bermuda’s insurers can increase global resilience: PwC’s Wightman

17th January 2023

Arthur Wightman, PwC Bermuda territory and Insurance leader, has suggested that Bermuda’s insurers have a substantial opportunity to increase global resilience. Wightman's comments follow a PwC Global CEO Survey which polled 4,410 CEOs in 105 countries and territories, including Bermuda and the Caribbean region, throughout October and November in 2022. PwC's survey ... Read the full article

Swiss Re’s Mumenthaler encouraged by net zero path as dynamics shift: WEF 2023

17th January 2023

As the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, which now includes 127 "seriously committed" executives from some of the world's largest companies, continues to make progress, Christian Mumenthaler, CEO of reinsurance giant Swiss Re, is seeing the tipping point. The WEF Alliance is a CEO-led community dedicated to ... Read the full article

Unity critical to solving challenges like climate change: Mumenthaler

13th January 2023

Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has suggested that despite COP27 negotiations leaving plenty of unfinished business, he remains "optimistic" that societies will be willing to set aside differences to achieve climate resilience goals. Writing in a blog post for Swiss Re, Mumenthaler noted that the COP27 climate ... Read the full article

Reinsurers must seek new opportunities & reprice amid climate pressure: Moody’s

13th January 2023

While reinsurers have thus far managed to defend against a rising tide of natural catastrophe losses, more de-risking efforts, new opportunities and further re-pricing measures will all be required for the market to withstand the challenges of climate change, Moody’s says. In a new report, the rating agency notes that the ... Read the full article

Chubb launches new global climate business

4th January 2023

P&C insurer Chubb, has announced the launch of a new global climate business unit, drawing on the company’s technical capabilities in underwriting and risk engineering, and also bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services. The new business unit will provide ... Read the full article

Christian Aid urges climate action as largest events all surpass $3bn mark

28th December 2022

Relief and development agency Christian Aid has called for more urgent action to combat climate change, as its data shows that all ten of the most costly extreme events surpassed $3 billion in losses this year. The organisation linked the trend of growing losses to the influence of the climate crisis, ... Read the full article

NN Group scales up net-zero efforts with Climate Action Plan

22nd December 2022

Dutch insurer NN Group, has published a Climate Action Plan which sets out a roadmap to reduce greenhouse gas (GHG) emissions to net-zero in its own operations by 2040, as well as in its investments and insurance underwriting by 2050. The plan also includes a further tightening of NN’s investment policies ... Read the full article

Convenience and climate priorities for insurance customers: Guidewire

16th December 2022

Insurance customers want convenience, are open to new services that mitigate risks and believe that insurers should be tackling climate change proactively. That is according to a recent report by Guidewire which also found that the issue of data collection - needed to deliver the above - will be tricky and ... Read the full article