Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
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
Hillary Clinton calls for insurance reform at COP28
4th December 2023
As per a new report from Reuters, former U.S. Secretary of State Hillary Clinton has called for a reform of the insurance sector at COP28, citing the unavailability of coverage amid a new wave of climate shocks. Speaking during a panel on women and climate resiliency, Clinton observed that "we need ... Read the full article
Agreement to operationalise loss & damage fund reached at COP28
30th November 2023
After being agreed at COP27 in Sharm El Sheikh, the loss and damage fund became operational today as world leaders meet in Dubai for the start of this year's annual climate conference, with the UAE announcing a commitment of $100 million to the fund. The "historic agreement" to operationalise the fund ... Read the full article
It’s time for the re/insurance industry to show its value in climate fight: IDF
30th November 2023
There’s an urgent need to bring the voice of insurance to the fore of the climate debate and the industry must work to show its value and find sustainable ways of building resilience against adverse weather and climate events, according to the Insurance Development Forum (IDF). As the world meets in ... Read the full article
No escaping net zero transition as pressure mounts, says Swiss Re CEO
29th November 2023
In the minds of the leaders of some of the world’s largest companies, there’s no doubt the transition to net zero will happen, but it’s important people understand the consequences of the steps, according to Christian Mumenthaler, CEO of Swiss Re. Speaking on a panel this morning at the Geneva Association’s ... Read the full article
Climate-related death toll in Africa underlines urgency for COP28 action: ARC
29th November 2023
In 2023, 15,700 people have lost their lives to extreme weather disasters in Africa, while another 34 million have been affected, highlighting the urgent need for action at COP28, says African Risk Capacity Limited (ARC). In a recent report, ARC observed that 2023 has been a year of "climate carnage" in ... Read the full article
Momentum of climate action has been far too slow, says Munich Re’s Rauch ahead of COP28
27th November 2023
As world leaders meet in the UAE this week for the annual COP climate conference, Ernst Rauch, Chief Meteorologist at European reinsurance giant Munich Re, has said that the United Nations is right when it says that climate action can't wait. "With COP28 starting this week, what can be looked at ... Read the full article
IDF targets consolidation of Tripartite Programme gains in 2024
27th November 2023
The Insurance Development Forum (IDF) Sovereign and Humanitarian Solutions (SHS) Working Group has noted that in 2024, it aims to consolidate Tripartite Programme gains as it continues on its mission to reduce the protection gap in vulnerable and climate-exposed regions. The Tripartite Programme is a platform that fosters collaboration between public ... Read the full article
Concrete solutions to Loss & Damage needed: Global Shield board
27th November 2023
Ahead of COP28, the board of the V20 Finance Ministers and G7 initiative Global Shield against Climate Risks met virtually on November 15, where Co-Chair Dr. Bärbel Kofler, stressed that “concrete solutions for how to support marginalized people and particularly vulnerable countries in dealing with loss and damage from climate ... Read the full article
Benefits of climate adaptation can significantly outweigh costs: Swiss Re
24th November 2023
Veronica Scotti, Chairperson, Public Sector Solutions at reinsurance giant Swiss Re, discusses how a more systemic use of a universal approach to measuring climate adaptation interventions could help catalyse the business case for action. Commentary from Scotti ahead of the COP28 event in the UAE, highlights Swiss Re analysis which reveals ... Read the full article
Lloyd’s announces consultation on roadmap for insuring low-carbon transition
23rd November 2023
The world's oldest insurance market, Lloyd's, has launched a consultation which sets out its proposed approach for the next three years across all areas of sustainability, as it looks to support global ambitions to achieve net zero. The consultation on its roadmap sets out the Lloyd's approach across underwriting, investments, exposure ... Read the full article
Total capital value of wind farms worldwide hits £1.9tn: Chaucer
20th November 2023
The total capital value of wind farms worldwide has reached approximately £1.9 trillion, according to a new study from global specialty re/insurance firm Chaucer. The transition from coal and oil-based energy generation to low carbon energy sources such as wind and solar farms has required an unprecedented level of investment in ... Read the full article
Insure Our Future urges insurance industry to act on 1.5°C climate target
9th November 2023
Insure Our Future has said that after 50 years of failure, the insurance industry must act to support the climate target, highlighting the fact insurers withdrew cover for climate risks while backing greater fossil fuel production. The organisation states that most insurers have continued to support projects to increase oil and ... Read the full article
We are not yet at the new normal: Artur Klinger, Everest
25th October 2023
As demand for catastrophe reinsurance continues to outpace supply, further market hardening is expected, and against a backdrop of an uncertain inflationary environment, it will take time before the industry knows what the new normal is, according to Artur Klinger, Head of International Reinsurance, Everest. With the reinsurance industry meeting in ... Read the full article
Deploying tools for climate risk management is where the industry faces a huge gap: RMS
24th October 2023
Reinsurance News recently spoke to Joss Matthewman, Senior Director, Product Management & Strategy, RMS, about what he believes the re/insurance industry needs to do to try and combat the effects of climate change. He highlighted how this topic is particularly important, because, as physical risks change as the climate changes, the ... Read the full article