Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
AIG targets net zero GHG emissions across underwriting & investments by 2050
1st March 2022
Global insurer and reinsurer AIG has committed to achieving net zero greenhouse gas (GHG) emissions across its underwriting and investment portfolios by 2050, or sooner. This announcement from AIG follows the carrier's commitment to achieve net zero GHG emissions by 2050, or sooner, within its own operations. The company says that it's ... Read the full article
European insurers see adaptation as vital as IPCC warns of irreversible climate impacts
28th February 2022
As the Intergovernmental Panel on Climate Change (IPCC) releases its latest report, insurers and reinsurers across Europe agree that adaptation is vital to ensure climate resilience, reports Insurance Europe. The European insurance and reinsurance federation, Insurance Europe, "fully supports the need for a very strong focus on adaptation, as suggested by ... Read the full article
German government to contribute €21mn to V20 climate-vulnerable countries
28th February 2022
In response to the calls from the Insurance Development Forum (IDF) and the V20 Group of Ministers of Finance from 48 climate-vulnerable countries, the German Federal Ministry for Economic Cooperation and Development (BMZ) is committing €21 million to help further protect poor and vulnerable countries against the adverse effects of ... Read the full article
IDF in disaster risk partnership for climate-vulnerable countries
18th February 2022
The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by the UN, World Bank and other international organisations, has entered into a new trilateral partnership with MapAction and Start Network. The partnership will work to accelerate anticipatory action and disaster risk reduction in eight climate-vulnerable ... Read the full article
Activists claim Lloyd’s CEO is failing on market’s ESG commitment
17th February 2022
Environmental activists have accused Lloyd’s CEO John Neal of failing to sufficiently align Lloyd’s policies with the climate rhetoric that has been repeatedly touted by the insurance and reinsurance marketplace. Lloyd’s has consistently expressed support for environmental, social and governance (ESG) measures within its marketplace in order to help accelerate the ... Read the full article
Howden launches new Wildfire Excess Liability Lineslip
15th February 2022
International insurance broker Howden has launched a new Wildfire Excess Liability Lineslip (WELL) due to the increase in demand for insurance cover for contractors and subcontractors operating in wildfire-prone areas in the US, such as California, Washington, Oregon and Arizona. WELL will allow contractors engaged in wildfire-exposed areas of operations, such ... Read the full article
Verisk partners with RiskSpan for climate change solution
10th February 2022
Verisk has partnered with mortgage analytics firm RiskSpan to create a solution for measuring and mitigating the risks of climate change to the housing finance industry. The collaboration will enable RiskSpan's Edge Platform for mortgage analytics and Verisk Extreme Event Solutions' proven set of models to assess the risk from natural ... Read the full article
SCOR’s lower cat exposure driven by climate change not retro pricing, says Conoscente
8th February 2022
The 11% reduction of catastrophe exposures on SCOR's P&C in-force portfolio for 2022 was driven by the reinsurer's adjusted view of risk due to climate change, as the price rises achieved on the cat portfolio offset higher retrocession rates, according to Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Global ... Read the full article
kWh Analytics raises $20mn for ESG insurance
8th February 2022
kWh Analytics has raised $20 million in a funding round, reflecting the company’s focus on Environmental, Social, and Governance (ESG) issues within the insurance industry. While many insurance companies are addressing ESG by steering away from fossil fuels, kWh Analytics has instead developed data-driven insurance specifically for zero-carbon assets. With the new ... Read the full article
Climate and cyber still among top risks: report
7th February 2022
Re/insurers are still finding that climate risk and cyber concerns are the top emerging risks, according to an annual survey of risk managers. Climate change was at the top of the survey's emerging risks, with 26% of respondents anonymously noting it as their main concern, cyber came in at second with ... Read the full article
Climate change will offer long-term tailwinds: Goldman Sachs
4th February 2022
Analysts at Goldman Sachs believe that the London Market and re/insurance stocks are debating whether companies are pricing correctly for the increased cost of weather losses due to climate change, or whether companies are basing pricing on historical trends. According to analysts, the market is also questioning whether or not companies ... Read the full article
Net zero re/insurers commit to further climate targets
28th January 2022
Insurers and reinsurers forming part of the UN-Convened Net-Zero Asset Owner Alliance have committed to a further set of climate targets that aim to reduce the impact of global warming. The Alliance is formed of 69 asset owner members, including Swiss Re, Munich Re, SCOR, Zurich, AXA, QBE, Generali, L&G and ... Read the full article
Is a ‘Green Cold War’ coming?
25th January 2022
The world should expect to enter a ‘Green Cold War’ in coming years, where states around the world form ‘climate blocs’ that will compete for dominance, according to a new report from Lloyd’s. The report, Shifting Powers: Climate Cooperation, Competition, or Chaos?, was released recently, and is aimed ... Read the full article
Marsh and Risilience collaborate on informing customers about climate change
25th January 2022
Marsh and Risilience are to collaborate on a risk platform to help the former’s clients understand the risks resulting from climate change. The project, done through Risilience’s risk platform, will reportedly help clients map their journey towards net zero and help them generate annual climate risk reports that fall into line ... Read the full article
Insurers show continued climate improvements: ClimateWise
24th January 2022
A new report by global insurance industry collaboration ClimateWise has found continued improvements in efforts to address climate change among its member companies. The initiative’s 2021 Independent Review highlights increased value chain collaboration to enhance understanding of climate risks and opportunities and enable net-zero objectives within and beyond the industry. The independent ... Read the full article
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