Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Cyber the top concern for businesses in 2022: Allianz
18th January 2022
Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article
Insurance Authority to continue nurturing ecosystem for green insurance
14th January 2022
The Hong Kong Insurance Authority (IA) recently hosted a discussion where insurance professionals shared their predictions on the industry’s participation in initiatives for addressing climate change, noting the emerging opportunities ahead. With climate change remaining as an imminent threat facing humanity, governments worldwide have created action plans to combat its impacts, ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
Businesses need to shift their mindsets around risk: Aon’s Greg Case
13th January 2022
Businesses need to shift their mindsets around being prepared for risk, according to Greg Case, Aon’s chief executive officer in a recent interview. In its new survey, Aon found that in order to succeed in the current climate, businesses need to focus on four critical priorities, navigating new forms of volatility, ... Read the full article
CoreLogic partners with AXA Climate on Hail Protection product
11th January 2022
Catastrophe risk modeller CoreLogic has been selected to expand the Hail Protection product designed by AXA Climate, the specialist parametric risk transfer division of AXA. The product has been designed to help businesses recover from financial losses such as property damage or business interruption following a hail event. After the launch of ... Read the full article
Climate change making peak peril distinctions irrelevant: Howden
10th January 2022
According to analysts at Howden, the growing threat of climate change and its influence on the severity of many insured catastrophes is removing the need for any distinction between ‘peak’ and ‘non-peak’ perils. The broker says climate risk replaced COVID-19 to become the re/insurance market’s pre-eminent concern in 2021, as another ... Read the full article
Climate change hit to supply chains will last longer than COVID-19: Swiss Re’s Ojeisekhoba
23rd December 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that climate change will have a longer-lasting impact to global supply chains than has been seen from COVID-19. Supply chains around the world have been negatively impacted by the global COVID-19 coronavirus pandemic, driving inflationary fears and resulting ... Read the full article
WTW designs ‘game changing’ climate-focused parametric solution
20th December 2021
Broker Willis Towers Watson has announced its involvement in the design and placement of the world’s first parametric insurance transaction capable of making possible the Government of Belize’s ground-breaking debt restructuring for marine conservation. Munich Re participated in an underwriting capacity, with the insurance protection having played a crucial role in ... Read the full article
Risk managers believe climate will make certain risks uninsurable: AXA
16th December 2021
Results from a new study by AXA show that 60% of risk managers fear that certain geographies or activities will become uninsurable in future due to the impact of climate change. AXA says that its 2021 AMRAE Climate Commitment Barometer shows the growing importance of taking into account and understanding climate ... Read the full article
Munich Re treating climate as systemic risk: analysts
13th December 2021
Analysts at Peel Hunt have noted that Munich Re now appears to be treating climate change as a systemic risk for the re/insurance industry, amid an ongoing rise on the probability of extreme weather events. Last week, Munich Re presented its ESG credentials to financial markets, which included interesting insights in ... Read the full article
Nature-based carbon a $1.3bn opportunity for re/insurers: report
9th December 2021
A new report by carbon market experts, BeZero Carbon, in partnership with international insurance broker, Howden, and UK insurance broker Blackford, has outlined the significant opportunity the re/insurance industry could play in securitising the nature-based carbon market and unlocking the capital needed to scale it. The report estimates that the voluntary ... Read the full article
Industry guidance on innovation flagged during climate-focused Aon fireside
24th November 2021
While industry momentum against climate change is building, guidance on where specifically to focus innovation efforts, as well as the success of communication between re/insurers and businesses, were both flagged as key areas still being refined and worked through. These comments came during a panel brought together for an Aon-hosted fireside ... Read the full article
Climate models are becoming increasingly critical: Aeolus
23rd November 2021
Insurance and reinsurance companies are naturally at the forefront of understanding climate change risk, and as the climate and resilience debate intensifies around the world, climate models are becoming more important, according to Aeolus Capital Management Ltd. Artemis, our insurance-linked securities (ILS) focused sister site, recently hosted a live ... Read the full article
Howden collaborates with Everbridge to address climate risk with parametrics
23rd November 2021
International insurance broker Howden has joined forces with Everbridge, Inc., a leader in critical event management (CEM) and national public warning solutions, to enable response and recovery organisations to address climate risk and resilience. The first-of-its-kind collaboration brings together Everbridge's public safety technology with Howden's insurance expertise. By combining Everbridge's tech with ... Read the full article
CCRI calls for ‘colossal’, ‘rapid’ mobilisation of capital to protect against climate risks
22nd November 2021
The Coalition for Climate Resilient Investment (CCRI) has suggested a shift towards greater investment resilience, including the deployment of a framework for approaching different levels of physical climate risk within the global economy. The suggested framework goes from top down, looking at systemic risk and resilience, to bottom-up, looking at ... Read the full article
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