Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Urgently expand risk sharing systems to fight climate crisis, says report
3rd November 2021
As world leaders meet in Glasgow at COP26 to hopefully progress and accelerate the global fight against climate change, a new report from the University of Cambridge Institute for Sustainability Leadership (CISL) calls for the expansion of risk sharing systems at scale. The report, 'Risk Sharing in the Climate Emergency: Financial ... Read the full article
TP ICAP partners with Speedwell on climate index
2nd November 2021
Global markets infrastructure and data solutions provider TP ICAP Group has partnered with Speedwell, an environmental risk-management solution provider, to launch the ICAP-Speedwell Climate Index. The index uses global weather data to track climate change thereby allowing financial risk related to the rate of climate change to be traded. Its launch will ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
UN partnership has potential for systemic climate change: ICMIF
29th October 2021
Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in combating climate change. During a high-level UN panel discussion as part ... Read the full article
PRA exploring need for climate-related capital charges
28th October 2021
A new report by the UK’s Prudential Regulation Authority (PRA) has explored how to appropriately respond to the risks posed by climate change going forward. Among the potential options looked at within the report is the possibility for additional climate-related capital charges, in order to incentivize firms to incorporate climate considerations ... Read the full article
Lloyd’s targets net zero Central Fund & underwriting
28th October 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced plans to join the UN-convened Net Zero Insurance Alliance (NZIA), as part of a commitment to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050, at the latest. The move builds on Lloyd’s existing commitment to reduce ... Read the full article
WTW appoints Fox Carney as climate transition advisor
25th October 2021
Re/insurance broker Willis Towers Watson has appointed Diana Fox Carney to the climate, resilience and ESG solutions teams within its Climate Resilience Hub, which serves corporates and public sector institutions in North America and worldwide. As a development economist, Fox Carney developed early insights on global sustainability risks and the challenges ... Read the full article
AXIS updates fossil fuel underwriting & investment policy
20th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has announced several new updates to its fossil fuel underwriting and investment policy. In particular, the company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment ... Read the full article
2021 was “no outlier” for European cat losses: Swiss Re’s Reichelt
18th October 2021
With climate concerns growing across the re/insurance market, Swiss Re’s Frank Reichelt warns that secondary peril losses will inevitably grow, meaning a year like 2021 in Europe is “no outlier on a global scale.” With the January 2022 renewals coming up, reinsurance buyers are reflecting on what has been another active ... Read the full article
AXA makes new commitments to preserve biodiversity
18th October 2021
AXA has made new commitments to preserve biodiversity by implementing a plan to fight against the deterioration of forest ecosystems. Deforestation is one of the main causes of biodiversity loss and carbon emissions, presenting a double loss for the climate due to them being the largest contributing carbon capturer. To protect these ... Read the full article
European climate losses to push rates at 1/1: Swiss Re’s Kramer
14th October 2021
Beat Kramer, Head Property Underwriting EMEA at Swiss Re, has said that he expects reinsurance rate increases to continue at the upcoming January renewals, in part due to the level of catastrophe losses experienced in Europe this year, which are viewed as having been exacerbated by climate change. Speaking during a ... Read the full article
Swiss Re won’t provide cover to climate bad actors, says Ooi
13th October 2021
Sharon Ooi, Head of Australia & New Zealand at Swiss Re, says that the reinsurer is committed not to provide cover for “bad actors” in the fight against climate change. Speaking in a recent interview with The Australian Financial Review, Ooi said that Swiss Re’s climate policy aims to “ensure that ... Read the full article
Hannover Re commits to net zero targets in reinsurance & investments
13th October 2021
Hannover Re is committing to achieve net zero emissions in business operations by 2030 and in its reinsurance portfolio and investments by 2050, as part of its targets to support the Paris Agreement on climate change. The reinsurer plans to develop methods to determine the greenhouse gas emissions of reinsured customer ... Read the full article
Climate transition plans vital as risk of fuel poverty looms: Swiss Re
6th October 2021
Swiss Re has underlined the “urgent need” for orderly climate change transition plans that invest more into renewables, as the energy crisis in Europe threatens to give rise to ‘fuel poverty’ and increase social tensions. In a new report, analysts note that energy prices have skyrocketed in recent weeks, as shortfalls ... Read the full article
Tokio Marine adds new climate restrictions for underwriting, investments
1st October 2021
As part of its revised climate strategy, global P&C insurance group Tokio Marine has introduced new restrictions to its insurance underwriting and investment and lending policies. Specifically, the new revisions add thermal coal mining projects to the list of restricted businesses for new business transactions, in addition to the existing exclusion ... Read the full article
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