Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
IDF sets up Global Risk Modelling Alliance with V20 Group
5th November 2021
As part of the COP26 summit in Glasgow, the Insurance Development Forum (IDF) has announced a new partnership with the V20 Group of Ministers of Finance, which will see them create of a global public-private partnership programme, to be known as the Global Risk Modelling Alliance (GRMA). The GRMA programme will ... Read the full article
Climate policy will succeed if business needs are met: Munich Re’s Wenning
3rd November 2021
With the world’s eyes on the COP26 summit in Glasgow, Joachim Wenning, Chair of the Board of Management at Munich Re, has assured that climate policy will succeed if it takes into account the “needs of businesses.” In a new report, Munich Re has called for greater collaboration between the private ... Read the full article
Pool Re partnership to explore links between climate & terror
3rd November 2021
UK government-backed terrorism reinsurer Pool Re has partnered with global terrorism pools forum IFTRIP and the National Consortium for the Study of Terrorism and Responses to Terrorism (START) to explore the impact of climate change on terrorism. Together, the trio will produce a series of rapid reports underlining the impact that ... Read the full article
IDF and Start Network partner on financial service for the humanitarian space
3rd November 2021
The Insurance Development Forum (IDF) has entered into a new partnership with Start Network, a coalition of more than 50 humanitarian charities, to support the buildout of a global financial service for the humanitarian sector. The new tool is called Start Ready and will help communities get ahead of the worsening ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
