Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
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
Climate change top concern for UK risk experts and public: AXA
29th September 2021
Climate change is the top concern for both risk experts and the public in the UK, according to a new report from global insurer AXA. According to the report, from a possible 25 risks that could impact the world within the next decade, over 64% of UK risk experts and almost ... Read the full article
IDF & V20 Group call for more international climate support
20th September 2021
The Insurance Development Forum (IDF) and the Vulnerable Twenty (V20) Group of Ministers of Finance have called for joint collaboration and international support to strengthen global physical climate risk management capabilities. Together, the IDF and V20 also announced their intention to advance on the creation of the Global Risk Modelling Alliance ... Read the full article
Climate change is not a risk, it’s a fact: Swiss Re CEO Mumenthaler
16th September 2021
In a recent video interview for the Artemis Live series from our sister site, Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, stressed that while the re/insurance industry certainly has a role to play, it is not the solution to climate change. The 2021 IPCC Climate Risk ... Read the full article
Transition to a low carbon economy requires global collaboration: Lloyd’s CEO Neal
16th September 2021
The critical journey to a successful transition to a low carbon economy will require global collaboration on a vast scale, according to John Neal, Chief Executive Officer (CEO) of Lloyds. Executives from the specialist Lloyd’s insurance and reinsurance recently market held a virtual climate change discussion, as part of the 2021 ... Read the full article
Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s
15th September 2021
To better assess the impacts of climate change over time, there's a real need to integrate the work of the scientific community with the actuarial work undertaken by the re/insurance industry, according to Dr. Kirsten Mitchell-Wallace, Head of Portfolio Risk Management, Lloyd's. Executives from the specialist Lloyd's insurance and reinsurance market ... Read the full article
Liberty Mutual commits to 50% emissions cut by 2030
14th September 2021
Liberty Mutual Insurance has announced a new climate commitment to reduce its Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from its 2019 levels by 2030. To reach these goals, the company plans to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying ... Read the full article
Climate change the industry’s largest growth opportunity, says Swiss Re
9th September 2021
Climate change, while acknowledged as a real and existential threat, has been highlighted by Swiss Re as the re/insurance industry's largest opportunity for growth. The reinsurer has called for an annual investment of $6.9 trillion to meet current 2030 targets and warns of devastating consequences to the global economy should this ... Read the full article
Climate change is front and centre for reinsurers, say Aon execs
8th September 2021
As industry losses from so-called secondary perils such as wildfires, winter storms and floods continue to rise, coupled with the expectation of more frequent and severe events in general, climate change is "front and centre in most people's thinking," according to Andy Marcell, Chief Executive Officer (CEO) of Aon's Reinsurance ... Read the full article
ARC, GCA partnership targets more climate resilient agriculture sector
6th September 2021
The African Risk Capacity (ARC) Group has signed a Memorandum of Understanding (MoU) with the Global Center on Adaptation (GCA) to help facilitate investments into the risk management of government planning and high-level advocacy. Aimed at building a more climate resilient agriculture sector, the MoU will be supported by a joint ... Read the full article
Swiss Re forecasts rapid property market growth amid shift to higher-risk lines
6th September 2021
As economic development and climate change contribute to a fundamental shift to higher-risk, catastrophe-exposed property lines, global property and casualty (P&C) insurance premiums are forecast to more than double to USD 4.3 trillion by 2040, according to analysis by Swiss Re Institute. Driving the rise of more than 50% from 2020's ... Read the full article
Swiss Re in carbon removal agreement with Climeworks
25th August 2021
Reinsurer Swiss Re has signed a ten-year purchase agreement with Climeworks, a specialist in carbon dioxide air capture technology, to tackle climate change using direct air capture and storage of carbon dioxide. Worth $10 million over the ten years, Swiss Re hopes the collaboration will help it to achieve its goal ... Read the full article
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