Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Germany floods “very likely” linked to climate change: Munich Re’s Rauch
16th July 2021
Ernst Rauch, Chief Climate and Geo Scientist at Munich Re, has said that events such as the recent catastrophic flooding in Germany are “very likely related to climate change,” and are set to grow in both frequency and intensity. This week’s flooding has impacted many parts of Central and Western Europe, ... Read the full article
Howden launches climate risk, resilience division
15th July 2021
International insurance group Howden has announced the launch of a climate risk and resilience division, set to be led by Charlie Langdale. The team will focus on risk transfer products designed to help accelerate and de-risk the move towards a low carbon economy, as well as mitigate the results of climate ... Read the full article
Flood Re calls for industry-wide action to ensure a more resilient UK by 2039
13th July 2021
UK government-backed reinsurance scheme Flood Re has underlined the extent of action needed to ensure flood resilience reaches an acceptable standard by 2039, when the scheme is due to exit the market. Alongside further, industry-wide action, Flood Re has highlighted its own efforts towards creating a solid base on which to ... Read the full article
Net-Zero Insurance Alliance (NZIA) launched at G20 Climate Summit
12th July 2021
Eight of the world’s largest insurance and reinsurance companies have launched the Net-Zero Insurance Alliance (NZIA) at the G20 Climate Summit in Venice yesterday, committing to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. The United Nations Environment Programme Finance Initiative (UNEP FI) called it a "historic ... Read the full article
Paris climate targets not possible without giant carbon removal industry: Swiss Re
8th July 2021
Reaching the Paris climate targets won’t be possible without a carbon removal industry the size of oil & gas, according to a new report from Swiss Re. The reinsurance giant has said that reducing CO2 emissions should be a priority, followed by removing any other unavoidable emissions from the atmosphere and ... Read the full article
Guy Carpenter launches new climate advisory & modelling services
7th July 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the launch of a suite of advisory and modelling services to help clients integrate climate change strategies into their Environmental, Social and Governance (ESG) programs. Key services include natural hazard risk assessment and risk modelling, exposure data enhancement, and adjustment ... Read the full article
AXA progresses on green investments but sees “long way ahead”
1st July 2021
Global insurer AXA has reported that the green share of its investment portfolio has continued to increase, but CEO Thomas Buberl says there is still "a long way ahead" for the industry to align itself with international climate goals. As part of its climate strategy, AXA is planning to invest €25 ... Read the full article
Prince Charles launches industry-led climate change task force at Lloyd’s
24th June 2021
HRH The Prince of Wales has launched his Sustainable Markets Initiative (SMI) insurance task force today during a visit to Lloyd’s of London. Chaired by Lloyd’s, the task force is composed of executives from many of the world’s largest re/insurers and aims to provide an influential platform for the sector to ... Read the full article
Climate is single biggest opportunity for re/insurers: John Neal
16th June 2021
Lloyd’s CEO John Neal has described climate change as “the largest single underwriting and investment opportunity” that most re/insurers will see in their careers. Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to “look at climate positively.” Neal was joined by ... Read the full article
WTW, WWF target greater nat cat resilience in Fiji & Papua New Guinea
14th June 2021
Re/insurance broker Willis Tower Watson has announced a project to help support the climate adaptation and financial resilience of coastal communities in Fiji and Papua New Guinea (PNG) vulnerable to the impacts of climate change, including major shock events. The project, launched in partnership with the World Wide Fund for Nature ... Read the full article
G7 package to scale up climate protection funding
14th June 2021
A new package of support from the UK, Germany and US aims to scale up protection for vulnerable communities against the impacts of climate change. Agreed at the recent G7 summit, the package includes £120 million in new funding from the UK and €125 million from Germany, with the intention of ... Read the full article
Data is the biggest barrier when addressing climate risk: WTW
11th June 2021
According to a new survey by Willis Towers Watson (WTW), the availability of data is the biggest test firms expect to face over the next five years in order to address climate risk. The survey was created to gain insights on progress made to assess and manage the impact of climate ... Read the full article
Re/insurance industry is acting as the world’s shock absorber: Mumenthaler, Swiss Re
10th June 2021
In a recent discussion with Climate Change UN, Christian Mumenthaler, Chief Executive Officer of Swiss Re, explored how the re/insurance industry is an invisible force which holds the world together and allows economies to run. During the exchange, Mumenthaler said: “It's not just Swiss Re, I think the whole insurance and ... Read the full article
UN chief says decisive climate action needed from re/insurers: IDF
8th June 2021
UN Secretary-General António Guterres has asserted that the re/insurance industry has a “key role to play” in promoting the transformations needed to protect the world from climate change. Speaking at an Insurance Development Forum (IDF) event today, Guterres said re/insurers must take “decisive action now” to help mitigate the impacts of ... Read the full article
BoE launches climate stress test for insurers
8th June 2021
The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article
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