Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
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
2021 a “pivotal year” for re/insurers’ climate efforts: Swiss Re’s Ojeisekhoba
7th June 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that following the outbreak of the COVID-19 pandemic, 2021 could be a “pivotal year” for the re/insurance industry to help push for more societal resilience to climate change. As countries look to a sustainable pandemic recovery, and with ... Read the full article
DBRS Morningstar notes growing momentum of sustainable insurance investments
3rd June 2021
Analysts at DBRS Morningstar have pointed to the “growing momentum of sustainable investment among insurers” which it says should support a transition towards a low-carbon economy globally, and help to mitigate the effects of climate change. With Environment, Social, and Governance (ESG) awareness on the rise, the firm noted that many ... Read the full article
Swiss regulator asks re/insurers to disclose climate risks
1st June 2021
Swiss financial regulator FINMA has said that, going forward, re/insurance companies and banks will be required to publicly provide “qualitative and quantitative information” on the risks they face due to climate change. FINMA said the move will support the sustainable development of the Swiss financial centre, while preventing the public from ... Read the full article
Climate change could impact US corn yields by 40%: AIR
21st May 2021
In collaboration with data analytics provider Verisk, David Victor and experts from AXIS Capital, explored how climate change may affect agricultural risk in the United States, specifically looking at the impact on corn yield. Verisk’s extreme event modelling business unit, AIR Worldwide (AIR), conducted the research to isolate effects of variation ... Read the full article
Aon, Willis & Mercer join sustainable investing group
13th May 2021
Fourteen institutional investment consulting firms in the US, including Aon, Willis Towers Watson (WTW) and Mercer, have established a joint working group to advance sustainable investing. Aon Hewitt Investment Consulting, WTW, and Mercer, which forms part of broker Marsh McLennan, will aim to support clients by promoting and improving sustainable investment ... Read the full article
WTW establishes framework to support climate transition plans
4th May 2021
Re/insurance broker Willis Towers Watson (WTW) has announced the launch of Climate Transition Pathways (CTP), an accreditation framework that helps insurers and financial institutions to identify which organisations have transition plans aligned with the Paris Agreement. The CTP governance committee will work with independent third-party groups including Volans, a consultancy responsible ... Read the full article
AXA to target environmentally positive & inclusive insurance
30th April 2021
Global insurer AXA has launched a progress index to measure its implementation of several new climate and inclusivity targets. On the insurance side, these include strengthening the share of insurance products with a positive impact on the environment, through the guarantees or services offered, as well as the promotion of inclusive ... Read the full article
SCOR sets further climate targets for investments
28th April 2021
French re/insurer SCOR has announced further climate targets to reduce the carbon intensity of its investments and accelerate its move towards net-zero emissions. By 2025, SCOR now aims to have reduced the carbon intensity of its corporate bonds and listed equities portfolio by 27%. It's hoped that this new target will support ... Read the full article
EIOPA releases report on climate change risk scenarios in ORSA
21st April 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has released a report which explores the use of climate change scenarios in the Own Risk and Solvency Assessment (ORSA) addressed to national supervisory authorities. Within the report, EIOPA set out expectations on the supervision of the integration of climate change risk scenarios ... Read the full article
Willis Towers Watson commits to net zero by 2050
19th April 2021
Re/insurance broker Willis Towers Watson (WTW) has announced a set of measures aimed at reducing carbon emissions across its business operations, with a target to deliver net zero greenhouse gas emissions by 2050. This includes an interim target for 2030, by which point WTW has committed to achieve at least a ... Read the full article
Energy industry faces changes in risk landscape: WTW
15th April 2021
According to a recent report by global re/insurance broker Willis Towers Watson, the energy industry faces change in its risk landscape due to the continuing effects of climate change. At the launch of its annual Energy Market Review, Willis Tower Watson's report outlined how the global energy system is currently being ... Read the full article
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