Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Concerns about climate, cyber & political risks intensify: AXA survey
16th October 2019
Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article
Climate & tech disruption top CEO concerns in 2019, reports KPMG
14th October 2019
A new report by KPMG has determined that climate change is regarded as the most pressing concern to organisational growth amongst CEOs in 2019, with technological disruption also high on the agenda for re/insurance CEO’s in particular. The study, which surveyed 1,300 CEOs across 11 key markets and 11 industry sectors, ... Read the full article
Deutsche Rück and VöV Rück commit to sustainable investments
14th October 2019
German reinsurers The Deutsche Rückversicherung Group (Deutsche Rück) and VöV Rückversicherung KöR (VöV Rück) have joined an investor initiative that will see them commit to more sustainable investment practices. The companies signed the Principles for Responsible Investment (PRI), a financial initiative that was established with help from the United Nations back ... Read the full article
There’s a measurable difference in today’s climate, says RenRe’s O’Donnell
11th October 2019
Kevin O’Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), has said that today, observable change in the world's climate is taking place. “There’s a measurable change that is going on, there is a measurable difference in today’s climate compared to previous climate,” said O’Donnell, addressing an ... Read the full article
AXIS Capital withdraws support for Australia’s Carmichael mine, sources report
3rd October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has dropped its bid to provide coverage for the controversial Carmichael coal mine project in Australia, according to sources at Reuters. The publication said that sources close to the company confirmed that AXIS had withdrawn its quotes for insurance of the mine’s ... Read the full article
Swiss Re, Allianz & Zurich commit to net zero emissions by 2050
26th September 2019
Re/insurance giants Swiss Re, Allianz and Zurich are among a group 12 global companies that have committed to transitioning their investment portfolios to net zero greenhouse gas emissions. The Net-Zero Asset Owner Alliance represents more than US $2.4 trillion, and was convened by the UN Environment Programme’s Finance Initiative and the ... Read the full article
Climate resilience requires action on both sides of the balance sheet: BoE Governor
25th September 2019
Building global climate resilience will require insurers and reinsurers to take more action on both sides of their balance sheet, according to Mark Carney, Governor of the Bank of England (BoE). Speaking at the UN General’s Climate Action Summit 2019, Carney said that, on the liability side, re/insurers must focus on ... Read the full article
New public-private ocean risk initiative launches at UN climate summit
24th September 2019
As part of the UN Secretary General’s Climate Summit, a collaborative initiative between the re/insurance and finance sectors, governments, and environment organisations is being launched to build resilience to ocean risk in vulnerable areas. The newly formed Ocean Risk and Resilience Action Alliance (ORRAA) will aim to support resilience in the ... Read the full article
Evidence for rapid climate change “absolutely compelling”, says Kessler
10th September 2019
Denis Kessler, the Chairman and Chief Executive Officer of French reinsurer SCOR, has described the evidence for rapid climate change as “absolutely compelling” and called on the industry to share expertise. His comments, delivered at a conference this morning at the international rendez-vous of insurance and reinsurance, detailed the extent of ... Read the full article
Climate change among top reinsurer concerns in 2019, reports PwC
9th September 2019
Climate change has quickly climbed the ranks to join technology and cyber risk as one of the three most pressing concerns for the reinsurance industry in 2019, according to the new Banana Skins report by PwC. Now ranked as the third-biggest concern to reinsurers, climate risk is a new entry to ... Read the full article
Background paper calls for better use of insurance to adapt to changing climate
27th August 2019
A background paper submitted to the Global Commission on Adaptation by global risk transfer experts recommends numerous ways to maximise the benefits of risk transfer solutions for climate adaption. Specifically, the paper calls for investment in open-source models that offer a long-term view of climate risk and link to insurance solutions, ... Read the full article
Climate change liability poses serious risk to profitability: Clyde & Co
6th August 2019
New laws and regulation that have emerged in response to climate change are giving rise to liability risks that pose a serious risk to companies’ future profitability, according to a new report from law firm Clyde & Co. The firm noted that there has been a twenty-fold increase in climate law ... Read the full article
Climate change among most urgent threats for reinsurers: CSFI & PwC report
16th July 2019
Climate change is ranked as the second most urgent threat to business by reinsurers, and as the third most urgent by property and casualty (P&C) insurers, according to a new report from the Centre for the Study of Financial Innovation (CSFI) and PwC. The Insurance Banana Skins 2019 report surveyed re/insurers ... Read the full article
Climate change risks hit $1 trillion for some of the world’s largest firms: Report
3rd July 2019
A group of the world's largest companies across various industries have reported almost $1 trillion at risk from climate change, with a potential $250 billion in losses as a result of write-offs of assets, according to a report by CPD, an international non-profit focused on driving environmental change. In the global ... Read the full article
Chubb recognises climate change reality, says Greenberg, pulls back from coal
1st July 2019
Chubb has become the latest major re/insurer to adopt a climate policy that aims to phase out its exposure to coal-related underwriting and investment. As part of the announcement, Evan G. Greenberg, Chairman and CEO of Chubb, said that the company “recognizes the reality of climate change and the substantial impact ... Read the full article