Reinsurance News

Climate change news

News on climate change and how it affects the global insurance and reinsurance industry.

Lloyd’s Inga Beale warns of climate change impact on re/insurers

26th March 2018

Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article

Monetary Authority of Singapore promotes sustainability and technology in re/insurance

23rd March 2018

In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article

Climate change has a net negative credit impact on P&C industry: Moody’s

16th March 2018

Climate change creates significant challenges for the property and casualty (P&C) re/insurance industry, posing risk management and financial risks which account for a net negative credit impact on the sector, according to a recent Moody's report. "The effects of climate change on the frequency and severity of catastrophic events are difficult ... Read the full article

Verisk study finds strong links between extreme U.S. winters and Arctic warmth

15th March 2018

A recent study by Verisk Analytics’ Atmospheric and Environmental Research (AER) business and Rutgers University, has claimed that the frequency and severity of extreme winter weather in the U.S. is related to fluctuations in Arctic temperatures. Published in Nature Communications, the study observed that extreme winter conditions in the eastern U.S., ... Read the full article

Swiss Re backs innovative coral reef insurance solution

12th March 2018

Global reinsurance giant Swiss Re has supported the development of an innovative new parametric insurance solution designed to help the conservation of the Mesoamerican Reef, which includes protecting the coral reef and beach sand against the impacts of major hurricanes. The new insurance solution was announced at the 2018 World Ocean Summit ... Read the full article

Insurance Europe advocates more risk prevention and public-private cooperation

8th March 2018

Insurance Europe has published its response to the European Commission’s consultation on the European Union’s (EU) strategy for adapting to climate change, and has outlined several recommendations for improvement. Insurance Europe has expressed full support for the aims of the EU’s Adaptation Strategy, which was implemented in 2013 in an effort ... Read the full article

ARC & UN partner to increase Africa insurance penetration

31st January 2018

The African Risk Capacity (ARC), an agency of the African Union, and the United Nations Economic Commission for Africa (ECA) have announced a new partnership to improve resilience in African states through increasing insurance protection against climate risks. In the partnership, ARC and ECA plan to embed risk management investments into ... Read the full article

Nephila looks to expand weather risk business with Nephila Climate launch

30th January 2018

Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article

Public-private sector collaboration vital to tackling climate protection gap

26th January 2018

The re/insurance industry has contributed significantly to building resilience to climate change, one of the biggest socio-economic threats faced globally, however, the successful transition to a low-carbon economy needs additional support and collaboration from third-party stakeholders to mitigate obstacles to overcoming the protection gap (disparity between economic and insured losses ... Read the full article

2017 was the costliest and warmest year on record for U.S. climate risk

9th January 2018

With 16 climate disasters each with losses at over $1 billion, total economic losses for U.S. climate disasters reached $306 billion, making 2017 both the costliest and warmest year on U.S. records, according to the U.S. Department of Commerce National Oceanic and Atmospheric Administration end of year recap. The western U.S. ... Read the full article

CFAN predicts 80% chance of above average 2018 hurricane season

20th December 2017

Scientists at Climate Forecast Applications Network (CFAN) have forecast an 80% probability of an above normal 2018 Atlantic hurricane season after claiming to have made a breakthrough in understanding the long-range impact of global climate dynamics on Atlantic hurricane activity. Their new model predicts a total Accumulated Cyclone Energy (ACE) of 132 ... Read the full article

InsuResilience Global Partnership launches at 2017 UN Climate Conference

16th November 2017

An international initiative with the goal to provide insurance to 400 more million poor and vulnerable people by 2020, the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, was launched today at the 2017 UN Climate Conference in Bonn. Germany launched the Global Partnership with the Ethiopian Chair of ... Read the full article

70% of climate change damage not covered by re/insurance

14th November 2017

On a global level insurance is failing to cover 70% of climate change damage, and this percentage rises to 98% for developing nations, warned climate experts at the 23rd Conference of the Parties (COP23) to the United Nations Framework Convention on Climate Change (UNFCCC). At an official side-event, COP23, organised by the ... Read the full article

German government-backed platform offers global climate risk database

2nd November 2017

A global online database platform to share good practices and innovative solutions in climate risk insurance has been launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The German government commissioned platform promotes risk transfer as an approach ... Read the full article

Indian government economic survey signals need for climate insurance

16th August 2017

Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article