Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Heightened storm frequency, rising sea levels to drive greater losses: report
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
Marsh & McLennan pledges carbon neutrality in 2021
19th January 2021
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change. The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also ... Read the full article
Environmental threats still dominate long-term risk landscape: WEF
19th January 2021
According to the World Economic Forum (WEF), environmental risks are again forecast to dominate the risk landscape over the next 10 years, both in terms of impact and likelihood. The WEF’s 2021 Global Risks Report also warned that societal fractures, uncertainty and anxiety will make it increasingly difficult to achieve the ... Read the full article
Allianz (AGCS) & Nephila provide hedge structure for Texas solar project
8th January 2021
The capital solutions unit of Allianz Global Corporate & Specialty (AGCS) and Nephila Climate have entered into a new a proxy generation power purchase agreement (pgPPA) for a 153 megawatt solar farm in Texas. Briar Creek solar farm, which is owned by Lightsource bp, is expected to start commercial operation at ... Read the full article
Castel expands into renewable energy market
18th December 2020
Castel Underwriting Agencies Limited, has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. The company plans to underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural ... Read the full article
Fidelis refuses to back Australia’s Carmichael coal mine
15th December 2020
Specialty re/insurer Fidelis has confirmed that it will rule out underwriting the Adani Carmichael coal project in Central Queensland, Australia, making it the 28th re/insurer to publicly make this commitment. “We are committed to driving forward anti-coal initiatives, we look to shape change by not offering insurance to companies that extract ... Read the full article
Twelve Capital’s Dr. Rodney calls for greater modeller, insurer collaboration
30th November 2020
Dr. Jamie Rodney, Executive Director of ILS Analytics at investment manager Twelve Capital, has called for more extensive collaboration between risk managers and catastrophe modellers. Dr. Rodney's comments came during our recent Prospectus 2021 conference, and delved into the work Twelve Capital has been doing to better understand hurricane risk ... Read the full article
Insurance must be an integrated part of a better future: Peak Re CEO
16th October 2020
Peak Re Chief Executive Officer Franz Josef Hahn has underlined how the insurance industry must be an integrated part of working towards a better future. In a conversation at one of Aon’s recent fireside chats with industry leaders, Hahn spoke at length about how emerging risks such as cyber and climate ... Read the full article
Shift to physical exposure based models is essential: Convergence 2020
8th October 2020
While catastrophe vendor models have an important place in the insurance and reinsurance industry, the influence of climate change suggests it's essential to leverage more physical exposure based models, according to industry experts. On the opening day of the virtually held 2020 ILS Bermuda Convergence event, climate change took centre stage ... Read the full article
Reinsurers to play important role in climate change: SCOR
7th October 2020
Due to global risks increasing, SCOR believes that the re/insurance industry has a key role to play in addressing current climate change risk challenges. During September, SCOR took place in a webinar, where Michèle Lacroix and Laurent Rousseau looked at how re/insurers can take a proactive stance on sustainability and climate ... Read the full article
Pandemic overtakes climate change as top market concern: AXA
1st October 2020
The latest Future Risks Report from AXA has found that pandemic and infectious diseases have risen quickly to become the foremost concern of risk management experts and the general public this year. Previously ranked as the eighth most concerning risk in 2019, the global outbreak of COVID-19 has since propelled the ... Read the full article
AXA XL reveals carbon management strategy
29th September 2020
AXA XL, the property & casualty and specialty risk division of AXA, has released details of its carbon management strategy, designed to accelerate the company's contribution to the transition towards a less carbon-intensive economy by 2050. After monitoring its consumption over the past several years and using 2019 as a baseline, ... Read the full article
We need to start voicing a picture of a carbon-neutral future: Zurich
29th September 2020
Swiss re/insurer, Zurich Insurance Group has spoken out about climate change and the re/insurance industry's role in creating awareness. Scientists have been warning mankind for decades that humans are causing severe and potentially irreversible changes to the climate, essentially heating the earth ourselves with carbon dioxide and methane. Climate change-induced events that ... Read the full article
Swiss Re finds major economies at risk from biodiversity decline
24th September 2020
A new report from Swiss Re Institute claims that one fifth of countries worldwide are at risk from ecosystem collapse and biodiversity declines, which threaten some of the major global economies. The reinsurer says that more than half of global GDP, equal to $41.7 trillion, is dependent ... Read the full article
Munich Re strengthens capital base with green bond issuance
24th September 2020
Global reinsurer Munich Re has issued a subordinated green bond for the first time in its history, with the volume issued totalling €1.25 billion (USD 1.46 billion). The German reinsurance company says that the bond proceeds will be invested in renewable energies and the like, while the issuance also bolsters the ... Read the full article
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