Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Zurich adds climate change to natural hazards risk advisory service
17th September 2020
Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future. Zurich's newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks. Climate change is consistently viewed as ... Read the full article
Insurers have a responsibility to take action on climate change: Sweeney, BoE
16th September 2020
While the insurance industry has made progress on the issue of climate change and related risks, it's vital that the sector, alongside regulators, further advance their thinking and take action, according to Anna Sweeney, Executive Director, Insurance Supervision Division, Bank of England (BoE). Although somewhat overshadowed in recent months by the ... Read the full article
Swiss Re steps up internal carbon levy
15th September 2020
As part of its efforts to transition to net-zero emissions in operations by 2030, Swiss Re has announced that it will increase its internal carbon levy to $100 per tonne as of 2021. The new levy is considerably higher than the current levy of $8 per tonne CO2, and is set ... Read the full article
AXA Climate, SatSure to offer parametric solutions for private & public sector
8th September 2020
AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale. AXA sees climate risk understanding and mitigation as key in reducing the financial consequences that climate-related events may have on communities and businesses. As ... Read the full article
Jupiter announces launch of ClimateScore Global
17th August 2020
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has announced the launch of a climate risk analytics tool called ClimateScore Global. ClimateScore Global predicts future physical risk from flooding, extreme heat, high wind, drought, wildfire, hail, and earthquake. Its scope and granularity is designed to project how ... Read the full article
Re/insurance has major role in tackling climate change: Swiss Re’s Baertschi
20th July 2020
In the wake of the COVID-19 pandemic, the insurance industry must reflect on the lessons it has learned and take a stance as a major player in the fight against climate change. This is according to Urs Baertschi, Chief Executive Officer Reinsurance EMEA / Regional President EMEA at Swiss Re, who ... Read the full article
AXA inks insurance contract with low-carbon cement manufacturer
15th July 2020
Global insurer AXA is to provide Hoffmann Green Cement Technologies with an insurance contract protecting the manufacturing process of its low-carbon H-UKR cement. H-UKR cement is a binder perfected and developed by Hoffmann Green that has a substantially lower carbon footprint than traditional varieties. Hoffmann Green now has a contract covering the ... Read the full article
Industry leaders call for investment in climate resilience
6th July 2020
A panel of industry leaders at a Coalition for Climate Resilient Investment (CCRI) event have called for a systemic shift in the way projects are financed to build resilience to climate change. With $90 trillion in infrastructure investment needed globally over the next decade to achieve global growth expectations, speakers argued ... Read the full article
InsuResilience Solutions Fund signs grant agreement with MiCRO, SBS Seguros Colombia
26th June 2020
The InsuResilience Solutions Fund, represented by the Frankfurt School of Finance and Management, has signed a grant agreement to help strengthen Colombia’s resilience to natural catastrophes. Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to €2.5 million. The ... Read the full article
Climate change & cyber growing priorities for re/insurers: LCP
22nd June 2020
A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article
Now is the time to address the climate change challenge: Jeworrek, Munich Re
15th June 2020
Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re, has said that now is the time to "finally and consistently" address the climate change challenge. In recent months, the global outbreak of COVID-19 has unsurprisingly dominated headlines and, as a result, many have lost sight of the long-term global ... Read the full article
SCOR signs up to UN carbon neutral investment pledge
28th May 2020
SCOR has signed up to the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target, and already ... Read the full article
PRA postpones insurance & climate stress tests due to Covid-19 pressures
7th May 2020
The UK's Prudential Regulation Authority (PRA), part of the Bank of England, has announced that the planned 2019 insurance stress test results will now not be published, as it pauses further work in this area due to the impacts of the Covid-19 pandemic. The PRA said that its focus is on ... Read the full article
Apply COVID-19 lessons to climate change, urges Swiss Re’s Ojeisekhoba
23rd April 2020
The re/insurance industry must be prepared to apply the lessons learned from the coronavirus (COVID-19) pandemic to the looming climate change crisis, according to Swiss Re’s CEO of Reinsurance, Moses Ojeisekhoba. Writing in a blog post for Swiss Re, Ojeisekhoba argued that the clearest take-away from the pandemic is the need ... Read the full article
GC climate report questions “culture of reliance” on state aid
20th April 2020
A report by re/insurance broker Guy Carpenter has questioned the “culture of reliance” on state assistance for disaster relief, which has emerged as governments increasingly bear the costs of climate change. Guy Carpenter noted that climate change is exacerbating the challenges faced by governments, with natural catastrophes becoming more frequent and ... Read the full article
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