Reinsurance News

Climate change news

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

Chubb hires Peloso as Global Climate Officer

15th December 2022

Chubb Limited has appointed Margaret Peloso as Senior Vice President, Chubb Group, Global Climate Officer and Executive Director of the Chubb Charitable Foundation. Peloso joins Chubb from Vinson & Elkins, where she served as the law firm's Lead Sustainability Partner, where she held responsibility for integrating sustainability and environmental, social and ... Read the full article

CoreLogic targets real estate industry with new Climate Risk Analytics

15th December 2022

CoreLogic, a global property data and analytics-driven solutions provider, has announced the launch of a new solution to model and mitigate the physical risks of climate change to the real estate industry, initially through 2050. Patrick Dodd, President & CEO, CoreLogic, said: “Mitigating the effects of climate change is a monumental ... Read the full article

Sharp reduction in nat cat reinsurance capacity at renewals: Clyde & Co’s Barbosa

13th December 2022

There is likely to be a sharp reduction in available nat cat reinsurance capacity at upcoming renewals following a climate change-induced increase in the frequency and severity of European nat cat events, suggests Clyde & Co's Eva-Maria Barbosa. The influence of climate change on natural catastrophe losses is causing reinsurers to ... Read the full article

ASEAN insurers have key role in climate battle, says Malaysian Re

9th December 2022

The ASEAN region will have to find more than $800 billion of investment for energy supply in order to meet its expected demand for power in 2050, according to a new report by Malaysian Re. The 2022 ASEAN Insurance Pulse report by the reinsurer says that risk managers, risk takers, investors, ... Read the full article

Z Zurich Foundation launches new Climate Resilience Program

7th December 2022

The Z Zurich Foundation has announced its latest initiative, the Urban Climate Resilience Program (UCRP), further scaling up its efforts to combat the negative impacts of climate change. The program consists of a four-step approach. Number one is to identify and engage with urban communities in need; secondly, to conduct in-depth ... Read the full article

Swiss Re & Carbonfuture partner to boost carbon removal market standards

1st December 2022

Reinsurance giant Swiss Re and carbon removal tracing platform Carbonfuture, have signed a multi-year offtake agreement to support high-quality standards in the biochar carbon removal market. Carbonfuture suggests that the partnership is among the largest biochar agreements ever signed, and further highlights the relevance that trustworthy approaches to carbon removal credits ... Read the full article

COP27 saw climate finance breakthroughs, but failed to adapt emission pledges: Swiss Re

29th November 2022

At the COP27 climate change conference that took place earlier this month, breakthroughs on climate finance were announced, but the event failed to adopt more ambitious emissions reduction pledges and agree the further phase-out of all fossil fuels, suggests Swiss Re. A new report by Swiss Re Institute, highlights that the ... Read the full article

Ariel Re hires cleantech specialist Tad Dritz as Senior Risk Analyst

28th November 2022

Global reinsurer Ariel Re has appointed clean energy and renewables technology consultant Tad Dritz as a Senior Risk Analyst. In this role, Dritz will help the company to evaluate the technical risks associated with clean energy technologies, including biofuels, bioenergy, battery storage, fuel cells, hydrogen and solar. Dritz also works as an ... Read the full article

Longer-term climate threats being ignored by risk professionals: Airmic

28th November 2022

New research from Airmic says that risk professionals are highly focused on addressing immediate natural peril risks at the expense of looking at longer-term climate threats. The firm says that its Climate Risk and Parametric Insurance Cover survey shows that climate risk is still not getting the priority it needs among ... Read the full article

“Insurance can influence systemic change,” says IDF exec after COP27

23rd November 2022

Michel M. Liès, Steering Committee Chairman of the IDF and Chairman of Zurich Insurance Group, has asserted that the IDF's announcements at the recent COP27 climate conference are "a testament to how insurance can influence systemic change." The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and ... Read the full article

Ping An highlights parametric and index insurance for combatting climate change

22nd November 2022

Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change. Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages ... Read the full article

Risk pools ARC, CCRIF and PCRIC agree to partnership at COP27

21st November 2022

Global risk pools African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) have agreed to a partnership at the recent COP27 climate conference. The parties signed a memorandum of understanding (MOU) on the sidelines of COP27 in Sharm ... Read the full article

Net zero plans help insurers manage carbon transition risks: Moody’s

21st November 2022

According to a recent Moody's investor's service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it. The most credible plans are based on robust and transparent frameworks, include measurable interim targets, and cover ... Read the full article

Insurance crucial for Asia to face climate challenges

17th November 2022

Insurance has a crucial role in anticipating, identifying, and managing climate-related risks in Asia, says Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific. Temperatures are rising two times faster in Asia than in global average, and the continent is at the frontline of the risks of climate change. Additionally it ... Read the full article

GRMA selected as Key Resource for Global Shield Initiative

16th November 2022

The Global Risk Modelling Alliance (GRMA) has been selected as Key Resource for the Global Shield Initiative, an initiative for pre-arranged financial support designed to be deployed during climate disasters that was launched at COP27 earlier this week. In a statement, the GRMA said that a further €10m in funding ... Read the full article