Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
2024 climate disasters cause billions in losses highlighting urgent need for action: Christian Aid
31st December 2024
The year 2024 saw several extreme climate disasters that resulted in billions of dollars in insured losses, underscoring the urgent need to reduce carbon emissions, accelerate the transition to renewable energy, and provide funding for vulnerable populations, according to Christian Aid. In its latest report, Christian Aid identified the 10 most ... Read the full article
Norway provides $4.5m to ARC’s SACPIP-Africa to strengthen climate resilience
16th December 2024
Norway, through the Norwegian Agency for Development Cooperation, has provided NOK 50 million (approximately $4.5 million) to the African Risk Capacity Limited’s (ARC Ltd) Supporting Adaptation Capacity Through Increased Parametric Insurance Penetration in Africa (SACPIP-Africa) initiative. The partnership was formalised during a signing ceremony at the CARICOM Pavilion at COP29 on ... Read the full article
Critical role of risk financing and insurance in disaster response: Bavandi, Gallagher Re
13th December 2024
Antoine Bavandi, Global Head of Public Sector, Parametric & Climate Resilience Solutions at Gallagher Re highlighted the growing recognition of disaster risk financing and insurance in disaster response during his summary of key takeaways from COP 29 in Baku. He noted that effective private-sector strategies include risk pooling, public-private partnerships, parametric ... Read the full article
IBISA and VisionFund launch suite of parametric climate insurance products
12th December 2024
Global climate insurtech IBISA and VisionFund, the financial empowerment and livelihood arm of World Vision, have launched ClimaCash+, a suite of parametric climate insurance products aimed at helping communities vulnerable to climate risks respond quickly, even before a disaster strikes. ClimaCash+ was created in response to the increasing frequency of extreme ... Read the full article
EIOPA seeks feedback on awareness tool to address climate-related property risks
2nd December 2024
The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the regulation and supervision of the insurance and pensions sectors in the European Union, is seeking feedback on its consultation paper regarding the creation of an awareness tool. This tool is intended to assist European citizens in understanding how vulnerable their ... Read the full article
SCOR backs climate prediction market initiative
28th November 2024
French reinsurance giant SCOR's corporate foundation is backing an initiative led by Lancaster University Management School (LUMS) to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially providing a new mechanism for funding climate research. A collaboration between researchers at LUMS and the University of Exeter’s ... Read the full article
Ceres proposes federal climate risk reinsurance program to build resilience
25th November 2024
In a recent report, Ceres calls for the consideration of a federal climate risk reinsurance program as part of its 10-point plan to help the U.S. insurance industry build resilience against increasing climate disasters. As climate change accelerates, causing more frequent and severe weather events, the insurance industry faces significant challenges. ... Read the full article
AXA XL backs Bahamas debt swap with $30mn insurance
22nd November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, is providing $30 million in insurance to the Bahamas conservation debt swap, which aims to unlock $124 million for ocean protection. In a bold move to prioritise marine conservation and address climate change, the Bahamas has ... Read the full article
Lockton Re leverages Verisk models for U.S. agricultural insurance innovation
20th November 2024
Reinsurance broker Lockton Re has partnered with global data analytics and technology provider Verisk, to develop new re/insurance products that address the growing impact of climate change on agriculture. In this collaboration, Lockton Re will leverage Verisk's agricultural risk modelling tools, specifically the Multiple Peril Crop Insurance (MPCI) model and Crop ... Read the full article
Insurance is vital to accelerating climate finance: Howden
13th November 2024
A new whitepaper released by re/insurance broker Howden in partnership with Boston Consulting Group (BCG), has highlighted how the role of insurance has largely been a blind spot in strategic conversations around climate and nature finance, and how the entire insurance value chain can be mobilised to deliver the 2030 ... Read the full article
Aon joins Asia Investor Group on Climate Change as member
7th November 2024
Global insurance and reinsurance broker Aon has joined the Asia Investor Group on Climate Change (AIGCC) as a member with risk capital capabilities. As a member, Aon will contribute to developing market-based climate solutions for increasing resilience against climate risks for new sustainable growth opportunities. Aon's innovation in data, analytics and risk ... Read the full article
Homeowners insurance requires urgent changes amid rising nat cat risks: Conning
25th October 2024
According to a recent report by Conning, the escalating impact of natural catastrophes is threatening the homeowners insurance sector, indicating that the industry cannot sustain its current trajectory without significant changes. While natural disasters have always posed risks to insurers, losses have surged dramatically in recent years. Between 1991 and 2016, ... Read the full article
4 in 5 residents feel their city is underprepared for climate-related risks: Zurich
24th October 2024
A recent report from Zurich Insurance Group and Economist Impact reveals that four out of five people believe their city is underprepared for climate-related risks, with major concerns about heat waves, air pollution, water shortages, and flooding. The report focuses on climate change in cities around the world and offers actionable ... Read the full article
Insurance industry on alert as 91% of executives see climate change as a major threat: Conning
22nd October 2024
A new report by Conning, a provider of investment management and insurance research, titled "Climate Risk: An Imminent Threat to Business," highlights the growing importance of assessing and managing both physical and transitional climate change risks within the insurance industry. The report, based on a survey of insurance executives, reflects Conning's ... Read the full article
Climate-related disclosure data can help reveal insurers’ business-critical risk insights: Quiroga, Swiss Re
16th October 2024
Insurance and reinsurance companies can use climate-related disclosure data to reveal business-critical risk insights, point to growth opportunities and lift the quality of their underwriting, according to Swiss Re’s Paloma Quiroga. In a recent interview with Reinsurance News, Quiroga, Head Risk Consulting & Analytics explained that insurers face an array of ... Read the full article
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