Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
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
UK & Germany praised for efforts to reduce protection gap in emerging regions
21st July 2017
Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article
G20 countries to discuss climate insurance partnership
7th July 2017
At the G20 summit agenda in Hamburg - the biggest global economies are expected to discuss climate insurance partnerships to support climate policies that would accelerate movement towards Paris Climate Agreement goals. The German presidency made climate change one of the top priorities on the G20 agenda, Christoph Bals, Vice-Chair of MCII ... Read the full article
Severe flooding most likely peril to increase with climate change
7th July 2017
Flooding is already one of the most costly perils for the re/insurance community and a recent report by AIR Worldwide shows flooding costs are set to skyrocket; it's the risk with the most evidence from climate science supporting forecasts of an increase in frequency and intensity of both coastal and ... Read the full article
Severe weather to increase in frequency & intensity: AIR Worldwide
30th June 2017
Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article
Reinsurers express regret at Trump’s exit of the Paris Climate Agreement
2nd June 2017
Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to exit the Paris Climate Agreement. The Swiss reinsurer - which has been researching climate change and its effects for the past 30 years - said; "we can say: it is a ... Read the full article
Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot
25th May 2017
Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article