Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Swiss Re passing climate-related price rises on to clients, says CEO at Davos
23rd January 2020
As the risk transfer industry continues to adapt to the changing climate, Swiss Re is in the process of passing climate-related price increases on to its clients, according to the firm's Chief Executive Officer (CEO), Christian Mumenthaler. In an interview with CNBC at the 2020 annual World Economic Forum (WEF) in ... Read the full article
Zurich’s Greco calls for effective price on carbon, at Davos 2020
21st January 2020
Mario Greco, the Chief Executive Officer (CEO) of Zurich Insurance Group, has called for tax changes designed to ensure carbon is effectively priced across the world. Addressing an audience at the World Economic Forum's (WEF) annual meeting held in Davos, Switzerland, Greco discussed the impacts of digital disruption and the changing ... Read the full article
Swiss Re CEO urges more climate action from businesses
20th January 2020
Swiss Re CEO Christian Mumenthaler has called on private businesses across the financial sector to come together to create a more viable action plan to address the challenge of climate change. He argued that reducing the effects of climate change is a common goal that should be supported across the global ... Read the full article
IUA plans to prioritise climate & cyber in 2020
3rd January 2020
As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change. The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including ... Read the full article
Bank of England publishes climate stress test proposals for financial services
18th December 2019
The Bank of England (BoE) has outlined proposals for the 2021 Biennial Exploratory Scenario (BES) exercise, designed to test the resilience of banks, insurers and the financial system to both the physical and transition risks from climate change. The BES looks to expand on the current efforts being made by banks ... Read the full article
Coal exclusions double in 2019 as action spreads beyond Europe
2nd December 2019
The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, according to data from environmental campaign group Unfriend Coal. Coal exit policies have now been announced by 17 companies controlling 46% of the reinsurance market ... Read the full article
Market is missing the point on climate change: RenRe CEO O’Donnell
31st October 2019
While a growing body of scientific research suggests that increases in the severity and frequency of catastrophe events are man-made, the re/insurance industry remains focused on the impacts of social inflation and is missing the point on the influence of climate change on catastrophe risk, says the Chief Executive Officer ... Read the full article
No area of Australia should become uninsurable, says ICA
25th October 2019
No area of Australia should be uninsurable, the Insurance Council of Australia (ICA) has argued, provided governments invest appropriately in permanent mitigation and resilience measures. The ICA rejected the notion that climate change will ultimately prevent some Australians from being able to secure adequate coverage. With extreme weather events such as cyclones, ... Read the full article
Hiscox illustrates threat of rising sea levels with FloodPlus AR app
24th October 2019
Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article
IDF sees “untapped” potential for re/insurers to support climate resilience: Iyahen
18th October 2019
The role of the re/insurance industry in building global climate resistance is currently “significantly untapped,” according to Ekhosuehi Iyahen, Secretary General of the Insurance Development Forum (IDF). Speaking during a recent lecture in the Old Library at Lloyd’s of London, Iyahen discussed how the industry can help to build climate resilience ... Read the full article
Concerns about climate, cyber & political risks intensify: AXA survey
16th October 2019
Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article
Climate & tech disruption top CEO concerns in 2019, reports KPMG
14th October 2019
A new report by KPMG has determined that climate change is regarded as the most pressing concern to organisational growth amongst CEOs in 2019, with technological disruption also high on the agenda for re/insurance CEO’s in particular. The study, which surveyed 1,300 CEOs across 11 key markets and 11 industry sectors, ... Read the full article
Deutsche Rück and VöV Rück commit to sustainable investments
14th October 2019
German reinsurers The Deutsche Rückversicherung Group (Deutsche Rück) and VöV Rückversicherung KöR (VöV Rück) have joined an investor initiative that will see them commit to more sustainable investment practices. The companies signed the Principles for Responsible Investment (PRI), a financial initiative that was established with help from the United Nations back ... Read the full article
There’s a measurable difference in today’s climate, says RenRe’s O’Donnell
11th October 2019
Kevin O’Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), has said that today, observable change in the world's climate is taking place. “There’s a measurable change that is going on, there is a measurable difference in today’s climate compared to previous climate,” said O’Donnell, addressing an ... Read the full article
AXIS Capital withdraws support for Australia’s Carmichael mine, sources report
3rd October 2019
Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has dropped its bid to provide coverage for the controversial Carmichael coal mine project in Australia, according to sources at Reuters. The publication said that sources close to the company confirmed that AXIS had withdrawn its quotes for insurance of the mine’s ... Read the full article
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