Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
SCOR & AXA commit to more coal exclusions
26th April 2019
French re/insurers SCOR and AXA have both committed to strengthening their coal exclusion policies in an effort to limit the effects of climate change, according to environmental campaigners at Unfriend Coal. A representative from the activist group questioned the companies at their annual general meetings this week, who both claimed to ... Read the full article
Hannover Re to restrict underwriting for coal-based risks
18th April 2019
Hannover Re has announced that it plans to adopt a more restrictive underwriting policy for the reinsurance of coal-based risks in order to help combat climate change. As a general principle, the reinsurer will not provide coverage for any planned new coal-fired power plants or coal mines, and aims to no ... Read the full article
Wildfire premiums could become a “social issue”: Munich Re climatologist
8th April 2019
Raising premiums in response to the increasing frequency and severity of wildfire losses could become a “social issue,” making cover unaffordable for ordinary people, according to Ernst Rauch, Chief Climatologist at Munich Re. Speaking with the Guardian, Rauch said: “If the risk from wildfires, flooding, storms or hail is increasing then ... Read the full article
QBE to phase out thermal coal exposure in climate action push
2nd April 2019
Global re/insurer QBE Insurance Group has announced that it plans to stop insuring thermal coal projects as part of its recently implemented climate plan to mitigate the effects of global warming. CEO Patrick Regan explained that from 1 July 2019, QBE will exclude any new direct insurance services for new construction ... Read the full article
Physical & economic impacts of climate change are accelerating: WMO study
29th March 2019
The physical signs and socio-economic impacts of climate change are accelerating as record greenhouse gas levels drive global temperatures towards increasingly dangerous levels, according to a new report from the World Meteorological Organization (WMO). The WMO’s study on the state of the global climate in 2018 highlighted record sea level rise, ... Read the full article
Bank of England to implement new climate risk standards
25th March 2019
The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article
Australian regulator calls for stricter climate risk management practices
22nd March 2019
The Australian Prudential Regulation Authority (APRA) intends to increase its scrutiny of the way re/insurers manage the financial risks of climate change on their business. The regulator called on re/insurers, as well as banks and superannuation trustees, to move from gaining awareness of the financial risks to taking action to mitigate ... Read the full article
Digitalisation of the re/insurance sector has to happen, says Brit’s Jon Sullivan
20th March 2019
Jon Sullivan, Group Deputy Chief Underwriting Officer (CUO) at Brit, recently spoke with Reinsurance News about a number of market trends, including the renewals, technological advancements and disruptions, and also the changing climate. Global specialty insurer and reinsurer Brit’s fourth-quarter 2018 profits were hit by almost $200 million of catastrophe losses, ... Read the full article
Insurers join with UK regulators to address financial risks of climate change
13th March 2019
Several insurers joined the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) last week to develop responses to the financial risks of climate change at the first meeting of the Climate Financial Risk Forum (CFRF). Representatives from Aviva, Legal & General, Lloyd’s of London, RSA Insurance Group, and Zurich ... Read the full article
Large California wildfires could now occur in any year, finds study
5th March 2019
Large wildfires similar to those seen in 2018 could now occur in any year, regardless of how wet the previous winter was, according to a new study published in the Proceedings of the National Academy of Sciences. The study concluded that increased temperatures due to climate change and more effective efforts ... Read the full article
Re/insurers need to address gradual, regional impacts of global warming: Jeworrek, Munich Re
1st March 2019
It's neither possible or wise for insurers and reinsurers to speculate and make price changes in models to account for global warming that people think will occur in two decades time, according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance, Munich Re. In light of increased catastrophe losses in both ... Read the full article
TransRe reduced cat exposure due to climate concerns: Alleghany CEO Hicks
22nd February 2019
Weston Hicks, Chief Executive Officer (CEO) of Alleghany Corporation, has said that the firm's reinsurance arm, Transatlantic Reinsurance Company (TransRe), has reduced its catastrophe exposure in response to concerns about growing climate risks and other adverse market conditions. In a letter to shareholders, Hicks addressed the challenge of writing catastrophe business ... Read the full article
U.S hit by 14 billion dollar nat cats in 2018: NOAA
7th February 2019
The National Oceanic and Atmospheric Administration (NOAA) has released data showing the U.S experienced 14 natural catastrophes each causing over $1 billion in damages in 2018; both the number of events and their cumulative cost ranked fourth highest since records began in 1980. Hurricane Michael topped the list, inflicting over $25 ... Read the full article
Pricing insufficient to account for climate and higher cats: Wallin, Hannover Re
6th February 2019
Ulrich Wallin, the Chief Executive Officer (CEO) of reinsurance giant Hannover Re, has underlined the fact that climate change is not included within current catastrophe pricing, adding that pricing is not sufficient to deal with increased catastrophe losses. Hannover Re recently announced a solid January renewals season, which, keeps the ... Read the full article
Public-private partnerships urgently needed to build climate resilience: Swiss Re
30th January 2019
Further cooperation is urgently needed between the public and private sectors in order build global resilience to climate change and the growing threat of natural catastrophes, according to reinsurance giant Swiss Re. Reporting from the World Economic Forum 2019 event in Davos, Switzerland, Swiss Re said that public-private partnerships, such as ... Read the full article
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