Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
African Development Bank to launch disaster risk financing programme
30th October 2018
The African Development Bank (AfDB) has announced the launch of its first climate risk management initiative, called the Africa Disaster Risks Financing (ADRiFi) Programme. The comprehensive programme, which will initially run from 2019 to 2023, includes the provision of disaster risk insurance cover for poor communities in regional member countries, and ... Read the full article
Emerging climate risks to drive U.S re/insurance costs: ISO
26th October 2018
A diverse range of emerging climate risks, in combination with rising asset values and population trends, are set to increase the frequency and severity of re/insured losses related to global weather events in the U.S, according to a report from ISO, a Verisk Analytics business. ISO noted that one of the ... Read the full article
UK insurers need strategic approach to manage financial risks of climate change: PRA
23rd October 2018
The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article
World Bank Group launches $145mn cat risk facility with UK and German govs
15th October 2018
The World Bank Group, in partnership with the governments of the UK and Germany, has announced the launch of a US $145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of natural catastrophes and climate change. The Group explained that this kind of disaster risk ... Read the full article
Insurers key to mobilising long-term capital for climate risk-resilient projects: GA
12th October 2018
The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient infrastructure, according to a top officials speaking at the Geneva Association's 2018 Extreme Events and Climate Risk forum in Toronto. Those in attendance included Patricia Espinosa, Executive Secretary of the United Nations Framework Convention ... Read the full article
Zurich urges businesses to prepare for climate change
25th September 2018
Zurich Insurance Group has called on businesses to act now and prepare for climate change, as internationally-agreed targets for lower greenhouse emissions look set to miss their mark. The new report from Zurich outlines three steps it believes will help companies develop a climate resilience adaptation strategy. These steps include identifying the ... Read the full article
Society must prepare for more frequent and severe extreme weather events: Swiss Re
17th August 2018
Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article
Swiss Re sees climate change link for hurricanes, drought & wildfire
6th August 2018
In an interview with CNBC, the Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, John Dacey, explained that the firm believes the series of catastrophe events that occurred in the second-half of 2017 are not a one-in-100 year event, but more a one-in-10 year event. After 12 years without ... Read the full article
Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust
15th June 2018
The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article
Climate change and aging populations pose greatest ESG risks, reports Moody’s
13th June 2018
Climate change and aging populations pose the greatest Environmental, Social, and Governance (ESG) risks to European re/insurers, according to a new survey by Moody’s Investors Service. Over 90% of respondents to Moody’s survey, which polled 15 European re/insurance companies, said that ESG is an important consideration for their businesses and brand ... Read the full article
UK Gov Environmental Committee proposes mandatory climate risk reporting
4th June 2018
The UK Government’s Environmental Audit Committee has recommended that it should be mandatory for large companies and asset owners to report their exposure to climate change risks and opportunities by 2022. The Committee’s new report on Greening Finance concluded that such a measure would encourage companies to focus on long-term considerations ... Read the full article
Philippines spearheads region-wide ASEAN disaster risk database
21st May 2018
The Philippines has begun sharing disaster risk information with its private sector in an effort to encourage fellow member states in the Association of Southeast Asian Nations (ASEAN) to build a region-wide database on disaster risk management and climate control. By establishing a shared database, the Philippines hopes to mitigate the ... Read the full article
Re/insurers failing to adjust to climate change, reports University of Waterloo
16th May 2018
The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article
Allianz expands climate strategy with long-term carbon reduction goals
9th May 2018
Allianz Group has significantly expanded its climate strategy with plans to immediately withdraw from re/insuring coal-based power plants and mines, and long-term goals to phase out its investments in coal-based business and re/insurance coverage of related risks by 2040. The Group also plans to support the long-term development of a low-carbon ... Read the full article
Climate change offers growth opportunities for re/insurers: Moody’s
27th March 2018
Moody’s has suggested that the effects of climate changes may present many opportunities for re/insurers to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap. A recent report by the company predicts that insurance will likely become a more widespread part of comprehensive risk ... Read the full article
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