Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
WTW launches Climate Vista to “bridge climate skills gap in the boardroom”
26th July 2023
Global advisory and broking company WTW has announced the launch of Climate Vista, a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities. According to a recent survey conducted by WTW and the Nasdaq Center for Board Excellence, ... Read the full article
El Niño could significantly impact renewable energy production: WTW
25th July 2023
The emerging El Niño could cause wind drought in North America, which would have a significant effect on renewable energy production in the region, suggests a new report released by WTW. "This year’s combination of El Niño and exceptional Atlantic warmth is expected to have a significant impact on weather patterns ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
Climate change makes it challenging to predict storm dynamics: Lockton Re
21st July 2023
Underlying climate related changes are making it challenging to predict storm dynamics; as some of those changes are becoming more evident, the likelihood of loss causing storms has also increased, according to new research by Lockton Re. Lockton's reinsurance business has recently launched a new research series focused on the hurricane ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
Kin announces expansion into catastrophe-prone Arizona
14th July 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state. This marks Kin’s first move into the US Southwest - where the housing boom is contending with climate risk - and it builds upon the insurtech’s growth and success in coastal, ... Read the full article
Inigo and 90 North Foundation announce strategic partnership
11th July 2023
Inigo Limited has entered into a strategic partnership with the 90 North Foundation, the conservation non-profit dedicated to safeguarding the biodiversity, marine habitat, and ecosystem services of the Central Arctic Ocean which surrounds the North Pole. According to the announcement, in keeping with Inigo’s underlining principle of surfacing the science, Inigo ... Read the full article
WTW to include climate data into property broking
10th July 2023
Global advisory and broking firm, WTW has incorporated climate data into its broking property renewals to help clients understand their long-term risks relating to their property portfolio. The data enables the assessment of future exposures to climate change by evaluating a series of key climate indicators which helps companies to optimise ... Read the full article
Aon collaborates with AbsoluteClimo to advance climate modelling
5th July 2023
Aon has announced a multi-year collaboration with Asia Pacific climate data and analytics provider AbsoluteClimo to help advance climate modelling for climate-based perils. It adds to Aon’s growing suite of analytical and academic initiatives to bring the latest climate science to our arsenal, helping to evolve our risk understanding and drive ... Read the full article
Turning science & data into actionable insights is key, says Aon’s Shedden
5th July 2023
"As climate change and socio-economic factors lead to ever more damaging catastrophe events, we need to get better at turning science and data into actionable insights," suggests Paul Shedden, Global Head of Analytics at Aon's Reinsurance Solutions. Shedden states that extreme weather stats were broken again in 2022, as the year ... Read the full article
AXA announces new decarbonisation targets
30th June 2023
AXA has revealed its targets to drive the decarbonisation of various P&C insurance portfolios, with the firm stating it will reduce the absolute carbon emissions of its largest commercial insurance clients by 30% by 2030. AXA's targets also include increasing its business in the field of renewable energies, and more broadly ... Read the full article
1-in-100 year flooding in the US can now be expected every 8 years: First Street Foundation
28th June 2023
What is currently estimated to be an infrequent and severe 1-in-100 year flood event can now be expected every eight years, the First Street Foundation, a nonprofit research group, has revealed. The 8th National Risk Assessment: The Precipitation Problem, captures climate-driven changes in heavy rainfall events for the United States and ... Read the full article
IAG Firemark Ventures, JVP & MSC partner on ClimateTech insurance collaboration
22nd June 2023
IAG Firemark Ventures, the corporate venture capital arm of Australia and New Zealand's largest general insurer IAG, together with Jerusalem Venture Partners (JVP), and Margalit Startup City (MSC) New York have announced a new ClimateTech Insurance joint-collaboration. According to the announcement, the partnership is aimed at discovering, nurturing, and developing emerging cutting-edge technologies and ... Read the full article
Risk transfer solutions can help businesses build protection against nature loss: Marsh McLennan
19th June 2023
Risk transfer solutions such as environmental liability and business interruption cover are emerging as vital components to help corporates build resilience against nature loss, according to Marsh McLennan recent report. As businesses face greater regulatory pressures, tightened disclosure policies, and growing financial risk exposure, it is expected these nature insurance solutions ... Read the full article
Malicious attacks on AI systems & “Arctic opening” pegged as key emerging risks
19th June 2023
Swiss Re Institute's 2023 SONAR report has highlighted malicious attacks on artificial intelligence systems and potential clashes over new trading routes in the Arctic as possible threats as the risk landscape continues to burgeon. Swiss Re's 2023 SONAR report covers 17 new risks and trends across technological, economic, social and environmental ... Read the full article