Reinsurance News

climate change

Climate resilience requires action on both sides of the balance sheet: BoE Governor

25th September 2019

Building global climate resilience will require insurers and reinsurers to take more action on both sides of their balance sheet, according to Mark Carney, Governor of the Bank of England (BoE). Speaking at the UN General’s Climate Action Summit 2019, Carney said that, on the liability side, re/insurers must focus on ... Read the full article

New public-private ocean risk initiative launches at UN climate summit

24th September 2019

As part of the UN Secretary General’s Climate Summit, a collaborative initiative between the re/insurance and finance sectors, governments, and environment organisations is being launched to build resilience to ocean risk in vulnerable areas. The newly formed Ocean Risk and Resilience Action Alliance (ORRAA) will aim to support resilience in the ... Read the full article

Evidence for rapid climate change “absolutely compelling”, says Kessler

10th September 2019

Denis Kessler, the Chairman and Chief Executive Officer of French reinsurer SCOR, has described the evidence for rapid climate change as “absolutely compelling” and called on the industry to share expertise. His comments, delivered at a conference this morning at the international rendez-vous of insurance and reinsurance, detailed the extent of ... Read the full article

Climate change among top reinsurer concerns in 2019, reports PwC

9th September 2019

Climate change has quickly climbed the ranks to join technology and cyber risk as one of the three most pressing concerns for the reinsurance industry in 2019, according to the new Banana Skins report by PwC. Now ranked as the third-biggest concern to reinsurers, climate risk is a new entry to ... Read the full article

Background paper calls for better use of insurance to adapt to changing climate

27th August 2019

A background paper submitted to the Global Commission on Adaptation by global risk transfer experts recommends numerous ways to maximise the benefits of risk transfer solutions for climate adaption. Specifically, the paper calls for investment in open-source models that offer a long-term view of climate risk and link to insurance solutions, ... Read the full article

Climate change liability poses serious risk to profitability: Clyde & Co

6th August 2019

New laws and regulation that have emerged in response to climate change are giving rise to liability risks that pose a serious risk to companies’ future profitability, according to a new report from law firm Clyde & Co. The firm noted that there has been a twenty-fold increase in climate law ... Read the full article

Climate change among most urgent threats for reinsurers: CSFI & PwC report

16th July 2019

Climate change is ranked as the second most urgent threat to business by reinsurers, and as the third most urgent by property and casualty (P&C) insurers, according to a new report from the Centre for the Study of Financial Innovation (CSFI) and PwC. The Insurance Banana Skins 2019 report surveyed re/insurers ... Read the full article

Climate change risks hit $1 trillion for some of the world’s largest firms: Report

3rd July 2019

A group of the world's largest companies across various industries have reported almost $1 trillion at risk from climate change, with a potential $250 billion in losses as a result of write-offs of assets, according to a report by CPD, an international non-profit focused on driving environmental change. In the global ... Read the full article

Chubb recognises climate change reality, says Greenberg, pulls back from coal

1st July 2019

Chubb has become the latest major re/insurer to adopt a climate policy that aims to phase out its exposure to coal-related underwriting and investment. As part of the announcement, Evan G. Greenberg, Chairman and CEO of Chubb, said that the company “recognizes the reality of climate change and the substantial impact ... Read the full article

Zurich commits to UN climate pledge, plans to lower fossil fuel exposure

25th June 2019

Zurich Insurance Group has committed to setting new climate targets in line with the framework of the UN Global Compact Business Ambition Pledge, which aims to limit the rise in global temperatures to 1.5°C. As part of its commitment, Zurich will expand its existing thermal coal policy by engaging with clients ... Read the full article

Nephila’s Schauble appeals for more climate action using new products & data

19th June 2019

Barney Schauble, Managing Principle at Nephila Advisors, has urged the re/insurance industry to utilise new products and data in tackling the risks posed by climate change, which he believes are not being adequately addressed. Speaking at the MMC Rising Professionals’ Global Forum, Schauble argued that, with the success of the capital ... Read the full article

Climate action needed to limit fallout for life re/insurers: Swiss Re

17th June 2019

Unless further action is taken, the effects of climate change are likely to have “significant consequences” for life and health re/insurers, who will have to deal with increase risks from heatwaves, floods, droughts, fires and vector-borne diseases. This is according to a new report from Swiss Re, which linked climate change ... Read the full article

Munich Re CEO calls for higher price on carbon emissions

10th June 2019

Joachim Wenning, Chief Executive Officer (CEO) at reinsurer Munich Re, has urged European policymakers to increase the cost of emitting carbon, according to reports from the Financial Times. Wenning believes that such a move would create financial incentives to accelerate the switch from fossil fuels to renewables, thereby helping to limit ... Read the full article

Warmer climate is driving higher re/insurance costs: Swiss Re report

16th May 2019

Rising global temperatures due to climate change have heightened the risk of costly events such as wildfire and drought and significantly impacted the level of re/insurance industry losses in recent years, according to the latest sigma report by Swiss Re. Swiss Re expects that climate change will cause more frequent occurrences ... Read the full article

Atlantic Council launches global resilience center

2nd May 2019

The Atlantic Council, a think tank based in Washington, D.C., has announced the launch of a new center that aims to enhance the resilience of one billion people around the world by 2030. The Adrienne Arsht-Rockefeller Foundation Resilience Center will launch following a $25 million gift from business leader and philanthropist ... Read the full article

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