Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Global P&C reinsurance market outlook positive despite looming headwinds
18th July 2024
Analysts at Morningstar DBRS have noted that the company's outlook for the global P&C reinsurance market remains positive despite looming headwinds such as natural catastrophe events, interest rate volatility, and potential geopolitical uncertainty. According to the analysts, global P&C reinsurers reported strong underwriting and investment profitability in Q1 of 2024, benefiting ... Read the full article
Insured nat cat losses to continue rising, warns Swiss Re’s Kera McDonald
16th July 2024
Global insured losses from natural disasters are expected to continue rising at an annual rate of 5-7% relative to GDP, according to Kera McDonald, Chief Underwriting Officer at Swiss Re Corporate Solutions. During Swiss Re’s recent media dialogue discussing its latest sigma report, McDonald emphasised the increasing severity of weather events, ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
Climate change threatens electric grid resilience, urging insurance-backed adaptation: Swiss Re
10th July 2024
According to Mitali Chatterjee, Insurance Research Manager at Swiss Re, the global reinsurer, climate change is intensifying severe weather events worldwide, significantly impacting the electric grid, emphasising the need of insurance in funding adaptation efforts and enhancing infrastructure resilience. An analysis of US power outages from 2012 to 2023 indicates that ... Read the full article
AI and climate change top priorities for insurance executives in 2024: IIS
10th July 2024
Artificial Intelligence (AI) and climate change have emerged as the top priorities for insurance executives worldwide, according to a survey by the International Insurance Society (IIS). The ILS 2024 Global Priorities Survey aimed to identify the most critical issues for industry leaders and gather insights to shape the agenda for stakeholders ... Read the full article
ARC makes US$32m climate insurance payouts to assist people impacted by drought in Zimbabwe
5th July 2024
The Government of the Republic of Zimbabwe has received an insurance payout of US$16. 8 million following its participation in the African Risk Capacity (ARC) Group disaster financing mechanism. For those who are not aware, the mechanism is designed to help African Union (AU) Member States plan, prepare and better respond ... Read the full article
$7.7bn in losses from extreme heat in California: Commissioner Lara
4th July 2024
Insurance Commissioner Ricardo Lara has released a comprehensive report revealing $7.7 billion in losses from extreme heat events in California, highlighting the urgent need for adaptive strategies to address this growing threat. Commissioner Lara stated, “Extreme heat is a silent, escalating disaster that threatens our health, economy, and way of life ... Read the full article
Wind energy producers and insurers need to monitor changing climate: Swiss Re
4th July 2024
According to a report from Swiss Re, a global reinsurance company, climate change is expected to alter global wind patterns, posing significant challenges for wind energy producers and insurers alike. Shilpa Gahlot, Insurance Research Specialist, Swiss Re, states: "The intensity of storms is anticipated to increase, with stronger gusts and more ... Read the full article
Munich Re’s Risk Management Partners & CGI to help insurers reduce claims through climate risk mitigation
3rd July 2024
Munich Re's Risk Management Partners is teaming with CGI, the business and IT consulting services firm, in a move that is set to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation. This partnership between the two firms will combine Munich Re's Location Risk Intelligence Platform ... Read the full article
Allianz develops parametric solution to support Colombian farmers battling climate change
26th June 2024
Allianz Colombia has developed a new product, based on a parametric insurance policy, that would help protect the country’s farmers livelihood as well as access to credit to strengthen their financial resilience. The parametric insurance policy would be triggered by predetermined parameters, in this case rainfall levels that endanger crops, either ... Read the full article
IBISA raises $3m to expand parametric insurance offering in Asia & Africa
25th June 2024
IBISA, the global climate insurtech, has successfully closed a $3 million funding round, with the proceeds set to go towards scaling its parametric insurance solutions for weather-related risks in Asia and Africa. The round was led by The Acumen Resilient Agriculture Fund (ARAF) and Equator, alongside the Asian Development Bank Ventures ... Read the full article
Insurance critical to mobilising $10tn of committed climate transition investment: Howden
24th June 2024
According to a new report from Howden, more than half of the $19 trillion committed to financing the climate transition through to 2030 will require additional insurance, suggesting that corporates should engage the industry from an early stage in their climate risk management planning to secure adequate supply of capacity ... Read the full article
Softening pricing in US directors & officers insurance as premiums decline: AM best
21st June 2024
Strong underwriting performance in the US directors and officers (D&O) liability insurance market is expected to put downward pressure on rates due to reduced demand in this segment, according to a recent report by credit rating agency AM Best. Based on findings from Best's Special Report, direct premiums in the monoline ... Read the full article
ICEYE nat cat data being integrated into Guidewire
20th June 2024
Guidewire, a provider of software solutions to the insurance industry, and ICEYE, of satellite-powered disaster management solutions provider, have launched ICEYE's new Ready for Guidewire validated accelerator on the Guidewire Marketplace, now accessible to ClaimCenter users on Guidewire Cloud. ICEYE, a recent graduate of the Insurtech Vanguards programme and winner of ... Read the full article
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
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