Reinsurance News

Climate change news

News on climate change and how it affects the global insurance and reinsurance industry.

Net zero plans help insurers manage carbon transition risks: Moody’s

21st November 2022

According to a recent Moody's investor's service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it. The most credible plans are based on robust and transparent frameworks, include measurable interim targets, and cover ... Read the full article

Insurance crucial for Asia to face climate challenges

17th November 2022

Insurance has a crucial role in anticipating, identifying, and managing climate-related risks in Asia, says Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific. Temperatures are rising two times faster in Asia than in global average, and the continent is at the frontline of the risks of climate change. Additionally it ... Read the full article

GRMA selected as Key Resource for Global Shield Initiative

16th November 2022

The Global Risk Modelling Alliance (GRMA) has been selected as Key Resource for the Global Shield Initiative, an initiative for pre-arranged financial support designed to be deployed during climate disasters that was launched at COP27 earlier this week. In a statement, the GRMA said that a further €10m in funding ... Read the full article

WTW to partner with UNICEF on child focused cyclone project

16th November 2022

Broking and solutions company, WTW, has helped to create the United Nations Children’s Fund’s (UNICEF) new initiative to provide sustainable disaster and climate change protection to meet the specific needs of vulnerable children. The ground-breaking UNICEF Today and Tomorrow Initiative will invest in climate resilience and anticipatory action for improved cyclone ... Read the full article

V20 and G7 launch Global Shield initiative at COP27, backed by World Bank

15th November 2022

The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be deployed during climate disasters. Launched at COP27 this week, initial contributions to the initiative include ... Read the full article

Ping An’s Larsen sees significant opportunity in carbon transition

15th November 2022

With the COP27 conference underway, Jonathan Larsen, Chief Innovation Officer at Chinese insurer Ping An, says he sees significant opportunities for the insurance and reinsurance industries to finance the transition to a low carbon economy. "Ping An, as a very large China-based financial technology and health company, certainly has the ambition ... Read the full article

COP27: Swiss Re’s Scotti urges re/insurers to fund climate adaptation projects

15th November 2022

Veronica Scotti, Chairperson for Public Sector Solutions at Swiss Re, has called for re/insurers to fund “transformative” climate adaptation projects to improve resilience, and says that the ongoing COP27 conference represents the “perfect opportunity” to drive this change. “Mitigation efforts aimed at cutting future emissions alone will not be enough," Scotti ... Read the full article

African insurers pledge $14bn of cover to take up climate change fight

15th November 2022

A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people within the continent against floods, droughts, and tropical cyclones. The commitment to create the African Climate Risk Facility (ACRF) was made during the ongoing ... Read the full article

Private finance needed to help fight climate change: German state secretary at COP27

15th November 2022

Germany’s state secretary in the federal ministry for economic cooperation and development has highlighted the role that private finance can play in the fight against climate change. Speaking at the COP27 conference in Sharm El Sheikh, Jochen Flasbarth said that the gap between the resources that governments have and what is ... Read the full article

COP27: MMC partners with Arsht-Rock to mobilise insurers on climate

9th November 2022

Marsh McLennan (MMC) has entered into a partnership with the Atlantic Council’s Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) to help mobilise the insurance and reinsurance sectors in support of the UN’s Race to Resilience campaign for climate resilience. The partnership will seek to showcase innovative disaster risk reduction initiatives that move communities ... Read the full article

Climate change moving faster than expected, with more severe impacts: IFoA & CCAG

9th November 2022

According to a joint report from the Institute and Faculty of Actuaries and the Climate Crisis Advisory Group, climate change has been underestimated and is progressing more quickly than anticipated, with severe impacts already being felt by millions globally at current levels of warming. The climate emergency report suggests that greenhouse ... Read the full article

Insurance Council of Australia launches insurer roadmap to net zero

9th November 2022

The Insurance Council of Australia has released a paper outlining the way insurers can achieve net zero emissions for their operations by 2030 and across the entirety of insurers’ activities by 2050. The roadmap, Towards a Net Zero and Resilient Future, was released on the 2nd of November, a week before ... Read the full article

COP 27: Global re/insurers call for action to reduce impacts of climate change

8th November 2022

At COP27, the UN conference in Sharm El Sheikh, the Global Federation of Insurance Associations has called on parties to prioritise the building of resilience to the impacts of climate change to prevent loss of life and reduce economic losses from future natural disasters. The global impact on people, health, property, ... Read the full article

Industry still willing to play pivotal part in tackling climate change: Insurance Europe

8th November 2022

Insurance Europe has said that the continent’s insurers and reinsurers are still willing to play their ‘important role’ in tackling climate change. In putting out this statement just before COP27, the body said that climate change had been a key priority for the reinsurance and insurance industry for decades. Insurance Europe said: ... Read the full article

Challenges of the moment shouldn’t distract from climate targets: Mumenthaler

3rd November 2022

Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has urged for more collaborative action from public and private sector interests towards meeting climate targets and reversing the harmful impacts of climate change. Writing as part of a recent blog post for Swiss Re, the CEO acknowledged that the immediate focus ... Read the full article