Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
For re/insurers, climate change extends beyond weather impacts: Philip Hough, Aspen Re
12th April 2023
Driven in part by the rise in losses from what is being defined in the industry as secondary perils, insurers and reinsurers are increasingly confronted with the physical impacts of climate change. However, the challenges are more than just concerning the weather, according to Philip Hough, Global Head of Property ... Read the full article
Zurich joins Munich Re in withdrawing from Net-Zero Insurance Alliance
5th April 2023
Zurich, a global multi-line insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition. The NZIA is a group of 30 insurers and reinsurers representing around 15% of world premium volume globally. The aim is ... Read the full article
Milliman names climate change main factor in insured losses of 2022
4th April 2023
A Millman report on Extreme Weather Conditions in Europe showcases the link between climate change and economic losses which have led to major losses for insurers and reinsurers in Europe. Temperatures in Europe have increased by twice the global average which is the highest in any continent causing severe wildfires, ... Read the full article
Munich Re quits Net-Zero Insurance Alliance
31st March 2023
Global reinsurer Munich Re has announced the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA), citing antitrust risks as limiting the scope of its decarbonisation goals. The UN-convened NZIA is a group of 30 insurers and reinsurers representing approximately 15% of world premium volume globally, who together aim to ... Read the full article
Insure Our Future calls on firms to “immediately” stop covering carbon projects
28th March 2023
The Insure Our Future network has penned a letter to the CEOs of 30 major insurers demanding they "immediately" stop the offering of any insurance services which support the expansion of coal, oil and gas production. Insure Our Future, a global syndicate of activists, sent the letter to a host of ... Read the full article
Global insurance spending likely to double in the next decade, says Lloyd’s Neal
23rd March 2023
Speaking to the Financial Times (FT), John Neal, Lloyd's CEO, suggested the increase in global insurance spending over the next decade is to be driven by a greater perception of risks such as bank failures and climate change. According to FT, Neal noted that financial risks like bank failures as well ... Read the full article
Chubb announces climate & conservation underwriting standards for oil & gas
22nd March 2023
Chubb Limited has announced a new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions, a byproduct of oil and gas production that are among the most severe greenhouses gases. At the same time, the company also announced that it will not provide insurance ... Read the full article
2017-22 losses a “wake-up call” to better assess climate risk, Moody’s Rahnama
16th March 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, Chief Risk Modeling Officer and Executive Vice President, Models and Data of Moody's RMS. Writing in the Moody's RMS Catastrophe Review ... Read the full article
Reinsurance no silver bullet to climate challenge: Gallagher Re’s Bavandi
9th March 2023
Antoine Bavandi, Global Head of Public Sector & Climate Resilience Solutions at Gallagher Re, has contended that re/insurance cover alone is no “silver bullet” to matching capital with risk and addressing the growing challenge of climate resilience. Bavandi instead suggests that insurance and reinsurance are only part of a much wider ... Read the full article
Pricing in climate change a “complete priority” for Swiss Re: Mumenthaler
17th February 2023
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that adequately pricing in the effects of climate change to its policies is a “complete priority” for the reinsurer. His comments came as part of a media call held alongside the release of Swiss Re’s results for 2022, during which ... Read the full article
Chaucer unveils update to its ESG sustainability strategy
16th February 2023
Specialty re/insurance group Chaucer has unveiled an update to its ESG sustainability strategy, outlining how it will decarbonise its business and embed ESG into the underwriting decision-making process. Chaucer states that its ESG strategy will be applied across all six of its defined core functions – Investments, Marketing, Underwriting, Operations, Risk ... Read the full article
AXIS Capital announces further commitments to reduce greenhouse gases
15th February 2023
Axis Capital, a global specialty underwriter and provider of re/insurance solutions, announced its latest steps to reduce greenhouse gases (GHG) in its ambition to transition to a low-carbon economy. The company stated it is committing to a 50% absolute reduction of Scope 1 and 2 greenhouse gas emissions by 2030 across ... Read the full article
Insurance and preparedness will protect communities against climate change: Allianz
13th February 2023
Climate change is creating risk on an unprecedented scale, but insurers can play a role to significantly reduce the degree of their impact by helping to build resilience, according to an Allianz report. As extreme weather events cannot be prevented, using the example of flood events Allianz analysts have shared their ... Read the full article
AXA XL launches new strategy to address sustainability challenges
9th February 2023
AXA XL has published its new three-year sustainability strategy, “Roots of resilience” setting itself 23 targets to be met by 2026 or earlier. The strategy is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into business operations. AXA XL suggests that putting nature at the heart ... Read the full article
Re/insurers’ capital supply will struggle to meet climate demands: Goldman Sachs
7th February 2023
Analysts at Goldman Sachs have warned that the current supply of capital in the property insurance and reinsurance markets will likely struggle to meet the increased demand for coverage that is likely to develop as climate change drive catastrophe losses ever higher. Referencing Swiss Re data, Goldman Sachs notes that rising ... Read the full article