Reinsurance News

Climate change news

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

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

NZIA launches public consultation on Target Setting Protocol V1.0

3rd November 2022

A public consultation period for Version 1.0 of the Net-Zero Insurance Alliance (NZIA) Target Setting Protocol has been launched. The Alliance has described it as the first of its kind for re/insurance underwriting portfolios. The Protocol outlines NZIA’s recommended approach to target-setting and reporting, as well as how it is expected ... Read the full article

Zurich to provide resilience services to the Worldwide Broker Network

2nd November 2022

Zurich Resilience Solutions has announced that it will become the preferred supplier of resilience and sustainability to the Worldwide Broker Network (WBN), effective from January 1 ,2023. Zurich will provide services to more than 100 broker members in over 100 countries. The Zurich Resilience Solutions offering will be available for all WBN ... Read the full article

V20 & G7 to jointly launch Global Shield against Climate Risks at COP27

31st October 2022

The V20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have announced they have reached an agreement on financial protection cooperation, to launch the Global Shield against Climate Risks at COP27. According to a joint press release of V20 and the German Ministry for Economic Cooperation and Development, ... Read the full article

What can re/insurers do to minimise Asia’s $60bn protection gap?: Swiss Re

27th October 2022

Geopolitics, war, disruptions of supply chains and climate change can have a great impact on the re/insurance industry in China and emerging Asia. These, along with low insurance penetration and the region’s vulnerability to natural catastrophes - enhanced by climate change - can leave people and governments facing major losses ... Read the full article

Biodiversity metrics to enable climate change mitigation: Zurich

27th October 2022

In a recent report, Zurich Insurance Group has observed how biodiversity metrics make for more effective voluntary carbon markets, delving into how this potential can be realised to mitigate and adapt to the effects of climate change. As countries focus on energy security amid Russia’s ongoing invasion of Ukraine, Zurich Insurance ... Read the full article

Climate change becomes the number one risk around the world: AXA

26th October 2022

Climate change is becoming the number one concern around the world, according to AXA's Future Risks Report 2022, with geopolitical risks coming in second place. The report also found that the feeling of vulnerability to certain risks has been increasing and confidence has waned. Based on responses from a panel of 4,500 ... Read the full article

JBA Risk Management launches new global climate change tools

26th October 2022

JBA Risk Management has launched a set of global climate change tools enabling the (re)insurance market, risk managers, and lenders to understand future flood risk in any country in the world. The suite of tools consists of new customisable Climate Change Flood Models offering high-resolution and probabilistic flood loss modelling for ... Read the full article

Activists from Extinction Rebellion protest at Baden-Baden

24th October 2022

Around twenty people from the groups Extinction Rebellion and Debt4Climate occupied this morning the Kongresshaus in Baden-Baden, where the reinsurance industry is currently holding its annual get-together. It is understood that the early morning saw a number of activists climbing onto the canopy with a five-metre-long banner saying, Stop (re)insuring Climate ... Read the full article

Verisk releases climate projections for US hurricane & Caribbean cyclone

18th October 2022

Global data analytics provider Verisk has announced the release of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models to help quantify climate-related, extreme event losses and their potential evolution over the next few decades. The climate change projections provide a probabilistic view of future risk in 2030, ... Read the full article

Optimal risk-sharing fundamental to green transition: FERMA’s Wegener

12th October 2022

Optimal risk-sharing is fundamental to a successful transition to carbon neutrality and in the battle against cyber-crime, according to Dirk Wegener, President of the Federation of European Risk Managers (FERMA). Speaking at the FERMA Forum this week, Wegener raised three main areas of concern for risk managers: the transition to carbon ... Read the full article

Reinsurers must seek government backing for biggest risks: PwC’s Bichard

10th October 2022

Jim Bichard, Global Insurance Leader for PwC, has urged the insurance and reinsurance industry to seek bolder collaboration with governments and public bodies to handle the largest risks facing the market. Speaking to Reinsurance News at the recent RVS 2022 event in Monte Carlo, Bichard discussed the main trends and challenges ... Read the full article

Swiss Re warns of $270tn net zero investment deficit

7th October 2022

Analysts at reinsurer Swiss Re have warned that over $270 trillion in climate investments will be required across the energy, transport, buildings and industry sectors globally to meet the Paris Agreement and 2050 net-zero targets. A new Swiss Re Institute study asserts that climate investments must be made “sooner and on ... Read the full article

Gallagher Re to manage climate and food risk in Senegal

7th October 2022

Gallagher Re, the global reinsurance broking and advisory firm, has been selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a risk financing strategy for climate risk and food insecurity in the country. FSN is the national authority in charge of providing financial assistance to populations in ... Read the full article

Munich Re to cease investing in or insuring new oil and gas fields from April 2023

6th October 2022

Global reinsurer Munich Re has committed that as of 1 April 2023 it will no longer invest in or insure contracts / projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infrastructure and new oil fired power plants. The large, European reinsurer ... Read the full article