Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Munich Re aims to push boundaries of climate insurability, say leaders
23rd September 2022
Executives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo last week, leaders at the German reinsurance company said they see ... Read the full article
Insurers’ climate risk management adequate for profitability implications: DBRS Morningstar
23rd September 2022
A new note from DBRS Morningstar highlights that even though there has been a number of record-breaking extreme weather events that have occurred across the world in H1 2022, the impact on the profitability of the global P&C insurance industry has been mitigated by the insurers’ response to climate change. Despite ... Read the full article
dClimate acquires Oasis Hub to expand climate change datasets
21st September 2022
dClimate has announced it has acquired Oasis Hub, a leading global data platform and aggregator for catastrophe, extreme weather, climate change and environmental risk data. dClimate states that the acquisition of Oasis Hub enables it to bring thousands of environmental and climate datasets, tools, and models on-chain as part of its ... Read the full article
Strong demand for reinsurance amid high inflation: Goldman Sachs
13th September 2022
With the 2022 annual briefings having started in Monte Carlo, analysts at Goldman Sachs have highlighted a strong demand for reinsurance amid higher inflation, while capital supply is flat to down. It expects strong rate increases will continue in the January 2023 renewals, with companies taking a more cautious view. Goldman ... Read the full article
Power sector faces rising rates and a new risk landscape, says WTW
9th September 2022
Risk managers in the power sector must navigate a new risk landscape brought about by the Russia-Ukraine conflict, global inflation, the energy transition, and climate change, according to the 2022 Power Market Review from WTW. With power insurance prices continuing to rise, risk managers must balance these risks while ensuring that ... Read the full article
Climate change stimulates cat bond development in Asia: Fitch
9th September 2022
Analysts at Fitch Ratings have suggested the catastrophe bond market will continue to develop given a rise in catastrophic events amid climate change. The demand for bonds issued via private placement by ILS is rising, suggests Fitch, with regular capital infusions to the reinsurance sector and ISLs in Hong Kong. Peak Re ... Read the full article
Critical role for re/insurers in net zero transition & enabling climate tech: PwC
3rd September 2022
With the back-in-person Monte Carlo Rendez-vous reinsurance industry event happening in just a week's time, PwC is highlighting the important role of re/insurers and underwriters in supporting the transition to net zero, as well as in enabling climate tech innovation. PwC is hosting a special session (details below) at the ... Read the full article
UNCDF announces new parametric climate products for Fiji
2nd September 2022
The UN Capital Development Fund (UNCDF) has announced the introduction of two new parametric micro-insurance products to cushion the impact of climate change in Fiji. The products, backed by customer-facing research and evidence, have been developed through technical assistance from UNCDF with inputs and feedback from various partners and stakeholders. Fijian Minister ... Read the full article
AIG sued by petroleum firm in climate litigation dispute
31st August 2022
AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii. It’s thought that this case could set a precedent as to whether firms are protected against climate damage claims, as more insurers ... Read the full article
Climate change negatively impacting home insurance affordability in Australia: Finity
30th August 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
BMA sets out climate risk management expectations for insurers
12th August 2022
The Bermuda Monetary Authority (BMA) has issued a new guidance note on the management of climate risk for commercial insurers. The guidance note outlines the BMA’s expectations for commercial insurers and insurance groups regarding their management and reporting of climate change risks. Focussing on corporate governance and risk management practices for climate ... Read the full article
ARC addresses role of insurance on climate change impacts in Africa
10th August 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
Liberty Mutual joins MIT’s Climate and Sustainability Consortium
3rd August 2022
Liberty Mutual Insurance has announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual now joins 17 other member companies in the Consortium’s efforts to inspire transformative climate progress across industries and the globe. Francis Hyatt, ... Read the full article
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