Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Role for insurance in Loss and Damage fund, but caution needed: Young, WTW
8th December 2023
The insurance industry needs to be cautious about how it positions itself to support the now operational Loss and Damage fund and not over promise on what it can deliver, Dr. Simon Young, Senior Director, Disaster Risk Finance & Parametrics at WTW, told Reinsurance News around the COP28 summit. On the ... Read the full article
ICIEC and BOAD partnership at COP28 looks to address key areas like climate change
7th December 2023
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have announced their partnership with climate change adaptation and communication projects as key core focus areas. At COP28, both parties signed a Memorandum of Understanding ... Read the full article
As our climate warms we need to adapt as well as mitigate: Swiss Re’s Scotti
6th December 2023
As destructive weather-related events show less predictable patterns and continue to increase in frequency and severity amid the warming climate, Veronica Scotti, Chairperson, Public Sector Solutions, Swiss Re, has suggested that "we need to adapt as well as mitigate to make our world more resilient now." "Climatic natural disasters caused global ... Read the full article
One Acre Fund launches reinsurance scheme to safeguard smallholders impacted by climate crisis
6th December 2023
One Acre Fund has launched a new reinsurance fund, called One Acre Fund Re, set to provide a critical financial safety net for smallholder farmers in 2024. It has been launched in partnership with the International Finance Corporation, US International Development Finance Corporation, and the African Risk Capacity. The scheme is to ... Read the full article
IFRC launches new campaign to address the rapid climate driven humanitarian crises
5th December 2023
The International Federation of Red Cross and Red Crescent Societies (IFRC) has unveiled a new campaign to address rapidly escalating climate driven humanitarian crises. According to the announcement, the campaign calls on global governments and international donors to support local emergency responders and disaster hit communities, helping them to "Stand Tall" ... Read the full article
China and India among world’s most vulnerable nations: DisasterAWARE
5th December 2023
A recent report by DisasterAWARE Enterprise has revealed the world's most vulnerable nations with India ranking lowest in overall resilience, which along with China, has the largest populations with the most potential exposure to natural disasters. The 2024 Disaster Risk Index Report provides a comprehensive evaluation of disaster risk, vulnerability and ... Read the full article
David Howden calls on private sector to act to make vulnerable countries more investible
5th December 2023
In a keynote speech on the Island of Hope (in the Innovation Zone) at COP28 in the UAE, David Howden, founder and CEO of global insurance broker Howden, discussed the power of the private sector to protect vulnerable countries against the impacts of climate change and unlock investment in their ... Read the full article
Re/insurance industry players back new initiative launched at COP28
4th December 2023
A host of re/insurance solutions providers have expressed their support of the ‘Joint Declaration Regarding Credit Enhancement of Sustainability-linked Sovereign Financing for Nature and Climate’ launched at COP28. During the annual climate change conference in the UAE, an array of the world's top multilateral development banks and other international organisations signed ... Read the full article
Hillary Clinton calls for insurance reform at COP28
4th December 2023
As per a new report from Reuters, former U.S. Secretary of State Hillary Clinton has called for a reform of the insurance sector at COP28, citing the unavailability of coverage amid a new wave of climate shocks. Speaking during a panel on women and climate resiliency, Clinton observed that "we need ... Read the full article
Agreement to operationalise loss & damage fund reached at COP28
30th November 2023
After being agreed at COP27 in Sharm El Sheikh, the loss and damage fund became operational today as world leaders meet in Dubai for the start of this year's annual climate conference, with the UAE announcing a commitment of $100 million to the fund. The "historic agreement" to operationalise the fund ... Read the full article
It’s time for the re/insurance industry to show its value in climate fight: IDF
30th November 2023
There’s an urgent need to bring the voice of insurance to the fore of the climate debate and the industry must work to show its value and find sustainable ways of building resilience against adverse weather and climate events, according to the Insurance Development Forum (IDF). As the world meets in ... Read the full article
No escaping net zero transition as pressure mounts, says Swiss Re CEO
29th November 2023
In the minds of the leaders of some of the world’s largest companies, there’s no doubt the transition to net zero will happen, but it’s important people understand the consequences of the steps, according to Christian Mumenthaler, CEO of Swiss Re. Speaking on a panel this morning at the Geneva Association’s ... Read the full article
Climate-related death toll in Africa underlines urgency for COP28 action: ARC
29th November 2023
In 2023, 15,700 people have lost their lives to extreme weather disasters in Africa, while another 34 million have been affected, highlighting the urgent need for action at COP28, says African Risk Capacity Limited (ARC). In a recent report, ARC observed that 2023 has been a year of "climate carnage" in ... Read the full article
Momentum of climate action has been far too slow, says Munich Re’s Rauch ahead of COP28
27th November 2023
As world leaders meet in the UAE this week for the annual COP climate conference, Ernst Rauch, Chief Meteorologist at European reinsurance giant Munich Re, has said that the United Nations is right when it says that climate action can't wait. "With COP28 starting this week, what can be looked at ... Read the full article
IDF targets consolidation of Tripartite Programme gains in 2024
27th November 2023
The Insurance Development Forum (IDF) Sovereign and Humanitarian Solutions (SHS) Working Group has noted that in 2024, it aims to consolidate Tripartite Programme gains as it continues on its mission to reduce the protection gap in vulnerable and climate-exposed regions. The Tripartite Programme is a platform that fosters collaboration between public ... Read the full article
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