Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
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
WTW launch analytics platform ESG Clarified
3rd February 2023
Broking and solutions company WTW has launched ESG Clarified, an analytics platform to help organisations better understand and address their climate, sustainability and wider ESG risks. ESG Clarified offers a comprehensive, analytical solution, underpinned by multiple data sources to assist with trending insight, scenario analysis and reporting. WTW suggests that the rapidly ... Read the full article
Insurance exists to protect that which we cannot afford to lose: Aon’s Case
2nd February 2023
"Insurance exists to protect that which we cannot afford to lose, and when it comes to climate change, we all have a lot to protect," suggests Greg Case, CEO of Aon. In a report focusing on the role of the industry in fighting climate change, Case noted that collaboration between public, ... Read the full article
Re/insurers can help accelerate net zero by facilitating capital: Aon’s Dudley
30th January 2023
As the re/insurance industry is feeling the emerging impacts of climate change, it also has the opportunity to help solve the climate crisis by matching capital to risk where it’s needed - such as via clean tech solutions, by de-risking projects and technology development -, Richard Dudley suggests. Aon’s Global Head ... Read the full article
Chaucer partners with Kita, Munich Re & RenRe to provide capacity
27th January 2023
Global specialty re/insurance group, Chaucer has announced its partnership with Kita, a carbon credit insurance specialist, to insure the delivery risk of carbon sequestration projects. The group is not only investing in Kita, but will also be providing lead underwriting capacity; follow capacity will be provided by Munich Re Syndicate and ... Read the full article
Insurance Europe calls for clarification on ‘greenwashing’ risk
26th January 2023
Insurance Europe, the European insurance and reinsurance federation, has responded to the European Supervisory Authorities' call for evidence on ‘greenwashing’, saying that time and further regulatory clarification is needed to address this risk. ‘Greenwashing’ refers to misleading claims around sustainability-related statements and products, and has become a growing issue for re/insurance ... Read the full article
Zurich and South Pole join forces on climate change offering
26th January 2023
Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of Zurich, and South Pole, a climate solutions provider and carbon project developer, have teamed up to support businesses with climate adaptation and mitigation. According to the announcement, the joint offering will help businesses tackle both sides of the climate ... Read the full article
Natural disasters caused over $130bn global insured losses in 2022: Aon
25th January 2023
A new Aon report has estimated that global insured losses caused by natural disasters exceeded $130 billion in 2022, mainly driven by Hurricane Ian, which is the second-costliest event on record from an insurance perspective. The 2023 Weather, Climate and Catastrophe Insight report, revealed that natural disasters caused a $313 billion ... Read the full article
“Monumental” climate adaptation needs require partnerships: Swiss Re’s Scotti
23rd January 2023
Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re, has urged the private business sector to work more closely with governments and other public sector bodies to meet the “monumental” adaptation needs of climate change. Writing in a Swiss Re blog, Scotti asserted that “adaptation needs are so widespread and so ... Read the full article
Insurers show steady climate change improvements: ClimateWise
23rd January 2023
A new report by global insurance industry collaboration ClimateWise has found that its member companies have made progress in disclosing their preparedness and response to climate change. It also highlighted the need for insurers, reinsurers and brokers to become long-term partners and essential enablers of enhanced climate actions. The initiative’s 2022 Independent ... Read the full article
Insurance affordability to be a growing challenge for Australians: Actuaries Institute
20th January 2023
Insurance affordability will be a growing challenge for a significant number of households, said the Actuaries Institute as it reveals a Climate Index at third highest index value ever in Spring 2022. According to the announcement, the Australian Actuaries Climate Index value was driven by extreme rainfall, especially in the south-eastern ... Read the full article
We were over-optimistic about inflation crisis: Mumenthaler
18th January 2023
Swiss Re CEO Christian Mumenthaler has acknowledged that re/insurers and other financial institutions were “over-optimistic” in the lead up to the current inflationary crisis affecting the world economy. Speaking to CNBC news from the Davos 2023 World Economic Forum (WEF) event yesterday, Mumenthaler addressed the issue of reinsurance pricing increases coming ... Read the full article
UN & NZIA launch target-setting protocol to accelerate transition to net-zero
17th January 2023
The United Nations-convened Net-Zero Insurance Alliance (NZIA) has launched its first Target-Setting Protocol at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Version 1.0 of the Protocol will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with ... Read the full article
Bermuda’s insurers can increase global resilience: PwC’s Wightman
17th January 2023
Arthur Wightman, PwC Bermuda territory and Insurance leader, has suggested that Bermuda’s insurers have a substantial opportunity to increase global resilience. Wightman's comments follow a PwC Global CEO Survey which polled 4,410 CEOs in 105 countries and territories, including Bermuda and the Caribbean region, throughout October and November in 2022. PwC's survey ... Read the full article