Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Unity critical to solving challenges like climate change: Mumenthaler
13th January 2023
Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has suggested that despite COP27 negotiations leaving plenty of unfinished business, he remains "optimistic" that societies will be willing to set aside differences to achieve climate resilience goals. Writing in a blog post for Swiss Re, Mumenthaler noted that the COP27 climate ... Read the full article
Reinsurers must seek new opportunities & reprice amid climate pressure: Moody’s
13th January 2023
While reinsurers have thus far managed to defend against a rising tide of natural catastrophe losses, more de-risking efforts, new opportunities and further re-pricing measures will all be required for the market to withstand the challenges of climate change, Moody’s says. In a new report, the rating agency notes that the ... Read the full article
Chubb launches new global climate business
4th January 2023
P&C insurer Chubb, has announced the launch of a new global climate business unit, drawing on the company’s technical capabilities in underwriting and risk engineering, and also bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services. The new business unit will provide ... Read the full article
Christian Aid urges climate action as largest events all surpass $3bn mark
28th December 2022
Relief and development agency Christian Aid has called for more urgent action to combat climate change, as its data shows that all ten of the most costly extreme events surpassed $3 billion in losses this year. The organisation linked the trend of growing losses to the influence of the climate crisis, ... Read the full article
NN Group scales up net-zero efforts with Climate Action Plan
22nd December 2022
Dutch insurer NN Group, has published a Climate Action Plan which sets out a roadmap to reduce greenhouse gas (GHG) emissions to net-zero in its own operations by 2040, as well as in its investments and insurance underwriting by 2050. The plan also includes a further tightening of NN’s investment policies ... Read the full article
Convenience and climate priorities for insurance customers: Guidewire
16th December 2022
Insurance customers want convenience, are open to new services that mitigate risks and believe that insurers should be tackling climate change proactively. That is according to a recent report by Guidewire which also found that the issue of data collection - needed to deliver the above - will be tricky and ... Read the full article
Chubb hires Peloso as Global Climate Officer
15th December 2022
Chubb Limited has appointed Margaret Peloso as Senior Vice President, Chubb Group, Global Climate Officer and Executive Director of the Chubb Charitable Foundation. Peloso joins Chubb from Vinson & Elkins, where she served as the law firm's Lead Sustainability Partner, where she held responsibility for integrating sustainability and environmental, social and ... Read the full article
CoreLogic targets real estate industry with new Climate Risk Analytics
15th December 2022
CoreLogic, a global property data and analytics-driven solutions provider, has announced the launch of a new solution to model and mitigate the physical risks of climate change to the real estate industry, initially through 2050. Patrick Dodd, President & CEO, CoreLogic, said: “Mitigating the effects of climate change is a monumental ... Read the full article
Sharp reduction in nat cat reinsurance capacity at renewals: Clyde & Co’s Barbosa
13th December 2022
There is likely to be a sharp reduction in available nat cat reinsurance capacity at upcoming renewals following a climate change-induced increase in the frequency and severity of European nat cat events, suggests Clyde & Co's Eva-Maria Barbosa. The influence of climate change on natural catastrophe losses is causing reinsurers to ... Read the full article
ASEAN insurers have key role in climate battle, says Malaysian Re
9th December 2022
The ASEAN region will have to find more than $800 billion of investment for energy supply in order to meet its expected demand for power in 2050, according to a new report by Malaysian Re. The 2022 ASEAN Insurance Pulse report by the reinsurer says that risk managers, risk takers, investors, ... Read the full article
Z Zurich Foundation launches new Climate Resilience Program
7th December 2022
The Z Zurich Foundation has announced its latest initiative, the Urban Climate Resilience Program (UCRP), further scaling up its efforts to combat the negative impacts of climate change. The program consists of a four-step approach. Number one is to identify and engage with urban communities in need; secondly, to conduct in-depth ... Read the full article
Swiss Re & Carbonfuture partner to boost carbon removal market standards
1st December 2022
Reinsurance giant Swiss Re and carbon removal tracing platform Carbonfuture, have signed a multi-year offtake agreement to support high-quality standards in the biochar carbon removal market. Carbonfuture suggests that the partnership is among the largest biochar agreements ever signed, and further highlights the relevance that trustworthy approaches to carbon removal credits ... Read the full article
COP27 saw climate finance breakthroughs, but failed to adapt emission pledges: Swiss Re
29th November 2022
At the COP27 climate change conference that took place earlier this month, breakthroughs on climate finance were announced, but the event failed to adopt more ambitious emissions reduction pledges and agree the further phase-out of all fossil fuels, suggests Swiss Re. A new report by Swiss Re Institute, highlights that the ... Read the full article
Ariel Re hires cleantech specialist Tad Dritz as Senior Risk Analyst
28th November 2022
Global reinsurer Ariel Re has appointed clean energy and renewables technology consultant Tad Dritz as a Senior Risk Analyst. In this role, Dritz will help the company to evaluate the technical risks associated with clean energy technologies, including biofuels, bioenergy, battery storage, fuel cells, hydrogen and solar. Dritz also works as an ... Read the full article
Longer-term climate threats being ignored by risk professionals: Airmic
28th November 2022
New research from Airmic says that risk professionals are highly focused on addressing immediate natural peril risks at the expense of looking at longer-term climate threats. The firm says that its Climate Risk and Parametric Insurance Cover survey shows that climate risk is still not getting the priority it needs among ... Read the full article