Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Concrete solutions to Loss & Damage needed: Global Shield board
27th November 2023
Ahead of COP28, the board of the V20 Finance Ministers and G7 initiative Global Shield against Climate Risks met virtually on November 15, where Co-Chair Dr. Bärbel Kofler, stressed that “concrete solutions for how to support marginalized people and particularly vulnerable countries in dealing with loss and damage from climate ... Read the full article
Benefits of climate adaptation can significantly outweigh costs: Swiss Re
24th November 2023
Veronica Scotti, Chairperson, Public Sector Solutions at reinsurance giant Swiss Re, discusses how a more systemic use of a universal approach to measuring climate adaptation interventions could help catalyse the business case for action. Commentary from Scotti ahead of the COP28 event in the UAE, highlights Swiss Re analysis which reveals ... Read the full article
Lloyd’s announces consultation on roadmap for insuring low-carbon transition
23rd November 2023
The world's oldest insurance market, Lloyd's, has launched a consultation which sets out its proposed approach for the next three years across all areas of sustainability, as it looks to support global ambitions to achieve net zero. The consultation on its roadmap sets out the Lloyd's approach across underwriting, investments, exposure ... Read the full article
Total capital value of wind farms worldwide hits £1.9tn: Chaucer
20th November 2023
The total capital value of wind farms worldwide has reached approximately £1.9 trillion, according to a new study from global specialty re/insurance firm Chaucer. The transition from coal and oil-based energy generation to low carbon energy sources such as wind and solar farms has required an unprecedented level of investment in ... Read the full article
Insure Our Future urges insurance industry to act on 1.5°C climate target
9th November 2023
Insure Our Future has said that after 50 years of failure, the insurance industry must act to support the climate target, highlighting the fact insurers withdrew cover for climate risks while backing greater fossil fuel production. The organisation states that most insurers have continued to support projects to increase oil and ... Read the full article
We are not yet at the new normal: Artur Klinger, Everest
25th October 2023
As demand for catastrophe reinsurance continues to outpace supply, further market hardening is expected, and against a backdrop of an uncertain inflationary environment, it will take time before the industry knows what the new normal is, according to Artur Klinger, Head of International Reinsurance, Everest. With the reinsurance industry meeting in ... Read the full article
Deploying tools for climate risk management is where the industry faces a huge gap: RMS
24th October 2023
Reinsurance News recently spoke to Joss Matthewman, Senior Director, Product Management & Strategy, RMS, about what he believes the re/insurance industry needs to do to try and combat the effects of climate change. He highlighted how this topic is particularly important, because, as physical risks change as the climate changes, the ... Read the full article
Lloyd’s new data tool models global economic impact of extreme weather events
11th October 2023
Re/insurance marketplace Lloyd's has launched a systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks, estimating the loss to be around $5 trillion over a five year period. According to the announcement, the scenario examines how a hypothetical, but plausible increase ... Read the full article
The industry needs to share the knowledge it gains to help towards global resilience: BMS Re’s Chandler
3rd October 2023
During a recent interview with Reinsurance News, BMS Re's President & Chief Executive Officer, US, Pete Chandler discussed what areas of growth he hopes to see within the company over the next few years. He explained that BMS Re is very excited about what is currently taking place within the organization ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
New rules enable insurers in California to better balance loss costs and expenses with pricing
22nd September 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, insurance companies will not write insurance, especially ... Read the full article
Fighting climate change has become an ever greater challenge: Allianz CEO
22nd September 2023
"The long era of robust economic growth, low inflation, and geopolitical stability is over, and it's replaced by uncertainty, volatility, and war. Suddenly, fighting climate change has become an ever greater challenge," suggests Allianz CEO Oliver Bäte. Bäte's comments stem from his speech at a summit of leaders from 34 governments ... Read the full article
Homeowners deal with rising insurance rates as floods, wildfires & storms become more common
22nd September 2023
A growing number of US citizens are facing difficulties in affording insurance on their homes, a problem that is only expected to worsen because insurers and lawmakers are said to have underestimated the impact of climate change, a new report from First Street Foundation says. According to the report, 39 million ... Read the full article
Rising climate risk calls for industry and government collaboration: Moody’s
21st September 2023
In a recent report, Moody's has underscored the increasing physical climate risk and its implications for the insurance and reinsurance industries. The report highlights that the rising frequency and severity of destructive weather events are driving up underwriting risk, adding a layer of complexity to risk management strategies. One of the key ... Read the full article
Impacts of climate change continuing to be felt around the world: PwC’s Jim Bichard
13th September 2023
With climate change topping the list once again for PwC's “Reinsurance Banana Skins" report, "it does not seem surprising" due to it being so dominant for all the major events that the industry has seen over the last 12 months, states Jim Bichard, Partner and Read the full article
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