Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
ARC sets new record with $60m payout in 2022, pioneering climate resilience in Africa
12th September 2023
African Risk Capacity Limited (ARC Ltd), Africa's pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company's establishment in 2014, underscoring the invaluable impact of its work in protecting African nations from ... Read the full article
Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC
11th September 2023
In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article
Everest bullish on trajectory of reinsurance industry for 2023 and beyond: CEO
18th August 2023
Juan Andrade, Everest Group Chief Executive Officer, suggests the reinsurance industry serves as a "bright light" in terms of what's happening in capital markets right now, as the firm remains "bullish" on the industry's trajectory for this year and beyond. Andrade's comments stem from an interview with Bloomberg, in which he ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
Reinsurance as a pillar of resilience again becoming more relevant: Swiss Re
7th August 2023
In a letter to Swiss Re's shareholders, Christian Mumenthaler, Group CEO, and Jacques de Vaucleroy, Vice Chairman of the Board of Directors, have suggested that the firm's H2 performance will be heavily influenced by geopolitical risks, inflation, and climate change, demanding that its "cautious optimism be accompanied by vigilance." The pair ... Read the full article
Fidelis MGU announces 2030 decarbonisation target
31st July 2023
Fidelis MGU has announced a 2030 decarbonisation target in support of its broader aims, with Richard Brindle, Group Chief Executive Officer and Chairman, describing it as a "meaningful step forward" in the firm's climate change strategy. Fidelis MGU stated that it is committed to reaching net zero Insurance-Associated Emissions (IAEs) by ... Read the full article
WTW launches Climate Vista to “bridge climate skills gap in the boardroom”
26th July 2023
Global advisory and broking company WTW has announced the launch of Climate Vista, a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities. According to a recent survey conducted by WTW and the Nasdaq Center for Board Excellence, ... Read the full article
El Niño could significantly impact renewable energy production: WTW
25th July 2023
The emerging El Niño could cause wind drought in North America, which would have a significant effect on renewable energy production in the region, suggests a new report released by WTW. "This year’s combination of El Niño and exceptional Atlantic warmth is expected to have a significant impact on weather patterns ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
Climate change makes it challenging to predict storm dynamics: Lockton Re
21st July 2023
Underlying climate related changes are making it challenging to predict storm dynamics; as some of those changes are becoming more evident, the likelihood of loss causing storms has also increased, according to new research by Lockton Re. Lockton's reinsurance business has recently launched a new research series focused on the hurricane ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
Kin announces expansion into catastrophe-prone Arizona
14th July 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state. This marks Kin’s first move into the US Southwest - where the housing boom is contending with climate risk - and it builds upon the insurtech’s growth and success in coastal, ... Read the full article
Inigo and 90 North Foundation announce strategic partnership
11th July 2023
Inigo Limited has entered into a strategic partnership with the 90 North Foundation, the conservation non-profit dedicated to safeguarding the biodiversity, marine habitat, and ecosystem services of the Central Arctic Ocean which surrounds the North Pole. According to the announcement, in keeping with Inigo’s underlining principle of surfacing the science, Inigo ... Read the full article
WTW to include climate data into property broking
10th July 2023
Global advisory and broking firm, WTW has incorporated climate data into its broking property renewals to help clients understand their long-term risks relating to their property portfolio. The data enables the assessment of future exposures to climate change by evaluating a series of key climate indicators which helps companies to optimise ... Read the full article
Aon collaborates with AbsoluteClimo to advance climate modelling
5th July 2023
Aon has announced a multi-year collaboration with Asia Pacific climate data and analytics provider AbsoluteClimo to help advance climate modelling for climate-based perils. It adds to Aon’s growing suite of analytical and academic initiatives to bring the latest climate science to our arsenal, helping to evolve our risk understanding and drive ... Read the full article
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