Reinsurance News

climate change

Severe flooding most likely peril to increase with climate change

7th July 2017

Flooding is already one of the most costly perils for the re/insurance community and a recent report by AIR Worldwide shows flooding costs are set to skyrocket; it's the risk with the most evidence from climate science supporting forecasts of an increase in frequency and intensity of both coastal and ... Read the full article

Severe weather to increase in frequency & intensity: AIR Worldwide

30th June 2017

Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article

Reinsurers express regret at Trump’s exit of the Paris Climate Agreement

2nd June 2017

Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to exit the Paris Climate Agreement. The Swiss reinsurer -  which has been researching climate change and its effects for the past 30 years - said; "we can say: it is a ... Read the full article

Blue Marble Microinsurance & Nespresso launch Colombia crop insurance pilot

25th May 2017

Blue Marble Microinsurance, an association of eight firms aiming to improve the socio-economic environment of the underprivileged through commercially viable insurance solutions, has partnered with Nestle Nespresso SA to create a pilot crop insurance program for smallholder coffee farmers in Colombia. The pilot project's objective is to protect the coffee industry and ... Read the full article

Urbanised Latin America – highly vulnerable to climate risk: Swiss Re

11th April 2017

With climate change ramping up the heat on emerging markets already vulnerable to natural disaster risk, the highly urbanised but marginally protected Latin America appears poised for increased economic and social fallout - if the region fails to develop improved risk mitigation solutions. Martyn Parker, Chairman of Swiss Re Global Partnerships, ... Read the full article

Lloyd’s urges re/insurance industry to protect assets from “stranding”

28th February 2017

Lloyd’s has advised the re/insurance industry to take a proactive approach to assess and protect against dangers of global asset-stranding and liabilities, as climate change-related regulation and taxation policies pose a growing threat to the security of portfolio investments. Lloyd’s partnered with the University of Oxford Smith School of Enterprise and ... Read the full article

Reinsurers cautioned over climate change risks to finance system: APRA

20th February 2017

The Australian Prudential Regulation Authority (APRA) admonished companies for a lack of action on risks from global warming, warning at the Insurance Council of Australia’s Annual Forum that climate change could “threaten the stability of the entire financial system.” "While climate risks have been broadly recognised, they have often been seen ... Read the full article

Re/insurers cautioned over climate change litigation impact: Clyde & Co

17th February 2017

Reinsurers and insurers have been advised to consider whether their businesses are effectively complying with climate change regulation, to protect their underwriting from the potential impact of lawsuits, lawyers from Clyde & Co advised earlier this week. The warning came at a Clyde & Co seminar on the impact of climate ... Read the full article

Cost of climate change highlights important role of re/insurance

8th February 2017

A report published by the European Environment Agency (EEA) stated that economic losses to the region could rise to as much as €190 billion per year by the end of the 21st century - highlighting the growing role reinsurers will likely play in mitigating climate change loss. The report assesses the ... Read the full article

Re/insurers facing triple challenge of climate change: IAIS

6th February 2017

The International Association of Insurance Supervisors (IAIS) outlined a three-pronged set of climate-change related risks facing insurers and reinsurers, in a report released yesterday. The report demonstrates re/insurers' uniquely vulnerable position; the resources used for underwriting risks may be simultaneously invested in assets that are vulnerable to these risks and come ... Read the full article

Insurance highlighted as top strategy to combat climate change

13th January 2017

The Geneva Association has stressed the importance of insurance - integrated disaster risk management and transfer - to mitigate the impact of climate change in a report on global extreme events and climate risk management released yesterday. Improving risk knowledge and assessment capacities, an integrated approach to disaster management, innovation in ... Read the full article

Swiss Re adopts TCFD’s recommendations for climate-related risks

14th December 2016

Reinsurance giant Swiss Re today announced that it has adopted recommendations published by the Task Force on Climate-related Financial Disclosures (TCFD), which were released today by the TCFD in London. The TCFD today released its report, 'Recommendations of the Task Force on Climate-related Financial Disclosures,' outlining some recommendations for climate-related exposures to ... Read the full article

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