Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
“Insurance can influence systemic change,” says IDF exec after COP27
23rd November 2022
Michel M. Liès, Steering Committee Chairman of the IDF and Chairman of Zurich Insurance Group, has asserted that the IDF's announcements at the recent COP27 climate conference are "a testament to how insurance can influence systemic change." The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and ... Read the full article
Ping An highlights parametric and index insurance for combatting climate change
22nd November 2022
Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change. Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages ... Read the full article
Risk pools ARC, CCRIF and PCRIC agree to partnership at COP27
21st November 2022
Global risk pools African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) have agreed to a partnership at the recent COP27 climate conference. The parties signed a memorandum of understanding (MOU) on the sidelines of COP27 in Sharm ... Read the full article
Net zero plans help insurers manage carbon transition risks: Moody’s
21st November 2022
According to a recent Moody's investor's service report, net zero objectives require considerable organisational focus and investment in measuring carbon transition risk, which in turn puts insurers in a better position to manage it. The most credible plans are based on robust and transparent frameworks, include measurable interim targets, and cover ... Read the full article
Insurance crucial for Asia to face climate challenges
17th November 2022
Insurance has a crucial role in anticipating, identifying, and managing climate-related risks in Asia, says Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific. Temperatures are rising two times faster in Asia than in global average, and the continent is at the frontline of the risks of climate change. Additionally it ... Read the full article
GRMA selected as Key Resource for Global Shield Initiative
16th November 2022
The Global Risk Modelling Alliance (GRMA) has been selected as Key Resource for the Global Shield Initiative, an initiative for pre-arranged financial support designed to be deployed during climate disasters that was launched at COP27 earlier this week. In a statement, the GRMA said that a further €10m in funding ... Read the full article
WTW to partner with UNICEF on child focused cyclone project
16th November 2022
Broking and solutions company, WTW, has helped to create the United Nations Children’s Fund’s (UNICEF) new initiative to provide sustainable disaster and climate change protection to meet the specific needs of vulnerable children. The ground-breaking UNICEF Today and Tomorrow Initiative will invest in climate resilience and anticipatory action for improved cyclone ... Read the full article
V20 and G7 launch Global Shield initiative at COP27, backed by World Bank
15th November 2022
The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be deployed during climate disasters. Launched at COP27 this week, initial contributions to the initiative include ... Read the full article
Ping An’s Larsen sees significant opportunity in carbon transition
15th November 2022
With the COP27 conference underway, Jonathan Larsen, Chief Innovation Officer at Chinese insurer Ping An, says he sees significant opportunities for the insurance and reinsurance industries to finance the transition to a low carbon economy. "Ping An, as a very large China-based financial technology and health company, certainly has the ambition ... Read the full article
COP27: Swiss Re’s Scotti urges re/insurers to fund climate adaptation projects
15th November 2022
Veronica Scotti, Chairperson for Public Sector Solutions at Swiss Re, has called for re/insurers to fund “transformative” climate adaptation projects to improve resilience, and says that the ongoing COP27 conference represents the “perfect opportunity” to drive this change. “Mitigation efforts aimed at cutting future emissions alone will not be enough," Scotti ... Read the full article
African insurers pledge $14bn of cover to take up climate change fight
15th November 2022
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people within the continent against floods, droughts, and tropical cyclones. The commitment to create the African Climate Risk Facility (ACRF) was made during the ongoing ... Read the full article
Private finance needed to help fight climate change: German state secretary at COP27
15th November 2022
Germany’s state secretary in the federal ministry for economic cooperation and development has highlighted the role that private finance can play in the fight against climate change. Speaking at the COP27 conference in Sharm El Sheikh, Jochen Flasbarth said that the gap between the resources that governments have and what is ... Read the full article
COP27: MMC partners with Arsht-Rock to mobilise insurers on climate
9th November 2022
Marsh McLennan (MMC) has entered into a partnership with the Atlantic Council’s Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) to help mobilise the insurance and reinsurance sectors in support of the UN’s Race to Resilience campaign for climate resilience. The partnership will seek to showcase innovative disaster risk reduction initiatives that move communities ... Read the full article
Climate change moving faster than expected, with more severe impacts: IFoA & CCAG
9th November 2022
According to a joint report from the Institute and Faculty of Actuaries and the Climate Crisis Advisory Group, climate change has been underestimated and is progressing more quickly than anticipated, with severe impacts already being felt by millions globally at current levels of warming. The climate emergency report suggests that greenhouse ... Read the full article
Insurance Council of Australia launches insurer roadmap to net zero
9th November 2022
The Insurance Council of Australia has released a paper outlining the way insurers can achieve net zero emissions for their operations by 2030 and across the entirety of insurers’ activities by 2050. The roadmap, Towards a Net Zero and Resilient Future, was released on the 2nd of November, a week before ... Read the full article