Reinsurance News
climate risk
Climate risk related insurance and reinsurance news and analysis.
The impacts of climate related risks are a key topic for the insurance and reinsurance industry, while providing risk transfer solutions to hedge against and protect from climate risk related losses is an important area of innovation for the market.
2017-22 losses a “wake-up call” to better assess climate risk, Moody’s Rahnama
16th March 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, Chief Risk Modeling Officer and Executive Vice President, Models and Data of Moody's RMS. Writing in the Moody's RMS Catastrophe Review ... Read the full article
Reinsurance no silver bullet to climate challenge: Gallagher Re’s Bavandi
9th March 2023
Antoine Bavandi, Global Head of Public Sector & Climate Resilience Solutions at Gallagher Re, has contended that re/insurance cover alone is no “silver bullet” to matching capital with risk and addressing the growing challenge of climate resilience. Bavandi instead suggests that insurance and reinsurance are only part of a much wider ... Read the full article
ICE partners with Dun & Bradstreet to expand climate risk offering
23rd February 2023
Intercontinental Exchange, Inc. (ICE), a global provider of data, technology and market infrastructure, has announced an agreement with Dun & Bradstreet, a global provider of business decisioning data and analytics, to leverage its global supply chain and corporate location data to expand its climate risk offering globally. ICE stated that by ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Pricing in climate change a “complete priority” for Swiss Re: Mumenthaler
17th February 2023
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that adequately pricing in the effects of climate change to its policies is a “complete priority” for the reinsurer. His comments came as part of a media call held alongside the release of Swiss Re’s results for 2022, during which ... Read the full article
Re/insurers’ capital supply will struggle to meet climate demands: Goldman Sachs
7th February 2023
Analysts at Goldman Sachs have warned that the current supply of capital in the property insurance and reinsurance markets will likely struggle to meet the increased demand for coverage that is likely to develop as climate change drive catastrophe losses ever higher. Referencing Swiss Re data, Goldman Sachs notes that rising ... Read the full article
Insurance exists to protect that which we cannot afford to lose: Aon’s Case
2nd February 2023
"Insurance exists to protect that which we cannot afford to lose, and when it comes to climate change, we all have a lot to protect," suggests Greg Case, CEO of Aon. In a report focusing on the role of the industry in fighting climate change, Case noted that collaboration between public, ... Read the full article
Insurance Europe calls for clarification on ‘greenwashing’ risk
26th January 2023
Insurance Europe, the European insurance and reinsurance federation, has responded to the European Supervisory Authorities' call for evidence on ‘greenwashing’, saying that time and further regulatory clarification is needed to address this risk. ‘Greenwashing’ refers to misleading claims around sustainability-related statements and products, and has become a growing issue for re/insurance ... Read the full article
FutureProof appoints Ram Keralapura as Chief Technology Officer
23rd January 2023
FutureProof, a climate-focused MGA, has appointed Dr. Ram Keralapura as its new Chief Technology Officer. Dr. Keralapura brings nearly two decades of engineering, data science and leadership experience towards the role. Additionally, he also brings a deep level of expertise in cybersecurity, complex risk analysis, and building digital platforms towards the ... Read the full article
“Monumental” climate adaptation needs require partnerships: Swiss Re’s Scotti
23rd January 2023
Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re, has urged the private business sector to work more closely with governments and other public sector bodies to meet the “monumental” adaptation needs of climate change. Writing in a Swiss Re blog, Scotti asserted that “adaptation needs are so widespread and so ... Read the full article
We were over-optimistic about inflation crisis: Mumenthaler
18th January 2023
Swiss Re CEO Christian Mumenthaler has acknowledged that re/insurers and other financial institutions were “over-optimistic” in the lead up to the current inflationary crisis affecting the world economy. Speaking to CNBC news from the Davos 2023 World Economic Forum (WEF) event yesterday, Mumenthaler addressed the issue of reinsurance pricing increases coming ... 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
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
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