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.
Swiss Re & Carbonfuture partner to boost carbon removal market standards
1st December 2022
Reinsurance giant Swiss Re and carbon removal tracing platform Carbonfuture, have signed a multi-year offtake agreement to support high-quality standards in the biochar carbon removal market. Carbonfuture suggests that the partnership is among the largest biochar agreements ever signed, and further highlights the relevance that trustworthy approaches to carbon removal credits ... Read the full article
Ariel Re hires cleantech specialist Tad Dritz as Senior Risk Analyst
28th November 2022
Global reinsurer Ariel Re has appointed clean energy and renewables technology consultant Tad Dritz as a Senior Risk Analyst. In this role, Dritz will help the company to evaluate the technical risks associated with clean energy technologies, including biofuels, bioenergy, battery storage, fuel cells, hydrogen and solar. Dritz also works as an ... Read the full article
Longer-term climate threats being ignored by risk professionals: Airmic
28th November 2022
New research from Airmic says that risk professionals are highly focused on addressing immediate natural peril risks at the expense of looking at longer-term climate threats. The firm says that its Climate Risk and Parametric Insurance Cover survey shows that climate risk is still not getting the priority it needs among ... Read the full article
BMA notes growth in Bermuda cyber and climate risk captives
24th November 2022
The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article
“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
Arbol hires Chief Legal Officer Matthew Gabin from Swiss Re
22nd November 2022
Global climate risk solutions platform Arbol has announced that Matthew Gabin has joined the company as Chief Legal Officer and Deputy Chief Operating Officer (COO). Gabin is a veteran lawyer with extensive experience in parametric reinsurance, weather risk transfer, and insurance-linked securities (ILS). He joins Arbol from Swiss Re, where he served ... Read the full article
WFP & World Bank agree to scale up disaster risk protection
22nd November 2022
The United Nation’s World Food Programme (WFP) and the World Bank have signed an agreement to scale up disaster risk protection financed by Germany and the UK for vulnerable communities and nations that are faced with catastrophic climate extremes like storms and drought. Under the agreement, WFP will receive US$20 million ... 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
WTW to support Indonesian government with climate transition
18th November 2022
Broking and solutions company, WTW has announced the launch of a new sovereign risk management programme developed to help Indonesia plan and implement an orderly long-term low carbon transition. The announcement was made during the G20 Leaders’ Summit in Bali. As the world’s largest thermal coal exporter, Indonesia is highly exposed to ... 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
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
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