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.
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
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
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