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.
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
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
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
COP 27: Global re/insurers call for action to reduce impacts of climate change
8th November 2022
At COP27, the UN conference in Sharm El Sheikh, the Global Federation of Insurance Associations has called on parties to prioritise the building of resilience to the impacts of climate change to prevent loss of life and reduce economic losses from future natural disasters. The global impact on people, health, property, ... Read the full article
Challenges of the moment shouldn’t distract from climate targets: Mumenthaler
3rd November 2022
Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has urged for more collaborative action from public and private sector interests towards meeting climate targets and reversing the harmful impacts of climate change. Writing as part of a recent blog post for Swiss Re, the CEO acknowledged that the immediate focus ... Read the full article
Biodiversity metrics to enable climate change mitigation: Zurich
27th October 2022
In a recent report, Zurich Insurance Group has observed how biodiversity metrics make for more effective voluntary carbon markets, delving into how this potential can be realised to mitigate and adapt to the effects of climate change. As countries focus on energy security amid Russia’s ongoing invasion of Ukraine, Zurich Insurance ... Read the full article
JBA Risk Management launches new global climate change tools
26th October 2022
JBA Risk Management has launched a set of global climate change tools enabling the (re)insurance market, risk managers, and lenders to understand future flood risk in any country in the world. The suite of tools consists of new customisable Climate Change Flood Models offering high-resolution and probabilistic flood loss modelling for ... Read the full article
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