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.
Activists from Extinction Rebellion protest at Baden-Baden
24th October 2022
Around twenty people from the groups Extinction Rebellion and Debt4Climate occupied this morning the Kongresshaus in Baden-Baden, where the reinsurance industry is currently holding its annual get-together. It is understood that the early morning saw a number of activists climbing onto the canopy with a five-metre-long banner saying, Stop (re)insuring Climate ... Read the full article
Verisk releases climate projections for US hurricane & Caribbean cyclone
18th October 2022
Global data analytics provider Verisk has announced the release of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models to help quantify climate-related, extreme event losses and their potential evolution over the next few decades. The climate change projections provide a probabilistic view of future risk in 2030, ... Read the full article
Optimal risk-sharing fundamental to green transition: FERMA’s Wegener
12th October 2022
Optimal risk-sharing is fundamental to a successful transition to carbon neutrality and in the battle against cyber-crime, according to Dirk Wegener, President of the Federation of European Risk Managers (FERMA). Speaking at the FERMA Forum this week, Wegener raised three main areas of concern for risk managers: the transition to carbon ... Read the full article
Reinsurers must seek government backing for biggest risks: PwC’s Bichard
10th October 2022
Jim Bichard, Global Insurance Leader for PwC, has urged the insurance and reinsurance industry to seek bolder collaboration with governments and public bodies to handle the largest risks facing the market. Speaking to Reinsurance News at the recent RVS 2022 event in Monte Carlo, Bichard discussed the main trends and challenges ... Read the full article
Swiss Re warns of $270tn net zero investment deficit
7th October 2022
Analysts at reinsurer Swiss Re have warned that over $270 trillion in climate investments will be required across the energy, transport, buildings and industry sectors globally to meet the Paris Agreement and 2050 net-zero targets. A new Swiss Re Institute study asserts that climate investments must be made “sooner and on ... Read the full article
Gallagher Re to manage climate and food risk in Senegal
7th October 2022
Gallagher Re, the global reinsurance broking and advisory firm, has been selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a risk financing strategy for climate risk and food insecurity in the country. FSN is the national authority in charge of providing financial assistance to populations in ... Read the full article
Global average annual insured losses from extreme events in excess of $120bn: Verisk
5th October 2022
Verisk Extreme Event Solutions has released its 2022 Global Modelled Catastrophe Losses Report, estimating that on an annual average basis, catastrophes around the world are expected to cause around $123bn in insured losses compared to an average of $74bn in actual losses over the past 10 years. According to Verisk’s report, ... Read the full article
Arbol hires Jeffrey Khoo as Vice Chairman, APAC
5th October 2022
Arbol Inc., a global climate risk solutions platform, has appointed Jeffrey Khoo as Vice Chairman, APAC. His appointment is part of the company’s expansion strategy into APAC. Most recently Khoo served as Chief Marketing Officer at ED Broking, and before that served as Head of Food and Agriculture Sales, Asia at Swiss ... Read the full article
CCRI targets climate resilience gap with new infrastructure asset guide
3rd October 2022
The Coalition for Climate Resilient Investment (CCRI), along with UK consultancy Mott MacDonald, have together launched a new guide that enables asset owners and investors to better understand the exposure of critical infrastructure to climate risks. Developed to address the resilience gap in financing, the Physical Climate Risk Assessment Methodology (PCRAM) ... Read the full article
Possible mid-teen reinsurance rate increases for insurers in 2023: Peel Hunt
26th September 2022
Insurers are likely to have to accept mid-teen reinsurance rate rises next year, just to cover inflation and climate risk, if they wish to transfer the same level of risk to reinsurers, according to Peel Hunt analysts. At the Reinsurance Rendezvous conference last week, Peel Hunt highlighted that current inflation, which ... Read the full article
Munich Re aims to push boundaries of climate insurability, say leaders
23rd September 2022
Executives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo last week, leaders at the German reinsurance company said they see ... Read the full article
Insurers’ climate risk management adequate for profitability implications: DBRS Morningstar
23rd September 2022
A new note from DBRS Morningstar highlights that even though there has been a number of record-breaking extreme weather events that have occurred across the world in H1 2022, the impact on the profitability of the global P&C insurance industry has been mitigated by the insurers’ response to climate change. Despite ... Read the full article
Howden launches voluntary carbon credit insurance product to help scale market
7th September 2022
International re/insurance broker Howden has announced the launch of a carbon credit invalidation insurance solution to increase confidence in the Voluntary Carbon Market (VCM). To develop the product, Howden worked with the carbon finance business, Respira International, and Nephila Capital, an investment manager specialising in reinsurance risk. They were also advised ... Read the full article
Critical role for re/insurers in net zero transition & enabling climate tech: PwC
3rd September 2022
With the back-in-person Monte Carlo Rendez-vous reinsurance industry event happening in just a week's time, PwC is highlighting the important role of re/insurers and underwriters in supporting the transition to net zero, as well as in enabling climate tech innovation. PwC is hosting a special session (details below) at the ... Read the full article
AIG sued by petroleum firm in climate litigation dispute
31st August 2022
AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii. It’s thought that this case could set a precedent as to whether firms are protected against climate damage claims, as more insurers ... Read the full article
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