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.
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
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
