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 premiums to reach record highs due to inflation, climate change – Matic
1st July 2022
Matic, an insurtech platform, says that home insurance premiums in the US are rising faster than ever before, increasing at a record rate of 5.5% between June 2021 and May 2022. According to Matic’s 2022 mid-year findings, which aggregated data from a random sample of 70,000 insurance policies, a ... Read the full article
G7 leaders pledge to scale up CDRFI
29th June 2022
The leaders of the Group of Seven (G7) met in Elmau, Germany, between June 26th and 28th. In a statement issued after the meeting, the G7 committed to scaling up climate and disaster risk finance and insurance (CDRFI) and working towards a Global Shield against ... Read the full article
Sompo Group affirms commitment to climate policies
28th June 2022
The Sompo Group has announced a new scheme called SOMPO Climate Action as part its medium-term management. The proposed action is to help in adapting to and mitigating climate change while contributing to a societal transformation, beginning this year. The firm said that it has also joined the Net Zero Insurance ... Read the full article
Climate policy weakest in countries reliant on fossil-fuel income
28th June 2022
The governments of Bangladesh, Malaysia, the Philippines, Chile, and Senegal are most strongly committed to prioritising climate when making public policy, according to new analysis by Oxford Analytica and WTW. Commitment on climate policy in the emerging world is strongest in countries most vulnerable to the impacts of global warming ... Read the full article
Insurance industry must follow through on net-zero: Selwin Hart
28th June 2022
Selwin Hart, the UN's Assistant Secretary-General for Climate Action, made a speech at the tenth anniversary of UNEP’s Principles for Sustainable Insurance Initiative. In it he says that the world is way off track from limiting global warming to 1.5 degrees Celsius and preventing the worst impacts of ... Read the full article
Gallagher Re recruits climate resilience leader from World Bank
27th June 2022
Reinsurance broker Gallagher Re has recruited Antoine Bavandi to lead a newly established Public Sector & Climate Resilience Solutions global practice. As Global Head of Public Sector, Parametric & Climate Resilience Solutions, he will manage the practice as it looks to advise both public and private sector institutions. Bavandi most recently served ... Read the full article
Re/insurers positioned to be “driving force” in climate fight: Gallagher Re
24th June 2022
Analysts at Gallagher Re have argued that the insurance and reinsurance industry is well-placed to act as “the driving force behind societal resilience in the face of growing climate risks.” Writing in a blog for the reinsurance broking firm, Divisional Director for Climate & ESG Marie Ekström and Climate Risk Analyst ... Read the full article
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
24th June 2022
China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article
Inflation, not rates, driving property premium pain – WTW
23rd June 2022
WTW's Insurance Marketplace Realities Spring Update reports that property insurance premiums will continue to rise throughout 2022, but these increases will mostly be driven by inflation raising insurable values, as opposed to rate increases. Double-digit rate increases are however likely for challenged occupancies such as forest products, metals, waste management, food ... Read the full article
New layer of federal oversight would complicate insurer operations: Triple-I
20th June 2022
The Insurance Information Institute (Triple-I) has expressed its disagreement with the recent rulemaking proposal “The Enhancement and Standardisation of Climate-Related Disclosures for Investors”, made by the US Securities and Exchange Commission (SEC). In a letter sent to the SEC, the Institute stated that the creation of a new layer of federal ... Read the full article
EU could add up to €9.3 billion to farmers annual incomes with “climate-smart actions”
20th June 2022
The EU could add between €1.9bn and €9.3 billion annually to farmers’ incomes if farmers are supported in taking "climate-smart actions", according to a survey by the EU Carbon+ Farming Coalition. Other benefits would include reducing its agricultural greenhouse gas emissions by an estimated 6%, and restoring soil health of over ... Read the full article
BoE study shows improvements in re/insurer climate risk management
10th June 2022
The Climate Biennial Exploratory Scenario exercise (CBES) recently conducted by the Bank of England (BoE) shows that the UK’s largest insurers and reinsurers are getting better at managing financial risks caused by climate change, but analysts say there is still more to do. Speaking at the Association of British Insurers (ABI) ... Read the full article
Geneva Association appoints new board members, joins UN initiative
8th June 2022
Industry think tank The Geneva Association has announced the addition of four new members to its Board following a General Assembly, in addition to its decision to join the United Nations Environment Programme-Finance Initiative (UNEP-FI) Principles for Sustainable Insurance (PSI). The new Board members are: Lard Friese, CEO, Aegon; Xi LUO, ... Read the full article
Insurers need to change business models to drive climate resiliency, report shows
31st May 2022
New research published from Capgemini and Efma’s recent World Property and Casualty Insurance Report reveals that climate change is hurting the insurance industry, and that insurers need to change their business models to achieve climate resiliency. The inaugural report titled – “Walking the Talk: How insurers can lead climate change resiliency”, ... Read the full article
RMS extending global risk views for acute & chronic perils
24th May 2022
Risk modelling and solutions company RMS has announced that it will be launching new global views for acute and chronic perils and their climate change impact. The company already offers a range of different regional peril and climate change models, which support detailed acute physical loss modelling products, as well as ... 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.
