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.
European insurers see adaptation as vital as IPCC warns of irreversible climate impacts
28th February 2022
As the Intergovernmental Panel on Climate Change (IPCC) releases its latest report, insurers and reinsurers across Europe agree that adaptation is vital to ensure climate resilience, reports Insurance Europe. The European insurance and reinsurance federation, Insurance Europe, "fully supports the need for a very strong focus on adaptation, as suggested by ... Read the full article
IDF in disaster risk partnership for climate-vulnerable countries
18th February 2022
The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by the UN, World Bank and other international organisations, has entered into a new trilateral partnership with MapAction and Start Network. The partnership will work to accelerate anticipatory action and disaster risk reduction in eight climate-vulnerable ... Read the full article
Activists claim Lloyd’s CEO is failing on market’s ESG commitment
17th February 2022
Environmental activists have accused Lloyd’s CEO John Neal of failing to sufficiently align Lloyd’s policies with the climate rhetoric that has been repeatedly touted by the insurance and reinsurance marketplace. Lloyd’s has consistently expressed support for environmental, social and governance (ESG) measures within its marketplace in order to help accelerate the ... Read the full article
Swiss Re CorSo and green energy financier in $500m co-investment program
1st February 2022
Swiss Re Corporate Solutions has entered into a partnership with renewable energy financier NORD/LB on a $500 million ESG co-investment programme to enable more investment into renewable energy projects. The programme is ESG-certified by Sustainalytics and uses pre-agreed eligibility criteria to allow more efficient deployment of capacity to renewable energy projects. The ... Read the full article
Net zero re/insurers commit to further climate targets
28th January 2022
Insurers and reinsurers forming part of the UN-Convened Net-Zero Asset Owner Alliance have committed to a further set of climate targets that aim to reduce the impact of global warming. The Alliance is formed of 69 asset owner members, including Swiss Re, Munich Re, SCOR, Zurich, AXA, QBE, Generali, L&G and ... Read the full article
Marsh and Risilience collaborate on informing customers about climate change
25th January 2022
Marsh and Risilience are to collaborate on a risk platform to help the former’s clients understand the risks resulting from climate change. The project, done through Risilience’s risk platform, will reportedly help clients map their journey towards net zero and help them generate annual climate risk reports that fall into line ... Read the full article
Insurers show continued climate improvements: ClimateWise
24th January 2022
A new report by global insurance industry collaboration ClimateWise has found continued improvements in efforts to address climate change among its member companies. The initiative’s 2021 Independent Review highlights increased value chain collaboration to enhance understanding of climate risks and opportunities and enable net-zero objectives within and beyond the industry. The independent ... Read the full article
Net zero goals top LIIBA’s agenda for 2022
24th January 2022
The London and International Insurance Brokers’ Association (LIIBA) has highlighted the issue of how to achieve net zero goals as one of its key goals for 2022, as leaders brace for another year of change at an “unprecedented pace.” In its agenda for this year, LIIBA said that the government’s desire ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
Businesses need to shift their mindsets around risk: Aon’s Greg Case
13th January 2022
Businesses need to shift their mindsets around being prepared for risk, according to Greg Case, Aon’s chief executive officer in a recent interview. In its new survey, Aon found that in order to succeed in the current climate, businesses need to focus on four critical priorities, navigating new forms of volatility, ... Read the full article
Climate failure & social crisis dominate global concerns: WEF
11th January 2022
A new report by the World Economic Forum (WEF) has identified climate failure as the foremost long-term global risk, with societal divides, livelihood crises and mental health deterioration dominating the shorter-term landscape. The WEF’s Global Risks Report 2022 also found that most experts believe a global economic recovery will be volatile ... Read the full article
Climate change making peak peril distinctions irrelevant: Howden
10th January 2022
According to analysts at Howden, the growing threat of climate change and its influence on the severity of many insured catastrophes is removing the need for any distinction between ‘peak’ and ‘non-peak’ perils. The broker says climate risk replaced COVID-19 to become the re/insurance market’s pre-eminent concern in 2021, as another ... Read the full article
Climate change hit to supply chains will last longer than COVID-19: Swiss Re’s Ojeisekhoba
23rd December 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that climate change will have a longer-lasting impact to global supply chains than has been seen from COVID-19. Supply chains around the world have been negatively impacted by the global COVID-19 coronavirus pandemic, driving inflationary fears and resulting ... Read the full article
Risk managers believe climate will make certain risks uninsurable: AXA
16th December 2021
Results from a new study by AXA show that 60% of risk managers fear that certain geographies or activities will become uninsurable in future due to the impact of climate change. AXA says that its 2021 AMRAE Climate Commitment Barometer shows the growing importance of taking into account and understanding climate ... Read the full article
Reinsurer data capabilities provide edge amid ESG integration: Jefferies
14th December 2021
Analysts at Jefferies have suggested that reinsurers’ data capabilities should provide them with a pricing advantage as environmental, social and governance (ESG) considerations are increasingly integrated into the insurance sector. The firm believes that climate change presents both significant opportunities and risks for the non-life insurance industry, although it says many ... 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.
