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.
UK climate stress test is “toughest yet” for insurers: Fitch
24th May 2022
Analysts at Fitch Ratings have warned that the UK’s latest supervisory climate stress test for insurers is “the world’s toughest yet,” with many firms expected to fall below the minimum standards imposed. The BoE’s 2021 Climate Biennial Exploratory Scenario test explores the resilience of the UK financial system to the physical ... Read the full article
Swiss Re backs major carbon removal project
23rd May 2022
Swiss Re has become one of the founding buyers of credits from a new Swiss company aiming to reduce the cost of atmospheric carbon removal, according to reports from Reuters. The reinsurer joins banking giant UBS, Boston Consulting Group, private banking firm LGT, and shipping company Mitsui O.S.K. Lines in buying ... Read the full article
Important to separate shifts in hurricane exposure and climate trends: Aeolus
16th May 2022
When exploring the potential influence of changing climatic conditions on hurricanes, it’s important to recognise that trends in exposure may be even more important than trends in climate change, according to Dr. Pete Dailey, Head of Research at Aeolus Capital Management. Earlier this month, our sister site ... Read the full article
CCRI launches new climate technology in Jamaica
10th May 2022
The Coalition for Climate Resilient Investment (CCRI) has released new technology in Jamaica that is set to help countries that are most exposed to extreme weather events to become more climate resilient. The Systemic Risk Assessment Tool (J-SRAT), has been developed to help identify “hotspots” across the country’s major infrastructure networks, ... Read the full article
Climate insurtech FutureProof gains MGA funding, led by AXIS
9th May 2022
FutureProof Technologies, a climate-focused P&C insurtech, has raised $6.5 million in capital, which it has employed to establish a managing general agency (MGA) entity. The capital raise, which was led by AXIS Digital Ventures with participation from prior investors Innovation Endeavors and MS&AD Ventures, brings FutureProof’s total funding to nearly $10 ... Read the full article
Ariel Re provides performance guarantee cover for sustainable waste firm
26th April 2022
Bermuda-based reinsurer Ariel Re has insured the long-term performance warranty of Ecogensus, a technology firm focused on delivering sustainable waste management solutions. Through its Lloyd’s Syndicate 1910, Ariel Re will provide insurance coverage to backstop comprehensive performance guarantees for Ecogensus’ recyclers, which process solid waste into high performance biofuels. In addition to ... Read the full article
The Hartford sets 2050 net zero target for all operations
8th April 2022
US property and casualty insurer, The Hartford, has announced its goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. The goal is in addition to the company’s existing targets, where they aim to operate ... Read the full article
Adaption “absolutely key” in world facing growing climate risks: Munich Re’s Rauch
5th April 2022
With increasingly severe floods, storms and wildfires set to make some places “uninhabitable”, and insurance cover too costly, there is now an urgent need for greater investment in making communities more resilient and in adapting to climate impacts, Chief Climate and Geo Scientist at global reinsurance giant Munich Re, Ernst ... Read the full article
Verisk forms Climate Advisory Council
5th April 2022
Verisk has announced the formation of a Verisk Climate Advisory Council, whose members will provide strategic guidance and feedback on climate change solutions the company is developing. The ongoing research of the council members will help ensure that Verisk is well-informed on the latest climate change research and analyses, the firm ... Read the full article
Mexico launches IDF-backed parametric climate solution for farmers
25th March 2022
The Government of Mexico has announced the launch of a tripartite project to develop a sovereign parametric insurance solution for climate-vulnerable smallholder farmers, supported by investments in long-term risk finance and insurance market development. The solution represents a partnership between the Ministry of Finance & Public Credit, the Insurance Development Forum ... Read the full article
New Swiss Re climate policy targets shift away from oil & gas
17th March 2022
Swiss Re has announced a new climate policy that includes commitments to shift away from the most carbon-intensive oil and gas production. By 2025, the reinsurer says that half of its overall oil and gas premiums are to come from companies that are aligned with net zero by 2050, and by ... Read the full article
Is MAPFRE about to change its climate policy?
11th March 2022
MAPFRE will reportedly update its climate policy ‘significantly’ at its latest AGM, according to the pressure group Insure Our Future. According to Insure Our Future, MAPFRE, “ coal, gas and oil companies that do not commit to an energy transition plan that allows global warming to be maintained at around 1.5C." MAPFRE ... Read the full article
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
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