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.
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
Munich Re treating climate as systemic risk: analysts
13th December 2021
Analysts at Peel Hunt have noted that Munich Re now appears to be treating climate change as a systemic risk for the re/insurance industry, amid an ongoing rise on the probability of extreme weather events. Last week, Munich Re presented its ESG credentials to financial markets, which included interesting insights in ... Read the full article
Nature-based carbon a $1.3bn opportunity for re/insurers: report
9th December 2021
A new report by carbon market experts, BeZero Carbon, in partnership with international insurance broker, Howden, and UK insurance broker Blackford, has outlined the significant opportunity the re/insurance industry could play in securitising the nature-based carbon market and unlocking the capital needed to scale it. The report estimates that the voluntary ... Read the full article
Fidelis, Arch back WTW’s low-carbon accreditation framework CTP
7th December 2021
Global re/insurance broker Willis Towers Watson has announced further industry backing of its climate-centred accreditation framework, in the form of an endorsement by Fidelis and Arch Insurance Climate Transition Pathways (CTP) has been designed to enable an organisation transition to a low-carbon economy via accreditation. WTW note that the framework is consistent ... Read the full article
Climate models are becoming increasingly critical: Aeolus
23rd November 2021
Insurance and reinsurance companies are naturally at the forefront of understanding climate change risk, and as the climate and resilience debate intensifies around the world, climate models are becoming more important, according to Aeolus Capital Management Ltd. Artemis, our insurance-linked securities (ILS) focused sister site, recently hosted a live ... Read the full article
Howden collaborates with Everbridge to address climate risk with parametrics
23rd November 2021
International insurance broker Howden has joined forces with Everbridge, Inc., a leader in critical event management (CEM) and national public warning solutions, to enable response and recovery organisations to address climate risk and resilience. The first-of-its-kind collaboration brings together Everbridge's public safety technology with Howden's insurance expertise. By combining Everbridge's tech with ... Read the full article
Risk transfer is at the heart of low carbon transition: Rowan Douglas, WTW
17th November 2021
The global risk transfer industry will prove vital in how society is going to manage and orchestrate an orderly transition to a low carbon economy, according to Rowan Douglas, Head of the Climate and Resilience Hub at Willis Towers Watson (WTW), and Chairman of Willis Research Network. Reinsurance News spoke recently ... Read the full article
Swiss Re questions carbon reduction outcomes of COP26 pledges
16th November 2021
In a new report, Swiss Re has raised concerns about the adequacy of the commitments that have come out of the recent COP26 climate talks in Glasgow, suggesting that the pledges “do not unambiguously put the world on a sustainable carbon-reduction trajectory.” The COP26 summit prompted new net-zero targets and agreements ... Read the full article
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