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.
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
95% of re/insurance execs view climate as investment risk: BlackRock
15th November 2021
A new study by investment management firm BlackRock shows that re/insurers are increasingly concerned about the implications of climate risk, with 95% of executives confirming it will have a significant impact on portfolio construction over the next two years. The findings of BlackRock’s tenth annual Global Insurance Report follow an unprecedented ... Read the full article
Asian Development Bank & V20 partner on Philippines climate insurance
15th November 2021
The Asian Development Bank (ADB) has announced a new project to develop climate-smart insurance for micro, small, and medium-sized enterprises (MSMEs) in the Philippines to be administered through the Asia-Pacific Climate Finance Fund (ACliFF). The climate-smart insurance project represents the first project under the Vulnerable Twenty Group’s (V20) new Sustainable Insurance ... Read the full article
Collaboration with re/insurers “vital” for climate transition: GFIA
11th November 2021
The Global Federation of Insurance Associations (GFIA) has asserted that close collaboration and communication with the industry at both global and local level is “vital” to successfully fight against climate change. In a statement alongside the COP26 summit in Glasgow, the GFIA argued that the transition to a sustainable economy needs ... Read the full article
SMI Insurance Task Force launches framework for climate-vulnerable countries
9th November 2021
The Prince of Wales' Sustainable Markets Initiative's (SMI) Insurance Task Force (ITF) has announced the launch of an adaptable and scalable framework designed to improve disaster resilience in low-to middle-income countries. The Disaster Resilience Framework for Climate-Vulnerable Countries highlights the opportunity to combine public and private sector investment with insurance to ... Read the full article
Howden CEO says private capital ‘essential’ in closing disaster funding gap
9th November 2021
David Howden, Chief Executive of insurance intermediary group Howden, has called for leaders in the global investment, humanitarian and philanthropic communities to help close the gap in disaster relief funding, stating the use of private capital as essential to the industry’s success at providing sufficient relief for future disasters. His comments ... Read the full article
IDF sets up Global Risk Modelling Alliance with V20 Group
5th November 2021
As part of the COP26 summit in Glasgow, the Insurance Development Forum (IDF) has announced a new partnership with the V20 Group of Ministers of Finance, which will see them create of a global public-private partnership programme, to be known as the Global Risk Modelling Alliance (GRMA). The GRMA programme will ... Read the full article
German Gov commits €18m to subsidize ARC climate cover
5th November 2021
Alongside the United Nations 2021 United Nations Climate Change Conference (COP26), the Government of Germany has committed €18 million to subsidize the cost of disaster risk insurance for qualifying African Risk Capacity (ARC) Group Member States. In a statement, the Parliamentary State Secretary to the Federal Ministry for Economic Cooperation and ... Read the full article
Climate policy will succeed if business needs are met: Munich Re’s Wenning
3rd November 2021
With the world’s eyes on the COP26 summit in Glasgow, Joachim Wenning, Chair of the Board of Management at Munich Re, has assured that climate policy will succeed if it takes into account the “needs of businesses.” In a new report, Munich Re has called for greater collaboration between the private ... Read the full article
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