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.
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
Pool Re partnership to explore links between climate & terror
3rd November 2021
UK government-backed terrorism reinsurer Pool Re has partnered with global terrorism pools forum IFTRIP and the National Consortium for the Study of Terrorism and Responses to Terrorism (START) to explore the impact of climate change on terrorism. Together, the trio will produce a series of rapid reports underlining the impact that ... Read the full article
IDF and Start Network partner on financial service for the humanitarian space
3rd November 2021
The Insurance Development Forum (IDF) has entered into a new partnership with Start Network, a coalition of more than 50 humanitarian charities, to support the buildout of a global financial service for the humanitarian sector. The new tool is called Start Ready and will help communities get ahead of the worsening ... Read the full article
Urgently expand risk sharing systems to fight climate crisis, says report
3rd November 2021
As world leaders meet in Glasgow at COP26 to hopefully progress and accelerate the global fight against climate change, a new report from the University of Cambridge Institute for Sustainability Leadership (CISL) calls for the expansion of risk sharing systems at scale. The report, 'Risk Sharing in the Climate Emergency: Financial ... Read the full article
TP ICAP partners with Speedwell on climate index
2nd November 2021
Global markets infrastructure and data solutions provider TP ICAP Group has partnered with Speedwell, an environmental risk-management solution provider, to launch the ICAP-Speedwell Climate Index. The index uses global weather data to track climate change thereby allowing financial risk related to the rate of climate change to be traded. Its launch will ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
UN partnership has potential for systemic climate change: ICMIF
29th October 2021
Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in combating climate change. During a high-level UN panel discussion as part ... Read the full article
PRA exploring need for climate-related capital charges
28th October 2021
A new report by the UK’s Prudential Regulation Authority (PRA) has explored how to appropriately respond to the risks posed by climate change going forward. Among the potential options looked at within the report is the possibility for additional climate-related capital charges, in order to incentivize firms to incorporate climate considerations ... Read the full article
Lloyd’s targets net zero Central Fund & underwriting
28th October 2021
Insurance and reinsurance marketplace Lloyd’s of London has announced plans to join the UN-convened Net Zero Insurance Alliance (NZIA), as part of a commitment to transition all of its operational and attributable greenhouse gas emissions to net-zero by 2050, at the latest. The move builds on Lloyd’s existing commitment to reduce ... Read the full article
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