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.
Climate transition plans vital as risk of fuel poverty looms: Swiss Re
6th October 2021
Swiss Re has underlined the “urgent need” for orderly climate change transition plans that invest more into renewables, as the energy crisis in Europe threatens to give rise to ‘fuel poverty’ and increase social tensions. In a new report, analysts note that energy prices have skyrocketed in recent weeks, as shortfalls ... Read the full article
Tokio Marine adds new climate restrictions for underwriting, investments
1st October 2021
As part of its revised climate strategy, global P&C insurance group Tokio Marine has introduced new restrictions to its insurance underwriting and investment and lending policies. Specifically, the new revisions add thermal coal mining projects to the list of restricted businesses for new business transactions, in addition to the existing exclusion ... Read the full article
African Risk Capacity to join UN’s Net-Zero Asset Owner Alliance
28th September 2021
It's been announced that the African Risk Capacity (ARC) Limited is the first African company to join the UN-convened Net-Zero Asset Owner Alliance. The Net -Zero Asset Owner Alliance was established in 2019 by eight of the world’s leading insurers and reinsurers and is designed to transition insurance portfolios to net-zero ... Read the full article
IDF & V20 Group call for more international climate support
20th September 2021
The Insurance Development Forum (IDF) and the Vulnerable Twenty (V20) Group of Ministers of Finance have called for joint collaboration and international support to strengthen global physical climate risk management capabilities. Together, the IDF and V20 also announced their intention to advance on the creation of the Global Risk Modelling Alliance ... Read the full article
Liberty Mutual commits to 50% emissions cut by 2030
14th September 2021
Liberty Mutual Insurance has announced a new climate commitment to reduce its Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from its 2019 levels by 2030. To reach these goals, the company plans to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying ... Read the full article
Climate change is front and centre for reinsurers, say Aon execs
8th September 2021
As industry losses from so-called secondary perils such as wildfires, winter storms and floods continue to rise, coupled with the expectation of more frequent and severe events in general, climate change is "front and centre in most people's thinking," according to Andy Marcell, Chief Executive Officer (CEO) of Aon's Reinsurance ... Read the full article
Swiss Re in carbon removal agreement with Climeworks
25th August 2021
Reinsurer Swiss Re has signed a ten-year purchase agreement with Climeworks, a specialist in carbon dioxide air capture technology, to tackle climate change using direct air capture and storage of carbon dioxide. Worth $10 million over the ten years, Swiss Re hopes the collaboration will help it to achieve its goal ... Read the full article
Economic case for net zero is “irresistible”: Swiss Re’s Fürer
20th July 2021
As the world emerges from the COVID-19 pandemic and turns its attention back towards the impending threat of climate change, Swiss Re’s Chief Investment Officer (CIO), Guido Fürer, has said that the economic case for moving towards net zero carbon emissions is “irresistible." Speaking at Swiss Re's 2021 Media Day lasat ... Read the full article
Net-Zero Insurance Alliance (NZIA) launched at G20 Climate Summit
12th July 2021
Eight of the world’s largest insurance and reinsurance companies have launched the Net-Zero Insurance Alliance (NZIA) at the G20 Climate Summit in Venice yesterday, committing to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. The United Nations Environment Programme Finance Initiative (UNEP FI) called it a "historic ... Read the full article
Guy Carpenter launches new climate advisory & modelling services
7th July 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the launch of a suite of advisory and modelling services to help clients integrate climate change strategies into their Environmental, Social and Governance (ESG) programs. Key services include natural hazard risk assessment and risk modelling, exposure data enhancement, and adjustment ... Read the full article
AXA progresses on green investments but sees “long way ahead”
1st July 2021
Global insurer AXA has reported that the green share of its investment portfolio has continued to increase, but CEO Thomas Buberl says there is still "a long way ahead" for the industry to align itself with international climate goals. As part of its climate strategy, AXA is planning to invest €25 ... Read the full article
Climate is single biggest opportunity for re/insurers: John Neal
16th June 2021
Lloyd’s CEO John Neal has described climate change as “the largest single underwriting and investment opportunity” that most re/insurers will see in their careers. Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to “look at climate positively.” Neal was joined by ... Read the full article
G7 package to scale up climate protection funding
14th June 2021
A new package of support from the UK, Germany and US aims to scale up protection for vulnerable communities against the impacts of climate change. Agreed at the recent G7 summit, the package includes £120 million in new funding from the UK and €125 million from Germany, with the intention of ... Read the full article
UN chief says decisive climate action needed from re/insurers: IDF
8th June 2021
UN Secretary-General António Guterres has asserted that the re/insurance industry has a “key role to play” in promoting the transformations needed to protect the world from climate change. Speaking at an Insurance Development Forum (IDF) event today, Guterres said re/insurers must take “decisive action now” to help mitigate the impacts of ... Read the full article
BoE launches climate stress test for insurers
8th June 2021
The Bank of England (BoE) has officially launched its Climate Biennial Exploratory Scenario (CBES), which is designed to explore the financial risks posed by climate change for the largest UK banks and insurers. While the BoE runs regular stress tests to help assess the resilience of the UK financial ... Read the full article
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