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.
WTW appoints Fox Carney as climate transition advisor
25th October 2021
Re/insurance broker Willis Towers Watson has appointed Diana Fox Carney to the climate, resilience and ESG solutions teams within its Climate Resilience Hub, which serves corporates and public sector institutions in North America and worldwide. As a development economist, Fox Carney developed early insights on global sustainability risks and the challenges ... Read the full article
AXIS updates fossil fuel underwriting & investment policy
20th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has announced several new updates to its fossil fuel underwriting and investment policy. In particular, the company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment ... Read the full article
2021 was “no outlier” for European cat losses: Swiss Re’s Reichelt
18th October 2021
With climate concerns growing across the re/insurance market, Swiss Re’s Frank Reichelt warns that secondary peril losses will inevitably grow, meaning a year like 2021 in Europe is “no outlier on a global scale.” With the January 2022 renewals coming up, reinsurance buyers are reflecting on what has been another active ... Read the full article
European climate losses to push rates at 1/1: Swiss Re’s Kramer
14th October 2021
Beat Kramer, Head Property Underwriting EMEA at Swiss Re, has said that he expects reinsurance rate increases to continue at the upcoming January renewals, in part due to the level of catastrophe losses experienced in Europe this year, which are viewed as having been exacerbated by climate change. Speaking during a ... Read the full article
Swiss Re won’t provide cover to climate bad actors, says Ooi
13th October 2021
Sharon Ooi, Head of Australia & New Zealand at Swiss Re, says that the reinsurer is committed not to provide cover for “bad actors” in the fight against climate change. Speaking in a recent interview with The Australian Financial Review, Ooi said that Swiss Re’s climate policy aims to “ensure that ... Read the full article
Generali CEO commits to €3bn of sustainable investments by 2022
13th October 2021
Italian insurer Generali has committed to investing €3 billion in sustainable and green bonds by the end of 2022, as part of its sustainability objectives. The commitment forms part of a larger climate protection goal for Generali to make between €8.5 billion and €9.5 billion of new green and sustainable investments ... Read the full article
Hannover Re commits to net zero targets in reinsurance & investments
13th October 2021
Hannover Re is committing to achieve net zero emissions in business operations by 2030 and in its reinsurance portfolio and investments by 2050, as part of its targets to support the Paris Agreement on climate change. The reinsurer plans to develop methods to determine the greenhouse gas emissions of reinsured customer ... Read the full article
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
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