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 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
2021 a “pivotal year” for re/insurers’ climate efforts: Swiss Re’s Ojeisekhoba
7th June 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that following the outbreak of the COVID-19 pandemic, 2021 could be a “pivotal year” for the re/insurance industry to help push for more societal resilience to climate change. As countries look to a sustainable pandemic recovery, and with ... Read the full article
DBRS Morningstar notes growing momentum of sustainable insurance investments
3rd June 2021
Analysts at DBRS Morningstar have pointed to the “growing momentum of sustainable investment among insurers” which it says should support a transition towards a low-carbon economy globally, and help to mitigate the effects of climate change. With Environment, Social, and Governance (ESG) awareness on the rise, the firm noted that many ... Read the full article
Swiss regulator asks re/insurers to disclose climate risks
1st June 2021
Swiss financial regulator FINMA has said that, going forward, re/insurance companies and banks will be required to publicly provide “qualitative and quantitative information” on the risks they face due to climate change. FINMA said the move will support the sustainable development of the Swiss financial centre, while preventing the public from ... Read the full article
Aon, Willis & Mercer join sustainable investing group
13th May 2021
Fourteen institutional investment consulting firms in the US, including Aon, Willis Towers Watson (WTW) and Mercer, have established a joint working group to advance sustainable investing. Aon Hewitt Investment Consulting, WTW, and Mercer, which forms part of broker Marsh McLennan, will aim to support clients by promoting and improving sustainable investment ... Read the full article
WTW establishes framework to support climate transition plans
4th May 2021
Re/insurance broker Willis Towers Watson (WTW) has announced the launch of Climate Transition Pathways (CTP), an accreditation framework that helps insurers and financial institutions to identify which organisations have transition plans aligned with the Paris Agreement. The CTP governance committee will work with independent third-party groups including Volans, a consultancy responsible ... Read the full article
AXA to target environmentally positive & inclusive insurance
30th April 2021
Global insurer AXA has launched a progress index to measure its implementation of several new climate and inclusivity targets. On the insurance side, these include strengthening the share of insurance products with a positive impact on the environment, through the guarantees or services offered, as well as the promotion of inclusive ... Read the full article
SCOR sets further climate targets for investments
28th April 2021
French re/insurer SCOR has announced further climate targets to reduce the carbon intensity of its investments and accelerate its move towards net-zero emissions. By 2025, SCOR now aims to have reduced the carbon intensity of its corporate bonds and listed equities portfolio by 27%. It's hoped that this new target will support ... Read the full article
Willis Towers Watson commits to net zero by 2050
19th April 2021
Re/insurance broker Willis Towers Watson (WTW) has announced a set of measures aimed at reducing carbon emissions across its business operations, with a target to deliver net zero greenhouse gas emissions by 2050. This includes an interim target for 2030, by which point WTW has committed to achieve at least a ... Read the full article
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