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.
Swiss Re’s Mumenthaler confident in 2050 net zero target
27th January 2021
Swiss Re CEO Christian Mumenthaler has said he has “high hopes” that companies in the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders can reach their target of net zero carbon emissions by 2050. Speaking in an interview with CNBC, Mumenthaler explained that the hardest challenge of the net zero ... Read the full article
IUA business plan prioritises climate risks in 2021
26th January 2021
The International Underwriting Association (IUA) has confirmed its business plan for 2021, which identifies climate risks as a key priority for the London company market. The organisation also revealed details of a strategic review that will include a reassessment of the way it supports member firms in the light of Covid-19 ... Read the full article
Heightened storm frequency, rising sea levels to drive greater losses: report
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
Marsh & McLennan pledges carbon neutrality in 2021
19th January 2021
Global insurance and reinsurance broker Marsh & McLennan has announced two new commitments in its effort to combat climate change. The company has made a pledge to be carbon neutral in 2021 through the reduction of greenhouse gas emissions in its own operations and the purchase of verifiable offsets, whilst also ... Read the full article
Environmental threats still dominate long-term risk landscape: WEF
19th January 2021
According to the World Economic Forum (WEF), environmental risks are again forecast to dominate the risk landscape over the next 10 years, both in terms of impact and likelihood. The WEF’s 2021 Global Risks Report also warned that societal fractures, uncertainty and anxiety will make it increasingly difficult to achieve the ... Read the full article
AbsoluteClimo, AKR Zell announce strategic partnership
8th January 2021
AbsoluteClimo and AKR Zell have announced a strategic partnership that will see the two firms provide the Insurance-linked securities (ILS) and re/insurance industry with climate-driven risk services. The partnership will have an emphasis on providing independent views of risk and addressing climate- related gaps unfulfilled by traditional industry tools. AKR Zell’s reinsurance ... Read the full article
Castel expands into renewable energy market
18th December 2020
Castel Underwriting Agencies Limited, has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. The company plans to underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural ... Read the full article
AXA XL’s New Energy Risk insures fuel cell project in South Korea
21st October 2020
New Energy Risk (NER), an affiliate of global re/insurer AXA XL, has provided an insurance solution to Bloom Energy to facilitate the purchase and financing of fuel cells in South Korea. NER developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for 15 years. NER has ... Read the full article
Shift to physical exposure based models is essential: Convergence 2020
8th October 2020
While catastrophe vendor models have an important place in the insurance and reinsurance industry, the influence of climate change suggests it's essential to leverage more physical exposure based models, according to industry experts. On the opening day of the virtually held 2020 ILS Bermuda Convergence event, climate change took centre stage ... Read the full article
Reinsurers to play important role in climate change: SCOR
7th October 2020
Due to global risks increasing, SCOR believes that the re/insurance industry has a key role to play in addressing current climate change risk challenges. During September, SCOR took place in a webinar, where Michèle Lacroix and Laurent Rousseau looked at how re/insurers can take a proactive stance on sustainability and climate ... Read the full article
Pandemic overtakes climate change as top market concern: AXA
1st October 2020
The latest Future Risks Report from AXA has found that pandemic and infectious diseases have risen quickly to become the foremost concern of risk management experts and the general public this year. Previously ranked as the eighth most concerning risk in 2019, the global outbreak of COVID-19 has since propelled the ... Read the full article
We need to start voicing a picture of a carbon-neutral future: Zurich
29th September 2020
Swiss re/insurer, Zurich Insurance Group has spoken out about climate change and the re/insurance industry's role in creating awareness. Scientists have been warning mankind for decades that humans are causing severe and potentially irreversible changes to the climate, essentially heating the earth ourselves with carbon dioxide and methane. Climate change-induced events that ... Read the full article
CoreLogic & Munich Re partner on climate risk modelling
24th September 2020
Property information and analytics provider CoreLogic has partnered with Munich Re to model climate risk exposures for individual properties in Australia and New Zealand. The partnership will combine Munich Re’s climate analytical capabilities with CoreLogic’s property data coverage and connection to banking, valuation, insurance and real estate systems. Together, they will aim ... Read the full article
Swiss Re finds major economies at risk from biodiversity decline
24th September 2020
A new report from Swiss Re Institute claims that one fifth of countries worldwide are at risk from ecosystem collapse and biodiversity declines, which threaten some of the major global economies. The reinsurer says that more than half of global GDP, equal to $41.7 trillion, is dependent ... Read the full article
Munich Re strengthens capital base with green bond issuance
24th September 2020
Global reinsurer Munich Re has issued a subordinated green bond for the first time in its history, with the volume issued totalling €1.25 billion (USD 1.46 billion). The German reinsurance company says that the bond proceeds will be invested in renewable energies and the like, while the issuance also bolsters the ... Read the full article
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