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.
UK property insurers need to map the long-term impact of climate change: JBA
9th April 2021
Analysts at flood science specialist, JBA Risk Management, have warned that UK property insurers need to start planning how they will map the long-term impacts of climate change on their books. The warning comes ahead of the confirmation this June of the Prudential Regulatory Authority’s (PRA) detailed reporting requirements on insurers’ ... Read the full article
EY praises “world-leading” UK insurance, flags fundamental ESG concerns
1st April 2021
The UK's insurance industry has been praised for its transparency and efficiency in a new EY indexing report that also describes its Environmental Social and Governance (ESG) performance lagging behind its European peers. Both the UK and Belgian insurance markets are described by EY in its global indexing report as being ... Read the full article
Climate change regulation to benefit re/insurers: Moody’s
31st March 2021
Analysts at Moody’s believe that a growing focus on climate change by global re/insurance regulators will ultimately be beneficial to the industry. The rating agency suggested that closer regulatory scrutiny of climate risk will push re/insurers to better evaluate and monitor climate-related threats. It is also expected to support re/insurers in making ... Read the full article
Allianz warns industry of climate compliance challenges
25th March 2021
Analysts at Allianz have warned that actions to address climate change pose significant operational and compliance challenges for re/insurance companies, with growing scrutiny for those that over-promise or lag behind. Although the pandemic caused re/insurers and governments alike to shift their priorities over 2020, Allianz believes that the issue will move ... Read the full article
RMS launches new climate change models
22nd March 2021
Catastrophe risk modeller RMS has launched new climate change models to help its customers assess the near and long-term impacts of climate change on physical assets and their businesses. The new models include RMS’s economic modelling framework which uses climate science consensus, including from the Intergovernmental Panel on Climate Change (IPCC). The ... Read the full article
Swiss Re plans full coal exit in renewed climate push
16th March 2021
As part of its goal to transition towards net zero emissions, Swiss Re has revealed a new set of climate targets that include a full phase-out of thermal coal in treaty re/insurance by 2040. In 2023 Swiss Re will tighten its coal policy by introducing new thermal coal exposure thresholds for ... Read the full article
Geneva Association task force develops climate framework for re/insurers
25th February 2021
Industry think tank The Geneva Association has mobilised 17 of the world's largest P&C and life re/insurers to form a new task force for tackling climate risk. These companies will come together to develop climate risk assessment methodologies and tools for the re/insurance industry, beginning with a report that lays out ... Read the full article
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
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