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.
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
Zurich adds climate change to natural hazards risk advisory service
17th September 2020
Global insurer Zurich has expanded its natural hazards risk advisory to include climate change services, underscoring its commitment to sustainability and a 1.5°C future. Zurich's newly launched Climate Change Resilience Services is designed to help businesses better prepare for both current and future climate change risks. Climate change is consistently viewed as ... Read the full article
Insurers have a responsibility to take action on climate change: Sweeney, BoE
16th September 2020
While the insurance industry has made progress on the issue of climate change and related risks, it's vital that the sector, alongside regulators, further advance their thinking and take action, according to Anna Sweeney, Executive Director, Insurance Supervision Division, Bank of England (BoE). Although somewhat overshadowed in recent months by the ... Read the full article
Swiss Re steps up internal carbon levy
15th September 2020
As part of its efforts to transition to net-zero emissions in operations by 2030, Swiss Re has announced that it will increase its internal carbon levy to $100 per tonne as of 2021. The new levy is considerably higher than the current levy of $8 per tonne CO2, and is set ... Read the full article
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