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.
Wildfire is a canary in the coal mine for re/insurers: WeatherPredict’s Tillman
24th January 2020
The uptick in devastating wildfire losses over the last few years should come as a warning to re/insurers still sceptical about the potential impacts of climate change, says Craig Tillman, President of RenaissanceRe-owned risk intelligence and research affiliate WeatherPredict Consulting. Speaking as part of a lecture in the Old Library at ... Read the full article
Climate threats dominate long term risk landscape: report
24th January 2020
Severe threats to the climate dominate the long-term risks identified in the latest Global Risks Report by the World Economic Forum (WEF), with economic confrontations and domestic political polarisations ranking among the shorter-term risks for 2020. The report, which was produced in partnership with Marsh & McLennan and Zurich Insurance Group, ... Read the full article
Generali signs up to UN net-zero emissions pact
23rd January 2020
Italian re/insurer Generali has joined the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target. To achieve this ... Read the full article
Swiss Re passing climate-related price rises on to clients, says CEO at Davos
23rd January 2020
As the risk transfer industry continues to adapt to the changing climate, Swiss Re is in the process of passing climate-related price increases on to its clients, according to the firm's Chief Executive Officer (CEO), Christian Mumenthaler. In an interview with CNBC at the 2020 annual World Economic Forum (WEF) in ... Read the full article
Zurich’s Greco calls for effective price on carbon, at Davos 2020
21st January 2020
Mario Greco, the Chief Executive Officer (CEO) of Zurich Insurance Group, has called for tax changes designed to ensure carbon is effectively priced across the world. Addressing an audience at the World Economic Forum's (WEF) annual meeting held in Davos, Switzerland, Greco discussed the impacts of digital disruption and the changing ... Read the full article
Swiss Re CEO urges more climate action from businesses
20th January 2020
Swiss Re CEO Christian Mumenthaler has called on private businesses across the financial sector to come together to create a more viable action plan to address the challenge of climate change. He argued that reducing the effects of climate change is a common goal that should be supported across the global ... Read the full article
China’s Ping An joins Climate Action 100+ initiative
6th January 2020
Ping An Insurance (Group) Company of China, Ltd. has become the first Chinese asset owner to join Climate Action 100+, an investor initiative that aims to engage the largest corporate greenhouse gas emitters and help them take action on climate change. Currently, more than 420 investors across the world with more ... Read the full article
IUA plans to prioritise climate & cyber in 2020
3rd January 2020
As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change. The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including ... Read the full article
Bank of England publishes climate stress test proposals for financial services
18th December 2019
The Bank of England (BoE) has outlined proposals for the 2021 Biennial Exploratory Scenario (BES) exercise, designed to test the resilience of banks, insurers and the financial system to both the physical and transition risks from climate change. The BES looks to expand on the current efforts being made by banks ... Read the full article
Coal exclusions double in 2019 as action spreads beyond Europe
2nd December 2019
The number of insurers withdrawing cover for coal has more than doubled in 2019 as the industry’s retreat from the sector accelerates and spreads beyond Europe, according to data from environmental campaign group Unfriend Coal. Coal exit policies have now been announced by 17 companies controlling 46% of the reinsurance market ... Read the full article
Climate risk among top concerns for airports: Willis Towers Watson
28th November 2019
Re/insurance broker Willis Towers Watson has highlighted climate risk as among the top risks currently faced by airports. As part of a recent conference held by the Willis Towers Watson Airport Risk Community (ARC), the broker found that 86% of the audience felt that airports are either very exposed or somewhat ... Read the full article
No area of Australia should become uninsurable, says ICA
25th October 2019
No area of Australia should be uninsurable, the Insurance Council of Australia (ICA) has argued, provided governments invest appropriately in permanent mitigation and resilience measures. The ICA rejected the notion that climate change will ultimately prevent some Australians from being able to secure adequate coverage. With extreme weather events such as cyclones, ... Read the full article
Hiscox illustrates threat of rising sea levels with FloodPlus AR app
24th October 2019
Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article
IDF sees “untapped” potential for re/insurers to support climate resilience: Iyahen
18th October 2019
The role of the re/insurance industry in building global climate resistance is currently “significantly untapped,” according to Ekhosuehi Iyahen, Secretary General of the Insurance Development Forum (IDF). Speaking during a recent lecture in the Old Library at Lloyd’s of London, Iyahen discussed how the industry can help to build climate resilience ... Read the full article
Concerns about climate, cyber & political risks intensify: AXA survey
16th October 2019
Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article
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