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 premiums could become a “social issue”: Munich Re climatologist
8th April 2019
Raising premiums in response to the increasing frequency and severity of wildfire losses could become a “social issue,” making cover unaffordable for ordinary people, according to Ernst Rauch, Chief Climatologist at Munich Re. Speaking with the Guardian, Rauch said: “If the risk from wildfires, flooding, storms or hail is increasing then ... Read the full article
QBE to phase out thermal coal exposure in climate action push
2nd April 2019
Global re/insurer QBE Insurance Group has announced that it plans to stop insuring thermal coal projects as part of its recently implemented climate plan to mitigate the effects of global warming. CEO Patrick Regan explained that from 1 July 2019, QBE will exclude any new direct insurance services for new construction ... Read the full article
Physical & economic impacts of climate change are accelerating: WMO study
29th March 2019
The physical signs and socio-economic impacts of climate change are accelerating as record greenhouse gas levels drive global temperatures towards increasingly dangerous levels, according to a new report from the World Meteorological Organization (WMO). The WMO’s study on the state of the global climate in 2018 highlighted record sea level rise, ... Read the full article
Bank of England to implement new climate risk standards
25th March 2019
The Bank of England is preparing to release a new set of rules on how it expects re/insurers and banks to manage the financial risks from climate change, according to Governor Mark Carney. In a statement on Thursday, Carney acknowledged that “insurers and reinsurers are on the front line of managing ... Read the full article
Australian regulator calls for stricter climate risk management practices
22nd March 2019
The Australian Prudential Regulation Authority (APRA) intends to increase its scrutiny of the way re/insurers manage the financial risks of climate change on their business. The regulator called on re/insurers, as well as banks and superannuation trustees, to move from gaining awareness of the financial risks to taking action to mitigate ... Read the full article
MS&AD, QBE and Nephila among investors of climate data startup Jupiter
21st March 2019
Mitsui MS&AD, QBE and Nephila are among the Series B investors of predictive data and analytics startup Jupiter. Founded in 2017, Jupiter announced recently that its Series B round of funding raised $23 million and stated the money would be put to work further expanding its climate risk-centred business. “Influential investors from ... Read the full article
Insurers join with UK regulators to address financial risks of climate change
13th March 2019
Several insurers joined the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) last week to develop responses to the financial risks of climate change at the first meeting of the Climate Financial Risk Forum (CFRF). Representatives from Aviva, Legal & General, Lloyd’s of London, RSA Insurance Group, and Zurich ... Read the full article
Large California wildfires could now occur in any year, finds study
5th March 2019
Large wildfires similar to those seen in 2018 could now occur in any year, regardless of how wet the previous winter was, according to a new study published in the Proceedings of the National Academy of Sciences. The study concluded that increased temperatures due to climate change and more effective efforts ... Read the full article
TransRe reduced cat exposure due to climate concerns: Alleghany CEO Hicks
22nd February 2019
Weston Hicks, Chief Executive Officer (CEO) of Alleghany Corporation, has said that the firm's reinsurance arm, Transatlantic Reinsurance Company (TransRe), has reduced its catastrophe exposure in response to concerns about growing climate risks and other adverse market conditions. In a letter to shareholders, Hicks addressed the challenge of writing catastrophe business ... Read the full article
Global Parametrics partners with supercomputing experts on climate risk modelling
4th February 2019
Global Parametrics, a parametric and index-based risk transfer start-up that’s backed by the UK and German governments, has partnered with the Barcelona Supercomputing Centre (BSC) to improve the speed and scale of its climate-related risk modelling. The BSC is a member of the Partnership for Advanced Computing in Europe (PRACE) and ... Read the full article
World Bank, EU agreement yields €30m for Caribbean climate programs
4th February 2019
The signing of two agreements by the European Union (EU) and the World Bank’s (WB) Global Facility for Disaster Reduction and Recovery will provide €30.7 million in funds for two climate resilience and adaptation programs in the Caribbean. €27.7 million will go to the Caribbean Regional Resilience Building Facility and will ... Read the full article
Public-private partnerships urgently needed to build climate resilience: Swiss Re
30th January 2019
Further cooperation is urgently needed between the public and private sectors in order build global resilience to climate change and the growing threat of natural catastrophes, according to reinsurance giant Swiss Re. Reporting from the World Economic Forum 2019 event in Davos, Switzerland, Swiss Re said that public-private partnerships, such as ... Read the full article
Re/insurers should consider rewarding climate resilience efforts: Aon
23rd January 2019
Insurers and reinsurers should consider responding to climate change risks by rewarding corporate resilience efforts with premium discounts or access to additional capital, according to Aon. The broker noted in its latest Weather, Climate & Catastrophe Insight report that recent trends in natural disaster activity are putting increasing pressure on re/insurers ... Read the full article
Rising sea levels a manageable concern for re/insurers, says climate expert
15th January 2019
Sea level rise over the 21st century will not be as severe as many climate models have predicted and should not present a major issue for re/insurers provided it is managed appropriately, according to Dr. Judith Curry, President of Climate Forecast Applications Network and Professor Emeritus, Georgia Institute of Technology. Curry ... Read the full article
Ten re/insurers rule out support for Australian coal mine following climate campaign
20th December 2018
Ten of the world’s largest insurers and reinsurers will not provide support for the development of Adani Group’s Carmichael coal mine in Queensland, Australia, following a campaign by 73 prominent environmental organisations. The organisations, which collectively represent 76 million members, penned a letter to 30 global re/insurance companies earlier this ... Read the full article
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