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.
ClimateWise Principles revised to better align with TCFD recommendations
19th December 2018
The ClimateWise Principles, which aim to help re/insurers disclose their response to climate change, have been revised to better align with recommendations set out by the Taskforce for Climate-related Financial Disclosures (TCFD). The alignment has been called an important milestone for enabling the insurance industry to proactively lead and support the ... Read the full article
PRA’s climate change plan may conflict with shareholder expectations: Moody’s
17th December 2018
A recent consultation paper on climate change published by the UK’s Prudential Regulation Authority (PRA) is likely to enhance the long-term risk management of re/insurers, but may conflict with the near-term expectations of shareholders, according to Moody’s. Moody’s said that, if implemented, it expects the PRA’s proposed standard to improve ... Read the full article
Vulnerable countries push re/insurance agenda at COP24 climate event
11th December 2018
Representatives of some of the world’s most vulnerable countries have used the ongoing 24th Climate Change Conference of the Parties (COP24) in Katowice, Poland to push for a broader climate and disaster risk financing and re/insurance agenda. Members of the Vulnerable Twenty (V20) group, which represents 48 of the world's most ... Read the full article
Re/insurers taking a “leading role” in the ESG agenda: A.M. Best
19th November 2018
In light of the current absence of any global guidance on how to integrate environmental, social and governance (ESG) criteria into business models, a number of major participants in the re/insurance industry have taken a “leading role” on these issues, according to A.M. Best. Re/insurers are uniquely positioned to tackle the ... Read the full article
UN partners with 16 global re/insurers to develop climate risk assessment tools
16th November 2018
The UN Environment's Finance Initiative (UNEP FI) has announced a partnership with a group of 16 large, global insurers and reinsurers, to develop a new generation of risk assessment tools that enable the risk transfer industry to better understand the impacts of climate change on their business. The 16 companies represent ... Read the full article
Argo broker survey identifies most pressing re/insurance shortfalls
6th November 2018
A survey of brokers and the small and medium-sized businesses (SMEs) they serve, conducted by global specialty re/insurer Argo Group International Holdings, Ltd., has identified cybercrime, climate change, and talent retention as among the areas where re/insurance is most likely to fall behind. For example, Argo found that 71% of brokers ... Read the full article
African Development Bank to launch disaster risk financing programme
30th October 2018
The African Development Bank (AfDB) has announced the launch of its first climate risk management initiative, called the Africa Disaster Risks Financing (ADRiFi) Programme. The comprehensive programme, which will initially run from 2019 to 2023, includes the provision of disaster risk insurance cover for poor communities in regional member countries, and ... Read the full article
Emerging climate risks to drive U.S re/insurance costs: ISO
26th October 2018
A diverse range of emerging climate risks, in combination with rising asset values and population trends, are set to increase the frequency and severity of re/insured losses related to global weather events in the U.S, according to a report from ISO, a Verisk Analytics business. ISO noted that one of the ... Read the full article
UK insurers need strategic approach to manage financial risks of climate change: PRA
23rd October 2018
The UK's Prudential Regulation Authority (PRA) has released a consultation paper calling on the country's financial services entities to take a more forward looking and strategic approach to the management of financial risks from climate change. The consultation paper is on a draft supervisory statement which sets out firms' expectations regarding ... Read the full article
World Bank Group launches $145mn cat risk facility with UK and German govs
15th October 2018
The World Bank Group, in partnership with the governments of the UK and Germany, has announced the launch of a US $145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of natural catastrophes and climate change. The Group explained that this kind of disaster risk ... Read the full article
Germany backs new WFP and ARC climate insurance initiative
21st September 2018
The United Nations World Food Programme (WFP) has signed its first climate risk insurance policy with the Africa Union’s African Risk Capacity (ARC), with €10 million of funding provided by the German Government. The policy, called ARC Replica, is a unique climate risk financing mechanism that is supported by WFP and ... Read the full article
ESG integration entails both social and financial benefits: A.M. Best
31st August 2018
In recent years, investors and shareholders have been increasingly judging re/insurers on their incorporation of a range of Environmental, Social and Governance (ESG) factors, but consideration of these risks and opportunities could also result in significant financial benefits, according to a recent report by A.M. Best. The report observed that, while ... Read the full article
Society must prepare for more frequent and severe extreme weather events: Swiss Re
17th August 2018
Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article
Flood damages could double if coral reef destruction continues
28th June 2018
Annual expected damages from floods could double without the coastal protection benefits afforded by coral reefs, while annual storm damages could triple, according to a new study by Nature Communications. The study identified coral reefs as a vital component of coastal protection for both people and property, and calculated that, for ... Read the full article
Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust
15th June 2018
The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article
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