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.
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
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
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