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.
Climate change and aging populations pose greatest ESG risks, reports Moody’s
13th June 2018
Climate change and aging populations pose the greatest Environmental, Social, and Governance (ESG) risks to European re/insurers, according to a new survey by Moody’s Investors Service. Over 90% of respondents to Moody’s survey, which polled 15 European re/insurance companies, said that ESG is an important consideration for their businesses and brand ... Read the full article
UK Gov Environmental Committee proposes mandatory climate risk reporting
4th June 2018
The UK Government’s Environmental Audit Committee has recommended that it should be mandatory for large companies and asset owners to report their exposure to climate change risks and opportunities by 2022. The Committee’s new report on Greening Finance concluded that such a measure would encourage companies to focus on long-term considerations ... Read the full article
Climate measures proposed as New Zealand’s April storm losses reach $72mn
4th June 2018
Insured losses from New Zealand’s recent April storms have reached NZD $72 million (USD $50 million), prompting a boost in funding to the country’s emergency response section and a series of climate resilience measures, according to the Insurance Council of New Zealand (ICNZ). The storm battered New Zealand’s North Island over ... Read the full article
Weather & Climate Risk Innovation Network launched by Aon
24th May 2018
Sector knowledge, experience and expertise from across Aon has been galvanised to create its new Weather & Climate Risk Innovation network, after the firm's Impact Forecasting unit estimated losses from weather events in 2017 topped out at approximately $344 billion. The initiative has been created to address weather and climate risks ... Read the full article
Philippines spearheads region-wide ASEAN disaster risk database
21st May 2018
The Philippines has begun sharing disaster risk information with its private sector in an effort to encourage fellow member states in the Association of Southeast Asian Nations (ASEAN) to build a region-wide database on disaster risk management and climate control. By establishing a shared database, the Philippines hopes to mitigate the ... Read the full article
Re/insurers failing to adjust to climate change, reports University of Waterloo
16th May 2018
The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article
African farmers receive pay-outs of $1.5mn following drought
14th May 2018
Smallholder farmers under the R4 Rural Resilience Initiative (R4) climate risk management scheme have received pay-outs of US $1.5 million following poor rainfall in Ethiopia, Kenya, Malawi, Senegal, and Zambia. The R4 scheme, which was launched in 2011 by the United Nations World Food Programme (WFP) and Oxfam America, is designed ... Read the full article
California to conduct first climate-related stress test for re/insurers
11th May 2018
The California Department of Insurance (CDI) has announced that it plans to conduct a climate-related financial risk stress test and analysis of re/insurance companies’ investments in fossil-fuels, which it claims will be the most comprehensive test of its kind for the insurance sector, and the first in the U.S. The CDI ... Read the full article
2017’s disaster events show shifting risk landscape, says Chubb’s Greenberg
19th April 2018
Evan Greenberg, Chairman and Chief Executive Officer (CEO) of Chubb, has asserted that the risk landscape is becoming more complex, and that re/insurers must respond to 2017’s costly natural catastrophe events by adjusting their risk-models and doing more to support government programmes. In the Chairman’s letter to shareholders, Greenberg claimed that ... Read the full article
Climate change offers growth opportunities for re/insurers: Moody’s
27th March 2018
Moody’s has suggested that the effects of climate changes may present many opportunities for re/insurers to expand their operations by introducing new products, expanding existing ones, and by closing the protection gap. A recent report by the company predicts that insurance will likely become a more widespread part of comprehensive risk ... Read the full article
Monetary Authority of Singapore promotes sustainability and technology in re/insurance
23rd March 2018
In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article
Climate change has a net negative credit impact on P&C industry: Moody’s
16th March 2018
Climate change creates significant challenges for the property and casualty (P&C) re/insurance industry, posing risk management and financial risks which account for a net negative credit impact on the sector, according to a recent Moody's report. "The effects of climate change on the frequency and severity of catastrophic events are difficult ... Read the full article
Willis launches re/insurance industry’s first Global Ecosystem Resilience Facility
9th March 2018
Willis Towers Watson has launched its newly developed Global Ecosystem Resilience Facility (GERF), the first global insurance facility to support the resilience of ecosystems with innovative finance and risk management solutions. Launched by Chief Executive Officer (CEO) John Haley at the Economist’s World Ocean Summit in Mexico, the GERF will provide ... Read the full article
Nephila looks to expand weather risk business with Nephila Climate launch
30th January 2018
Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article
2017 was the costliest and warmest year on record for U.S. climate risk
9th January 2018
With 16 climate disasters each with losses at over $1 billion, total economic losses for U.S. climate disasters reached $306 billion, making 2017 both the costliest and warmest year on U.S. records, according to the U.S. Department of Commerce National Oceanic and Atmospheric Administration end of year recap. The western U.S. ... Read the full article
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