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.
Cytora partners with Pelmorex Corp to provide insurers deeper insights into climate risks
12th December 2024
Digital risk processing platform Cytora has partnered with international weather information and data management company Pelmorex Corp to provide commercial property underwriters with deeper insights into climate-related risks. Through its integration with Pelmorex Corp - which operates across Europe, North America, LATAM, India and Australia - commercial property insurance underwriters will ... Read the full article
Climate and natural disaster risks prompting 13% of US home hunters to move: Redfin
22nd November 2024
Nearly one in seven (13.7%) US home hunters say a concern for natural disasters or climate risks within their area is a reason they are likely to move in the next year, according to a new report from Redfin, the technology-powered real estate brokerage. A Redfin-commissioned survey which was conducted by ... Read the full article
Insurance industry lagging behind in establishing climate risk committees: Fathom
13th November 2024
A new research report commissioned by Fathom and conducted by IFI Global reveals that the insurance industry is falling behind in establishing dedicated climate risk committees, suggesting that firms would benefit significantly from adopting them to strengthen climate risk management. The findings are based on data from annual and ESG reports ... Read the full article
Rise in demand for cat bonds driven by climate-risk mitigation: Fitch
13th November 2024
In an effort to effectively manage risk, re/insurers are continuing the use of capital markets to access catastrophe bonds amid a firm market, driving up the issuance of insurance-linked securities (ILS), a trend that is expected to persist, Fitch has highlighted. This, according to analysts, also presents a unique opportunity ... Read the full article
Climate risk drives up property insurance prices, impacting commercial real estate: Report
28th October 2024
Reinsurance costs, persistent inflation, regulations, and frequent weather-related claims are driving up property insurance prices, affecting commercial real estate returns, valuations, and transactions, according to a Urban Land Institute (ULI) and Heitman report. According to research, rising insurance costs are squeezing property owners, leading to lower net operating incomes and, in ... Read the full article
African Development Bank approves $34.8m grants for Malawi & Zimbabwe’s climate resilience
14th October 2024
African Development Bank Group’s Board of Directors has approved $34.8 million, ($34,796,402.40) in grants to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe. Under the Bank Group’s Africa Disaster Risk Financing (ADRiFi) initiative, the Mitigating Fragility through the Africa Disaster Risk Financing Programme in ... Read the full article
We have to take the challenge to fight climate change very seriously, R+V Re’s CEO
8th October 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reinsurer, there are certain points that don't come across ... Read the full article
Sasria considers expanding coverage to include natural disasters and climate risks
8th October 2024
The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover - including civil commotion, public disorder, strikes, riots and terrorism - to all individuals and ... Read the full article
AI-powered climate risk platform launched by Adaptive Insurance
3rd October 2024
A new parametric insurance platform, Adaptive Insurance, powered by artificial intelligence (AI) has launched with a mission to change how businesses safeguard against climate risks. The company’s flagship product GridProtect will offer immediate, technology-driven financial relief businesses impacted by power outages responsible for $150 billion in annual losses. Power outages are a ... Read the full article
Howden launches Microsoft-backed Resilience Laboratory to evaluate climate risks better
23rd September 2024
Howden, the insurance intermediary group, has launched the Howden Resilience Laboratory, a digital innovation hub designed to transform how clients evaluate and manage climate risks. Developed by Howden and powered by Microsoft’s cloud services–Azure, Microsoft 365 and Dynamics 365, the Resilience Laboratory enables clients to model climate scenarios and assess financial ... Read the full article
Cytora and Mitiga Solutions partner to enhance insurers’ climate risk insights
13th September 2024
Cytora, a digital risk processing platform, has partnered with Mitiga Solutions, a provider of science-based climate risk intelligence, to offer insurers enhanced insights into their climate risk exposure, enabling more informed decision-making. Insurers can now access Mitiga’s on-demand climate risk analysis platform, EarthScan, through Cytora’s platform. This comes at a crucial ... Read the full article
Climate-change induced rise in claims costs unlikely to lead to negative ratings: S&P
11th September 2024
Global ratings agency S&P Global has stated that for most rated rated primary insurers, a climate change-induced rise in claims costs is unlikely to lead to negative rating actions over the medium term, even if profitability was to become more volatile. 2023 marked the fourth consecutive year that insured losses from ... Read the full article
The Demex Group raises $10.25m for its weather and climate reinsurance solution
6th September 2024
The Demex Group, a technology-enabled managing general agent (MGA), has raised $10.25 million through a Series A and previously closed SAFE funding round for its breakthrough weather- and climate-related reinsurance solution. Demex offers an innovative parametric reinsurance solution that addresses the growing financial risks associated with severe convective storms - including ... Read the full article
Zesty AI & Amica Mutual expand partnership in face of increasing climate risks
12th August 2024
Zesty AI, a provider of climate and property risk analytics solutions powered by artificial intelligence (AI), and Amica Mutual Insurance, a provider of auto, home and life insurance, have expanded their long-standing partnership. According to the announcement, Amica will now leverage ZestyAI’s full property and climate risk analytics platform, which includes AI-powered climate ... Read the full article
Aon renews climate risk research partnership with Columbia University
7th August 2024
Aon has renewed its academic partnership with Columbia University until 2027 to include research on the correlation of climate risk across various perils and regions. This renewal follows a successful first phase, where Columbia's latest peer-reviewed climate science was integrated into Aon’s Impact Forecasting tropical cyclone catastrophe model suite. Consequently, this ... Read the full article
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