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.
FERMA Policy Manifesto proposes enhancements for EU resilience and competitiveness
16th July 2024
FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives. Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis ... Read the full article
Brendan Lane Larson joins ROAR as Chief Climatologist
5th July 2024
Brendan Lane Larson has recently joined the leadership team of Resilience Opportunity Advisors & Resources (ROAR) Partners to provide expertise in Climatology. Brendan Lane Larson is a climatologist, physical meteorologist, practitioner, and experienced entrepreneur. He currently serves as Co-founder and CEO of AbsoluteClimo LLC, a global company specialising in climate physics and ... Read the full article
ARC makes US$32m climate insurance payouts to assist people impacted by drought in Zimbabwe
5th July 2024
The Government of the Republic of Zimbabwe has received an insurance payout of US$16. 8 million following its participation in the African Risk Capacity (ARC) Group disaster financing mechanism. For those who are not aware, the mechanism is designed to help African Union (AU) Member States plan, prepare and better respond ... Read the full article
Wind energy producers and insurers need to monitor changing climate: Swiss Re
4th July 2024
According to a report from Swiss Re, a global reinsurance company, climate change is expected to alter global wind patterns, posing significant challenges for wind energy producers and insurers alike. Shilpa Gahlot, Insurance Research Specialist, Swiss Re, states: "The intensity of storms is anticipated to increase, with stronger gusts and more ... Read the full article
Munich Re’s Risk Management Partners & CGI to help insurers reduce claims through climate risk mitigation
3rd July 2024
Munich Re's Risk Management Partners is teaming with CGI, the business and IT consulting services firm, in a move that is set to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation. This partnership between the two firms will combine Munich Re's Location Risk Intelligence Platform ... Read the full article
GFIA warns IAIS ‘disproportionate’ focus on climate risks could overshadow other risk drivers faced by insurers
26th June 2024
The Global Federation of Insurance Associations (GFIA) warns against a ‘disproportionate’ focus on climate risks in its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the supervision of climate risks in the insurance sector. GFIA is concerned about the proposed changes to the Insurance Core Principles ... Read the full article
US insurers improve climate risk & strategy disclosures, but gaps remain: Ceres
19th June 2024
Large U.S. insurance companies are improving in sharing information about their climate-related risks and strategies, but many gaps and inconsistencies persist; for instance, only 29% disclosed metrics and targets related to climate risks, according to a recent report by Ceres. The survey follows the framework developed by the Task Force on ... Read the full article
Global Risk and Resilience Fellowship aims to de-risk investment using insurance
19th June 2024
The Sustainable Markets Initiative (SMI), a collaborative effort focused on promoting sustainability in global markets, along with Howden, an international insurance group, and Resilient Cities Network (R-Cities), the city-led network on urban resilience, has launched the second cohort of the Global Risk and Resilience Fellowship in five cities worldwide. This year's ... Read the full article
Extreme heat triggers combined insurance loss of income policy pay out to over 46k women in India
18th June 2024
Thousands of low-income women based in India are receiving assistance to deal with the economic and health effects of the extreme heat temperatures that are currently gripping the country. From what we understand, extreme heat temperatures in India triggered insurance and cash payments in 22 districts across the states of Rajasthan, ... Read the full article
AXIS reports climate change driving energy transition amid rising risks
17th June 2024
AXIS Capital Holdings Limited, a specialty insurance company, has released a new report titled "Navigating Risk in the Energy Transition", based on independent research which examines how various risks, including climate change, economic uncertainty, and investor hesitancy around tech innovation, are impacting the energy sector’s transition. Climate change is a significant ... Read the full article
IDF and AFD form Integrated Disaster Risk Management Alliance
13th June 2024
The Insurance Development Forum (IDF), alongside the Agence Française de Développement and Expertise France (together AFD Group), has announced the formation of the Integrated Disaster Risk Management Alliance (IDRIMA) to strengthen the long-term resilience of sovereign, sub-sovereigns and public utilities in the Global South to the impacts of climate disasters. Signed ... Read the full article
ClimateWise collabs with Howden & MS Amlin on nature-related financial use cases
5th June 2024
ClimateWise, which is part of the Cambridge Institute for Sustainability Leadership (CISL), in collaboration with two of its members, Howden, the global insurance intermediary group, and MS Amlin, Lloyd's global insurer and reinsurer, have developed nature-related financial opportunity use cases. In alignment with the Kunming-Montreal Global Biodiversity Framework (GBF), the financial ... Read the full article
Business interruption poses major threat to food and drink companies: WTW
24th May 2024
According to the 2024 Global Food and Beverage Risk Outlook published by WTW, a global advisory, broking, and solutions company, nearly half (48 percent) of food and drink companies identified business interruption as the biggest internal risk to their success. This was closely followed by supply chain risk, cited by 40 ... Read the full article
Climate risk insurance for vulnerable women in India’s informal sector: CelsiusPro
6th May 2024
CelsiusPro’s Global Parametrics team, in collaboration with Mahila Housing Trust, Howden Insurance Brokers Limited, and Go Digit General Insurance, has introduced a pioneering climate risk insurance (CRI) product providing financial protection for women in India's informal sector against extreme heatwaves. In India, where 80% of the workforce operates in the informal ... Read the full article
Climate-related weather perils are intensifying to varying degrees: Swiss Re
19th April 2024
A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be "intensifying to varying degrees." In a recent blog posted by Read the full article
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