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.
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
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
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