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.
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
ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa
19th April 2024
The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomenon. A recent meeting took place between Reena Ghelani, UN Assistant ... Read the full article
Global Shield boosts climate resilience in Pacific Islands with €10m contribution
17th April 2024
The Global Shield against Climate Risks has supported climate-vulnerable communities of Pacific Island Countries (PICs) through a €10 million contribution by the German Ministry for Economic Cooperation and Development (BMZ), dedicated to the Pacific Catastrophe Risk Insurance Company (PCRIC). This support is provided through the Global Shield Solutions Platform (GSSP), a ... Read the full article
Centre for Disaster Protection to coordinate TAG for Global Shield against Climate Risks
8th April 2024
The Centre for Disaster Protection has been selected as the Coordinator for the Technical Advisory Group (TAG) of the Global Shield against Climate Risks. According to the announcement, the Centre will collaborate with a group of experts supporting climate vulnerable countries to access tailor-made, high-quality Climate and Disaster Risk Finance and ... Read the full article
WTW unveils parametric insurance protection for endangered South Pacific coral reef system
5th February 2024
Broker WTW, has launched a new parametric insurance policy that will help protect the coral reef system of the South Pacific Ocean’s volcano-formed Lau Group of islands, which is regarded as being one of the most vulnerable and isolated places on Earth. Located on the eastern side of the Fiji archipelago, ... Read the full article
SecuRisk ensures the availability of reliable data for risk assessment & pricing: WRMS
29th January 2024
In April 2023, Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, launched SecuRisk, a digital-first global parametric insurance marketplace, that aims to address the gaps and challenges in emerging economies regarding insurance coverage. During a recent interview with Reinsurance News, Anuj Kumbhat, Co-Founder & CEO of ... Read the full article
Parametric insurance a valuable addition to climate risk management landscape: WRMS
25th January 2024
Parametric insurance is said to be significantly disrupting and complementing traditional insurance models across the climate industry, by offering innovative solutions that address the shortcomings of conventional approaches. In the face of climate-related risks, assessing and quantifying damages accurately can be a very challenging task, but through the use of parametric ... Read the full article
Aon CEO Greg Case urges immediate action to address climate risks
24th January 2024
In Aon's 2024 Climate and Catastrophe Insight report, CEO Greg Case emphasises that climate risk is not a mere probability but a certainty that demands urgent attention. Reflecting on the severe weather events that transpired in 2023, including wildfires, floods, and record-breaking heatwaves, Case asserts that these events pose an ... Read the full article
Long-term business viability concern up amid tech and climate pressures: PwC
18th January 2024
According to PwC’s 27th Annual Global CEO Survey, the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate. PwC's survey reportedly interviewed 4,702 CEOs across 105 countries and territories. One of the key takeaways from the study was that 38% of CEOs ... Read the full article
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