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.
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
Investing in climate adaption can create a competitive advantage: Swiss Re
17th January 2024
Climatic natural disasters caused global economic losses of $275 billion in 2022, and this trend is anticipated to continue as economic growth and property development increase the exposed economic value, according to Swiss Re. A new report, authored by Veronica Scotti, Chairperson, Public Sector Solutions, highlights how the ... Read the full article
LCP highlights how CROs will help insurers navigate the changing risk landscape
10th January 2024
The risk landscape is said to be evolving in response to developments being seen within major areas such as, artificial intelligence (AI), climate change, geopolitics, and more, according to research published by analytics and consulting firm, Lane Clark & Peacock LLP (LCP). However, LCP stated that general insurance Chief Risk Officers ... Read the full article
ECB/ESRB emphasise critical role of re/insurance in addressing climate-related financial risks
28th December 2023
The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have underscored the pivotal role of insurance and reinsurance in mitigating climate-related financial stability risks across the European Union (EU). The comprehensive report delves into the vulnerabilities of financial institutions, stressing the necessity for proactive measures to address the ... Read the full article
David Howden calls on private sector to act to make vulnerable countries more investible
5th December 2023
In a keynote speech on the Island of Hope (in the Innovation Zone) at COP28 in the UAE, David Howden, founder and CEO of global insurance broker Howden, discussed the power of the private sector to protect vulnerable countries against the impacts of climate change and unlock investment in their ... Read the full article
Bermuda aims to become the “climate risk capital”, the Government states as COP28 starts
1st December 2023
Bermuda has stated its ambition of becoming the world's “climate risk capital”, from its existing position as the underwriting hub of one third of the world's climate catastrophe insurance. The Government of Bermuda shared this statement in its White Paper, titled "The Bermuda Difference: Bringing expertise, resource, and finance to the ... Read the full article
Agreement to operationalise loss & damage fund reached at COP28
30th November 2023
After being agreed at COP27 in Sharm El Sheikh, the loss and damage fund became operational today as world leaders meet in Dubai for the start of this year's annual climate conference, with the UAE announcing a commitment of $100 million to the fund. The "historic agreement" to operationalise the fund ... Read the full article
Cytora partners with ZestyAI to strengthen commercial property underwriting
29th November 2023
Cytora, a digital risk processing platform, has partnered with ZestyAI, a company that leverages artificial intelligence for risk assessment, to bolster commercial property underwriting with integration of climate models. According to the announcement, the integration of ZestyAI into the Cytora platform will equip commercial insurance underwriters with the analytics and risk ... Read the full article
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