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.
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
Risk sharing systems can scale up L&D funds to support climate vulnerable countries: report
21st November 2023
The world’s most vulnerable countries could lose over 100% of GDP in 2024 from climate related disasters that are insurable, according to research from the Cambridge Institute for Sustainability Leadership (CISL) and broking group Howden, which also demonstrated the transformative economic efficiency of risk-sharing systems to provide these countries with ... Read the full article
Climate risk prompts Beazley’s proactive approach in property market: Matt Westhoff
15th November 2023
In an interview with Reinsurance News, Matt Westhoff, Head of North American Commercial Property at Beazley, outlined the company's robust strategy to navigate the complex landscape of climate change and its implications on the re/insurance market. Addressing the uncertainties of climate change, Westhoff underscored Beazley's commitment to a forward-looking model, emphasising ... Read the full article
WTW launches Asia Pacific Climate Risk Centre in Singapore
7th November 2023
Global insurance broker WTW has launched a new Asia Pacific Climate Risk Centre (ACRC) in Singapore, which will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero. The launch reinforces the company's commitment to helping the region transition to a resilient, low-carbon economy. It ... Read the full article
Fiji, India and UN launch “ambitious” project to scale parametric insurance in the island
2nd November 2023
Fiji, India and the United Nations have announced the launch of the 'Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji' project. This initiative was created in collaboration between the United Nations Capital Development Fund (UNCDF), the India-UN Partnership Fund, the United Nations Office for South-South Cooperation (UNOSSC) ... Read the full article
Civil society groups demand climate risk regulatory action from the IAIS
31st October 2023
Over thirty climate, environmental and consumer protection groups call on the International Association of Insurance Supervisors (IAIS) to scale up climate action and accelerate the shift away from fossil fuels to stop growing parts of the world being left without access to insurance. Ahead of the IAIS annual meeting in Tokyo, ... Read the full article
Deploying tools for climate risk management is where the industry faces a huge gap: RMS
24th October 2023
Reinsurance News recently spoke to Joss Matthewman, Senior Director, Product Management & Strategy, RMS, about what he believes the re/insurance industry needs to do to try and combat the effects of climate change. He highlighted how this topic is particularly important, because, as physical risks change as the climate changes, the ... Read the full article
WTW to re-focus climate practice led by Peter Carter
11th October 2023
Insurance broker WTW, has announced it is bringing its climate and Risk & Analytics capabilities more closely together under common leadership. Climate risk represents a significant and growing concern for businesses globally and moving forward WTW will focus on bringing the company’s core risk and analytics strengths, combined with extensive climate ... Read the full article
Rising climate risk calls for industry and government collaboration: Moody’s
21st September 2023
In a recent report, Moody's has underscored the increasing physical climate risk and its implications for the insurance and reinsurance industries. The report highlights that the rising frequency and severity of destructive weather events are driving up underwriting risk, adding a layer of complexity to risk management strategies. One of the key ... Read the full article
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