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.
WTW to include climate data into property broking
10th July 2023
Global advisory and broking firm, WTW has incorporated climate data into its broking property renewals to help clients understand their long-term risks relating to their property portfolio. The data enables the assessment of future exposures to climate change by evaluating a series of key climate indicators which helps companies to optimise ... Read the full article
IAG Firemark Ventures, JVP & MSC partner on ClimateTech insurance collaboration
22nd June 2023
IAG Firemark Ventures, the corporate venture capital arm of Australia and New Zealand's largest general insurer IAG, together with Jerusalem Venture Partners (JVP), and Margalit Startup City (MSC) New York have announced a new ClimateTech Insurance joint-collaboration. According to the announcement, the partnership is aimed at discovering, nurturing, and developing emerging cutting-edge technologies and ... Read the full article
Reask raises $6.55m total in investment funding
15th June 2023
Climate analytics and technology driven risk modelling firm Reask, has raised a total of $6.55m in investment funding, with its most recent seed round reaching $4.6m. With its latest funding, Reask will add more hazard coverage and grow its team internationally to better service customers, the company stated. The latest seed round ... Read the full article
UNDRR, IDF, Oxford University, and GEM Foundation collaborate to establish Global Resilience Hub
7th June 2023
UN Office for Disaster Risk Reduction (UNDRR), the Insurance Development Forum (IDF), the University of Oxford, and the GEM Foundation signed an agreement at the IDF Summit 2023 to launch the Global Resilience Index Initiative (GRII) and establish a Global Resilience Hub. The aim of this collaborative effort is to assist ... Read the full article
Beazley & Arbol launch parametric weather products for the US market
25th May 2023
Arbol, a global climate risk solutions platform, and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. With the launch this now means that cutting-edge products are available for a range of perils, including low and excess precipitation, low and excess wind speed, high ... Read the full article
Howden, SMI & R-Cities launch joint global partnership to address urban climate change vulnerabilities
24th May 2023
International insurance group Howden Group Holdings, The Sustainable Markets Initiative (SMI), and Resilient Cities Network (R-Cities) have announced a “first of its kind” top talent secondment programme that this year will place five insurance professionals into five cities’ leadership teams for three to six months each. According to the announcement, this ... Read the full article
Mitiga Solutions secures €13.25 million Series A funding to pioneer AI-driven climate risk modeling
18th May 2023
Mitiga Solutions, a Barcelona-based climate-tech company specializing in science-based risk modeling, has successfully raised €13.25 million in a Series A funding round. The investment, led by Kibo Ventures in collaboration with Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto, will enable Mitiga Solutions to establish itself as the ... Read the full article
52% of reinsurers believe significant changes should be made to incorporate climate risk impacts: Moody’s
16th May 2023
2022 is the year that saw unprecedented progress in climate reporting regulation around the world. The significant developments in the last year mean that climate reporting will soon become mandatory in many jurisdictions. In the European Union, the requirements will take the shape of the European Sustainability Reporting Standards (ESRS). In ... Read the full article
Aon launches Climate Risk Advisory team
5th May 2023
Global professional services firm Aon has announced the launch of a dedicated unit to drive climate analytics and advisory into multiple sectors. As climate change drives new extreme weather records, Aon’s Climate Risk Advisory team - lead by Liz Henderson - has been created to help their clients better quantify the ... Read the full article
Reinsurers leading net zero goals but more urgency needed: Twelve Capital
3rd May 2023
New data from independent investment manager Twelve Capital shows that reinsurers are leading the way in terms of some net zero targets within the wider financial industry, with 50% having adopted operational 2030 targets, compared with just 18% in the sector more broadly. But despite this stand-out figure, Twelve Capital maintains ... Read the full article
WTW introduces ESG initiative to help clients manage climate risks
28th April 2023
Global brokerage WTW has expanded its predictive climate analytics capabilities with the introduction of a new Environmental, Social, and Governance (ESG) initiative. WTW’s Climate Risk Solutions for Corporate Risk & Broking (CRB) North America, is a fully integrated strategy combining the breadth of the broker’s ESG resources to help its clients ... Read the full article
InnSure supports climate risk insurance innovators with new award program
28th April 2023
InnSure, a nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is to competitively award insurance innovators for the research and development of new policies and products to help address climate risk. Working with the New York State Energy Research and Development Authority (NYSERDA), the nonprofit ... Read the full article
Energy transition concerns deflecting focus from climate: Beazley
27th April 2023
New data from specialist re/insurer Beazley suggests that short-term concerns about the energy transition may be deflecting focus away from climate change as the environmental issue of most concern. However, Beazley’s survey of 2000 senior business leaders also shows that the long-term threat that climate change poses is rising to the ... Read the full article
Insurers face challenge of defining their own view on nat cat risks: Aon’s Shedden
21st April 2023
Aon Reinsurance Solutions' Global Head of Analytics, Paul Shedden, stated that insurers are faced with the primary challenge of defining their own view on natural catastrophe risks amidst the escalating volatility of such events. "2022 was another big year for catastrophe losses. Insured losses totalled $132 billion in 2022, 57% above ... Read the full article
AXA Climate launches new functionality on its Altitude platform
12th April 2023
AXA Climate, an entity of the AXA group dedicated to climate and environmental adaptation, has launched a new functionality on its Altitude platform, aimed at providing private equity investors with a comprehensive assessment of climate, carbon and nature related risks. The Altitude platform allows asset management companies to gain a clear ... Read the full article
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