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.
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
Businesses navigate challenges on the road to net-zero in the face of climate change risks: Zurich
14th September 2023
As the world grapples with the urgent need to combat climate change and achieve the goals set by the Paris Agreement, a new report by Zurich Insurance Group and global insights agency Horizon Group sheds light on the progress and challenges faced by businesses in their journey towards net-zero emissions. The ... Read the full article
Kin announces expansion into catastrophe-prone Arizona
14th July 2023
Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state. This marks Kin’s first move into the US Southwest - where the housing boom is contending with climate risk - and it builds upon the insurtech’s growth and success in coastal, ... Read the full article
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
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