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.
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
Understanding water risk essential for almost all businesses: AXA XL
11th April 2023
In a recent report outlining how firms can manage key water-related threats, researchers at AXA XL suggested that understanding water risks is essential for almost all businesses, regardless of the sector. Citing the international non-profit CDP, AXA XL states that the cost to businesses of inaction on water risks is 5x ... Read the full article
Milliman names climate change main factor in insured losses of 2022
4th April 2023
A Millman report on Extreme Weather Conditions in Europe showcases the link between climate change and economic losses which have led to major losses for insurers and reinsurers in Europe. Temperatures in Europe have increased by twice the global average which is the highest in any continent causing severe wildfires, ... Read the full article
Munich Re quits Net-Zero Insurance Alliance
31st March 2023
Global reinsurer Munich Re has announced the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA), citing antitrust risks as limiting the scope of its decarbonisation goals. The UN-convened NZIA is a group of 30 insurers and reinsurers representing approximately 15% of world premium volume globally, who together aim to ... Read the full article
Lemonade Crypto Climate Coalition protects nearly 7,000 Kenyan farmers
29th March 2023
Nearly 7,000 Kenyan farmers signed up to the Lemonade Crypto Climate Coalition to protect their crops during the most recent short rains season from October 2022 to January 2023. The Lemonade Crypto Climate Coalition is a first-of-its-kind, blockchain based parametric crop protection for subsistence farmers, led by the Lemonade Foundation. Read the full article
Chubb announces climate & conservation underwriting standards for oil & gas
22nd March 2023
Chubb Limited has announced a new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions, a byproduct of oil and gas production that are among the most severe greenhouses gases. At the same time, the company also announced that it will not provide insurance ... Read the full article
2017-22 losses a “wake-up call” to better assess climate risk, Moody’s Rahnama
16th March 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, Chief Risk Modeling Officer and Executive Vice President, Models and Data of Moody's RMS. Writing in the Moody's RMS Catastrophe Review ... Read the full article
Reinsurance no silver bullet to climate challenge: Gallagher Re’s Bavandi
9th March 2023
Antoine Bavandi, Global Head of Public Sector & Climate Resilience Solutions at Gallagher Re, has contended that re/insurance cover alone is no “silver bullet” to matching capital with risk and addressing the growing challenge of climate resilience. Bavandi instead suggests that insurance and reinsurance are only part of a much wider ... Read the full article
ICE partners with Dun & Bradstreet to expand climate risk offering
23rd February 2023
Intercontinental Exchange, Inc. (ICE), a global provider of data, technology and market infrastructure, has announced an agreement with Dun & Bradstreet, a global provider of business decisioning data and analytics, to leverage its global supply chain and corporate location data to expand its climate risk offering globally. ICE stated that by ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Pricing in climate change a “complete priority” for Swiss Re: Mumenthaler
17th February 2023
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that adequately pricing in the effects of climate change to its policies is a “complete priority” for the reinsurer. His comments came as part of a media call held alongside the release of Swiss Re’s results for 2022, during which ... Read the full article
Re/insurers’ capital supply will struggle to meet climate demands: Goldman Sachs
7th February 2023
Analysts at Goldman Sachs have warned that the current supply of capital in the property insurance and reinsurance markets will likely struggle to meet the increased demand for coverage that is likely to develop as climate change drive catastrophe losses ever higher. Referencing Swiss Re data, Goldman Sachs notes that rising ... Read the full article
Insurance exists to protect that which we cannot afford to lose: Aon’s Case
2nd February 2023
"Insurance exists to protect that which we cannot afford to lose, and when it comes to climate change, we all have a lot to protect," suggests Greg Case, CEO of Aon. In a report focusing on the role of the industry in fighting climate change, Case noted that collaboration between public, ... Read the full article
Insurance Europe calls for clarification on ‘greenwashing’ risk
26th January 2023
Insurance Europe, the European insurance and reinsurance federation, has responded to the European Supervisory Authorities' call for evidence on ‘greenwashing’, saying that time and further regulatory clarification is needed to address this risk. ‘Greenwashing’ refers to misleading claims around sustainability-related statements and products, and has become a growing issue for re/insurance ... Read the full article
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