Reinsurance News
weather risk management
AI integration expands insurance toolbox for tropical cyclone forecasting: Gallagher Re
21st January 2026
The 2025 hurricane season has marked the beginning of a “new era” of meteorology as official agencies now use artificial intelligence (AI) models to pinpoint storm formation, track and intensity, providing the insurance industry with more comprehensive and accurate near-term weather forecasts, according to Gallagher Re. While experts caution that one ... Read the full article
WTW introduces parametric policy triggered by red weather warnings
2nd October 2025
Willis, a WTW business, has launched a first-of-its-kind parametric policy that triggers automatically when a Red Weather Warning is issued by the UK Met Office or Met Éireann, the Irish National Meteorological Service. The policy was developed in collaboration with Swiss Re Corporate Solutions, which will act as the insurer. Red Weather ... Read the full article
KatRisk launches new SCS model amid rising losses
19th September 2024
KatRisk, a global catastrophe modelling company, has launched a new Severe Convective Storm (SCS) model to tackle the increasing risks associated with these storms. With SCS events causing $70 billion in insured losses globally in 2023, KatRisk aims to enhance the understanding and management of these risks. The SCS model improves risk ... Read the full article
CoreLogic reports 32.7 million homes at risk ahead of active hurricane season
31st May 2024
Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to ... Read the full article
Juniper Re partners with Canopy Weather for advanced storm response analytics
4th April 2024
Juniper Re, the reinsurance broking arm of BRP Group, has partnered with Canopy Weather to offer customised severe storm event response analytics to Juniper Re clients. Severe weather occurrences such as tornadoes, hailstorms, and strong winds can cause significant damage to properties. Canopy utilises advanced technology and expertise to promptly provide ... Read the full article
Spire Global partners with NVIDIA to revolutionise AI-driven weather prediction
20th March 2024
Spire Global, an international provider of space-based data and analytics, has partnered with NVIDIA to enhance AI-driven weather prediction, aiming to improve forecasting accuracy and mitigate the impact of extreme weather events. Michael Eilts, general manager of weather and climate at Spire, highlights, “As our world grapples with dynamic shifts in ... Read the full article
WRMS bridges $160bn global protection gap by launching SecuRisk
19th April 2023
Agriculture and climate risk management firm Weather Risk Management Services (WRMS), has unveiled SecuRisk, a digital-first global parametric insurance marketplace, to bridge the $160 billion global protection gap. In a press release, the firm stated that SecuRisk supports product design, product validation, digital beneficiary onboarding, product education, policy purchase, claim management ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
Brokers key to future weather risk market growth: Malinow, Sompo Global Weather
30th January 2019
The weather risk market continues to expand and remains competitive for a sector with few experienced dealers, but for future growth potential to be realised, brokers have a key role to play, according to Martin Malinow, President of Sompo Global Weather, a division of Sompo International Holdings Ltd. Reinsurance News recently ... Read the full article
Vulnerable countries push re/insurance agenda at COP24 climate event
11th December 2018
Representatives of some of the world’s most vulnerable countries have used the ongoing 24th Climate Change Conference of the Parties (COP24) in Katowice, Poland to push for a broader climate and disaster risk financing and re/insurance agenda. Members of the Vulnerable Twenty (V20) group, which represents 48 of the world's most ... Read the full article
Sompo International develops weather risk products for real estate and hospitality
29th June 2018
Sompo International Holdings, the Bermuda-based specialty provider of property and casualty (P&C) re/insurance, has developed a new suite of weather-driven risk management products for the real estate and hospitality sectors. The products will provide coverage for loss of revenue from variations in weather variables, and are customised for each client’s risk ... Read the full article
Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust
15th June 2018
The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article
Spring frost drives insurance demand among French winemakers: Meteo Protect
14th June 2018
Lloyd’s coverholder Meteo Protect has reported a dramatic increase in demand for parametric weather insurance among France’s winemakers following unusually cold temperatures and frost across Western Europe during 2017’s critical spring growing period. At the May 31st conclusion to Meteo Protect’s spring frost coverage, now in its second year offering, the ... Read the full article
Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge
6th June 2018
Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article
Nigeria signs MoU with African Risk Capacity for extreme weather support
30th May 2018
The Government of Nigeria has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) as part of a collaborative effort to address the impact of extreme weather events in Nigeria. The MoU was signed during the 2018 Annual Meetings of the African Development Bank (AfDB) in Busan, South ... Read the full article
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