Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
ClimateWise updates reporting framework to aid insurers in evolving disclosure environment
4th June 2024
ClimateWise, a global insurance industry collaboration part of the Cambridge Institute for Sustainability Leadership (CISL), has updated its reporting framework Principles to "help insurers prepare for an evolving disclosure environment". ClimateWise's Principles reportedly guide its members' contributions to addressing climate change while annually benchmarking their activities. According to the group, the updated ... Read the full article
Climate change adaptation and transition to net zero present huge growth opportunities for insurers: Aon
24th May 2024
Aon’s Strategy and Technology Group (STG) has identified more than $20bn in potential premium growth by 2030 related to environmental megatrends, and has highlighted the importance of understanding the climate risks and opportunities to help clients through prevention and mitigation. Insurers have a crucial role to play in helping individuals, businesses ... Read the full article
Global insurance market facing a combination of climate, AI & regulatory challenges, GILC
23rd May 2024
A new report from Global Insurance Law Connect (GILC) showcases that natural disasters linked to climate change, cyber security, artificial intelligence (AI) and regulations related to consumer protection are the "biggest challenges" facing insurers across 2024. GILC's annual Risk Radar report is a collection of insights from law firms across 27 ... Read the full article
SCOR announces further enhancements to Group’s sustainability strategy
21st May 2024
French reinsurer SCOR aims to achieve a reduction of 23% in the intensity of its greenhouse gases (GHG) emissions by 2030 versus the end of 2022, CEO Thierry Léger announced during the Group’s General Meeting. This is the reinsurer’s first interim target relating to companies having their headquarters in Europe for ... Read the full article
WTW collaborates with academic researchers to quantify security impacts of climate change
14th May 2024
WTW has unveiled a new collaboration between its WTW Research Network (WRN), and two academic researchers, designed to support the brokers advisory services on key security aspects of climate change, which are often seen as being overlooked, and rarely quantified. This includes: the geopolitical implications of climate-related migration, resource conflict and ... Read the full article
Oka and Clima partner to introduce insured carbon credits in Australia
10th May 2024
US carbon-credit insurance carrier, Oka, has partnered with Australia's Clima, a carbon solutions platform, to roll out insured carbon credits in the country via broker PSC Paragon (Australia). Protected by Oka's Carbon Protect™ insurance solution, the premium credits will be made available to corporations through credit provider Clima and PSC Paragon. Clima ... Read the full article
UNEP reveals new insurance net-zero forum as NZIA discontinued
25th April 2024
The Forum for Insurance Transition to Net Zero (FIT) has been announced by the United Nations Environment Programme (UNEP), which reportedly considers the experience gained with the Net-Zero Insurance Alliance (NZIA), which has been discontinued from today after suffering numerous issues and subsequent departures in 2023. FIT is a new UN-led ... Read the full article
EIOPA’s Hielkema discusses insurers’ vital role in climate change mitigation
23rd April 2024
At the IIF 2024 – ESG in Insurance Conference, Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority, emphasised insurers' pivotal role in combating climate change by educating society, factoring in risks, investing wisely, and promoting resilient behaviours among consumers. The frequency of natural disasters has tripled in the ... Read the full article
Climate-related weather perils are intensifying to varying degrees: Swiss Re
19th April 2024
A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be "intensifying to varying degrees." In a recent blog posted by Read the full article
ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa
19th April 2024
The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomenon. A recent meeting took place between Reena Ghelani, UN Assistant ... Read the full article
Re/insurers key in helping accelerate deployment of climate tech: The Geneva Association
9th April 2024
Re/insurers are essential to rolling out the climate technology needed for industries to decarbonise, according to a recent report by The Geneva Association, the global association of insurance companies. In a race to meet global climate targets, industries around the world are under increasing pressure to adopt new technologies and processes ... Read the full article
Addressing climate change health risks: GA and Wellcome
28th February 2024
The Geneva Association (GA) and Wellcome have recently published a joint report providing a clear framework for understanding how climate change impacts people's health. This report also offers recommendations for health and life insurance companies on addressing these risks. While insurance firms are familiar with handling claims related to property damage ... Read the full article
Climate change set to increase economic losses, US and Philippines most exposed: Swiss Re
28th February 2024
The Swiss Re Institute has predicted that climate change will have a larger impact on economic losses in the future, with the US and Philippines anticipated to be the hardest hit. As per the firm's report, four key weather perils, namely floods, tropical cyclones, winter storms in Europe, and severe thunderstorms, ... Read the full article
Net-zero transition accelerating despite geopolitical risk exposure: Swiss Re
18th January 2024
Speaking in an interview with CNBC at the 2024 World Economic Forum in Davos, Christian Mumenthaler, CEO of Swiss Re, observed that despite geopolitics "trumping everything right now" in terms of global focus, there is no hesitation from companies in the net-zero transition, rather, "the movement is accelerating". "I'm co-chair of ... Read the full article
Insurance Europe reconfirms commitment to climate fight as COP28 deal lands
13th December 2023
With countries striking an agreement at COP28 to transition away from all fossil fuels to reach net zero emissions globally by 2050, Europe's insurance industry has reconfirmed its commitment to fighting climate change and "overcoming climate protection gaps." This morning, COP28 president Sultan al-Jaber announced the agreement, aptly named UAE Consensus, ... Read the full article
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