Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
IBISA and VisionFund launch suite of parametric climate insurance products
12th December 2024
Global climate insurtech IBISA and VisionFund, the financial empowerment and livelihood arm of World Vision, have launched ClimaCash+, a suite of parametric climate insurance products aimed at helping communities vulnerable to climate risks respond quickly, even before a disaster strikes. ClimaCash+ was created in response to the increasing frequency of extreme ... Read the full article
EIOPA seeks feedback on awareness tool to address climate-related property risks
2nd December 2024
The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the regulation and supervision of the insurance and pensions sectors in the European Union, is seeking feedback on its consultation paper regarding the creation of an awareness tool. This tool is intended to assist European citizens in understanding how vulnerable their ... Read the full article
SCOR backs climate prediction market initiative
28th November 2024
French reinsurance giant SCOR's corporate foundation is backing an initiative led by Lancaster University Management School (LUMS) to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially providing a new mechanism for funding climate research. A collaboration between researchers at LUMS and the University of Exeter’s ... Read the full article
Ceres proposes federal climate risk reinsurance program to build resilience
25th November 2024
In a recent report, Ceres calls for the consideration of a federal climate risk reinsurance program as part of its 10-point plan to help the U.S. insurance industry build resilience against increasing climate disasters. As climate change accelerates, causing more frequent and severe weather events, the insurance industry faces significant challenges. ... Read the full article
AXA XL backs Bahamas debt swap with $30mn insurance
22nd November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, is providing $30 million in insurance to the Bahamas conservation debt swap, which aims to unlock $124 million for ocean protection. In a bold move to prioritise marine conservation and address climate change, the Bahamas has ... Read the full article
Lockton Re leverages Verisk models for U.S. agricultural insurance innovation
20th November 2024
Reinsurance broker Lockton Re has partnered with global data analytics and technology provider Verisk, to develop new re/insurance products that address the growing impact of climate change on agriculture. In this collaboration, Lockton Re will leverage Verisk's agricultural risk modelling tools, specifically the Multiple Peril Crop Insurance (MPCI) model and Crop ... Read the full article
Insurance is vital to accelerating climate finance: Howden
13th November 2024
A new whitepaper released by re/insurance broker Howden in partnership with Boston Consulting Group (BCG), has highlighted how the role of insurance has largely been a blind spot in strategic conversations around climate and nature finance, and how the entire insurance value chain can be mobilised to deliver the 2030 ... Read the full article
Aon joins Asia Investor Group on Climate Change as member
7th November 2024
Global insurance and reinsurance broker Aon has joined the Asia Investor Group on Climate Change (AIGCC) as a member with risk capital capabilities. As a member, Aon will contribute to developing market-based climate solutions for increasing resilience against climate risks for new sustainable growth opportunities. Aon's innovation in data, analytics and risk ... Read the full article
Homeowners insurance requires urgent changes amid rising nat cat risks: Conning
25th October 2024
According to a recent report by Conning, the escalating impact of natural catastrophes is threatening the homeowners insurance sector, indicating that the industry cannot sustain its current trajectory without significant changes. While natural disasters have always posed risks to insurers, losses have surged dramatically in recent years. Between 1991 and 2016, ... Read the full article
4 in 5 residents feel their city is underprepared for climate-related risks: Zurich
24th October 2024
A recent report from Zurich Insurance Group and Economist Impact reveals that four out of five people believe their city is underprepared for climate-related risks, with major concerns about heat waves, air pollution, water shortages, and flooding. The report focuses on climate change in cities around the world and offers actionable ... Read the full article
Insurance industry on alert as 91% of executives see climate change as a major threat: Conning
22nd October 2024
A new report by Conning, a provider of investment management and insurance research, titled "Climate Risk: An Imminent Threat to Business," highlights the growing importance of assessing and managing both physical and transitional climate change risks within the insurance industry. The report, based on a survey of insurance executives, reflects Conning's ... Read the full article
Climate-related disclosure data can help reveal insurers’ business-critical risk insights: Quiroga, Swiss Re
16th October 2024
Insurance and reinsurance companies can use climate-related disclosure data to reveal business-critical risk insights, point to growth opportunities and lift the quality of their underwriting, according to Swiss Re’s Paloma Quiroga. In a recent interview with Reinsurance News, Quiroga, Head Risk Consulting & Analytics explained that insurers face an array of ... Read the full article
African Development Bank approves $34.8m grants for Malawi & Zimbabwe’s climate resilience
14th October 2024
African Development Bank Group’s Board of Directors has approved $34.8 million, ($34,796,402.40) in grants to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe. Under the Bank Group’s Africa Disaster Risk Financing (ADRiFi) initiative, the Mitigating Fragility through the Africa Disaster Risk Financing Programme in ... Read the full article
WTW partners with the University of Colorado Boulder to enhance climate prediction
9th October 2024
Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors. This collaboration will help WTW and its clients anticipate how upcoming weather events may impact their operations and portfolios, allowing them to ... Read the full article
AXA Climate introduces new Altitude platform to aid business adaptation to climate change
4th October 2024
AXA Climate, a division of the global insurance group AXA, has launched Altitude, an innovative platform aimed at helping businesses measure the impact of climate risks, create effective adaptation strategies, and comply with the Corporate Sustainability Reporting Directive (CSRD). According to Théophile Bellouard, Director of Altitude by AXA Climate, the platform ... Read the full article
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