Reinsurance News
Climate change news
News on climate change and how it affects the global insurance and reinsurance industry.
Role of re/insurance when facing nat cats is clear despite concerns of uninsurable risks: Guernsey Finance
26th September 2024
With the increase of extreme natural catastrophes, the importance of re/insurance in providing creative risk management solutions for climate-related disasters has become clear despite concerns that some of these risks can be uninsurable, Rupert Pleasant, Chief Executive, Guernsey Finance, highlights. “It’s no secret that natural catastrophes have become more frequent and ... Read the full article
Howden launches Microsoft-backed Resilience Laboratory to evaluate climate risks better
23rd September 2024
Howden, the insurance intermediary group, has launched the Howden Resilience Laboratory, a digital innovation hub designed to transform how clients evaluate and manage climate risks. Developed by Howden and powered by Microsoft’s cloud services–Azure, Microsoft 365 and Dynamics 365, the Resilience Laboratory enables clients to model climate scenarios and assess financial ... Read the full article
Workforce protection strategies against rising wildfire risks: Aon
20th September 2024
As climate change intensifies wildfire risks, global re/insurance broker Aon highlights how organisations can protect their workforce before and after such events. In its recent report, Aon notes that North America has experienced at least one billion-dollar wildfire event in eight of the past 10 years. In contrast, such significant losses ... Read the full article
WRMS targets greater climate resilience with expansion into Latin American markets
13th September 2024
Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, is expanding its operation to key markets in Latin America as it works to bring climate resilience for sustainable growth within the region. The strategic expansion will focus on Argentina, Paraguay, Colombia, Brazil, Chile, Ecuador, Peru, Uruguay, and all ... Read the full article
Inigo to fund research programme exploring how climate change impacts the risk of hurricanes
11th September 2024
Specialist insurer Inigo Limited has announced that it will be funding a three-year research programme at the University of Cambridge, which will apply the latest advances in both computing and AI in order to deepen understanding of how climate change has impacted the risk of hurricanes. According to the announcement, InSPIRe ... Read the full article
Increase in hail storms can lead to “very underinsured” solar infrastructure in Europe: Chaucer
10th September 2024
The number of hailstorms in Europe has more than doubled in the past year, increasing the costs for solar infrastructure and underinsured, according to a recent report by specialty re/insurance group Chaucer. Hailstorms are the largest natural hazard to solar farms. Last year (year-ending June 30, 2024) the number of hailstorms ... Read the full article
Re/insurance industry must adapt to meet new demands and challenges: Howden Re
5th September 2024
Traditional risk management models are being tested by unprecedented natural disasters, geopolitical tensions and economic volatility, and with complex and evolving perils more interconnected and severe than ever before, insurers and reinsurers must adapt, according to Howden Re, the reinsurance broking arm of the global insurance intermediary. Howden Re's new report, ... Read the full article
Deadly hurricane frequency surges by 300%, says Deep Sky
22nd August 2024
The frequency of deadly hurricane weather has surged by 300%, according to findings from Deep Sky Research. In its latest report, Deep Sky, a Montreal-based carbon removal project developer, explores how climate change is increasing hurricane risks. Its Hurricane Rainfall Model shows that intense hurricane rainfall, which used to occur once every ... Read the full article
Previsico survey finds most businesses lack a flood action plan
19th August 2024
In the face of the escalating threat of climate change, a recent survey by Previsico, a company specialising in real-time flood forecasting and water management, reveals that 54% of organisations in both the public and private sectors do not have a plan to address the rising risk of flooding. A majority ... Read the full article
Aon renews climate risk research partnership with Columbia University
7th August 2024
Aon has renewed its academic partnership with Columbia University until 2027 to include research on the correlation of climate risk across various perils and regions. This renewal follows a successful first phase, where Columbia's latest peer-reviewed climate science was integrated into Aon’s Impact Forecasting tropical cyclone catastrophe model suite. Consequently, this ... Read the full article
World Bank launches REPAIR program to boost climate resilience in Eastern & Southern Africa
1st August 2024
The World Bank's recently approved Regional Emergency Preparedness and Inclusive Recovery Program (REPAIR), which African Risk Capacity Limited will implement, is set to enhance Eastern and Southern African countries' resilience against climate shocks and attract $205 million in private capital to support these efforts. According to the World Bank, over six ... Read the full article
H1 global insured nat cat losses 68% higher than ten-year average: Munich Re
31st July 2024
A new report from Munich Re has revealed that global insured losses from natural disasters in H1 of 2024 stood at $62 billion, 68% higher than the ten-year average of $37 billion and slightly up on last year. The reinsurer's report additionally observed that global losses in H1 of 2024 were ... Read the full article
Global P&C reinsurance market outlook positive despite looming headwinds
18th July 2024
Analysts at Morningstar DBRS have noted that the company's outlook for the global P&C reinsurance market remains positive despite looming headwinds such as natural catastrophe events, interest rate volatility, and potential geopolitical uncertainty. According to the analysts, global P&C reinsurers reported strong underwriting and investment profitability in Q1 of 2024, benefiting ... Read the full article
Insured nat cat losses to continue rising, warns Swiss Re’s Kera McDonald
16th July 2024
Global insured losses from natural disasters are expected to continue rising at an annual rate of 5-7% relative to GDP, according to Kera McDonald, Chief Underwriting Officer at Swiss Re Corporate Solutions. During Swiss Re’s recent media dialogue discussing its latest sigma report, McDonald emphasised the increasing severity of weather events, ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
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