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Climate change may increase hurricane damage & losses: AIR-led report

Climate change and the future state of our climate may mean increased damage and ultimately insurance and reinsurance market losses from hurricanes, as more frequent storms and sea-level rise ramp up storm surge impacts in particular. This is the conclusion of a study undertaken by risk modeller AIR Worldwide, insurance and read the full article →

“Time to act” as climate role in disaster losses increases: Jeworrek, Munich Re

It is time for the world to act on climate change as it will play an increasing role in disaster losses, Torsten Jeworrek of reinsurance company Munich Re warned today. Munich Re reported today that the global insurance and reinsurance industry faced some $82 billion of natural disaster losses in 2020, read the full article →

AbsoluteClimo & AKR Zell team up to provide climate-driven risk services

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, has teamed up with AKR Zell, a Singapore-based actuarial consultancy, with the collaboration set to deliver climate-driven risk services to the insurance, reinsurance and insurance-linked securities (ILS) sectors. The pair have spotted an opportunity to fill gaps read the full article →

Climate risk protection gaps need capital market (ILS) solutions

The physical climate risk protection gap, so the gulf between climate related losses covered by insurance, reinsurance or risk transfer and those going uncovered, is widening, but instruments such as insurance-linked securities (ILS), catastrophe bonds and other blended financing solutions can help to narrow this gap. In real estate the climate read the full article →

Where possible, climate risk must be explicitly baked into models: Prospectus 2021

As vendor catastrophe models and elevated annual losses show that secondary perils have grown in prevalence for the re/insurance and insurance-linked securities (ILS) markets, climate risk needs to be explicitly baked in, according to Kelly Hereid, Director, Catastrophe Research & Development, Liberty Mutual Insurance. On day four of Prospectus 2021, the read the full article →

AbsoluteClimo updates climate catastrophe risk & financial models

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, has announced upgrades to its core service of climate catastrophe risk models and climate financial modelling tools. The two products, G๏TCHA and Clim๏Cats, are financial models linked to global climate physics and machine learning predictions and for read the full article →

Climate not the only uncertainty with peak perils: Dr. Jamie Rodney, Twelve Capital

In light of its uncertain but apparent influence on both the frequency and severity of natural catastrophe events, it's no surprise that climate change is at the forefront of the minds of catastrophe risk underwriters, investors and of course model vendors, but it's important to remember that this is not read the full article →

Kettle Re – Using deep-learning to make climate-linked risks reinsurable

Kettle Re is launching as a reinsurance provider utilising deep-learning and artificial intelligence to create proprietary risk models and analytics that can help it more accurately and sustainably price climate-linked exposures, starting with wildfires. Every so often new start-ups come along that combine the best of the insurance technology (insurtech) wave, read the full article →

NZ Super Fund shuns wildfire exposed ILS as mispriced due to climate

The New Zealand Superannuation Fund (NZ Super Fund) has rejected any investments into wildfire insurance and reinsurance within its insurance-linked securities (ILS) allocations, saying that because of climate change it feels the risk is mispriced. In addition, the NZ Super Fund has also said that it believes that pricing should be read the full article →

Climate risk means we’re not far off a $300bn loss year: Flandro, Hyperion X

The insurance marketplace is not that far off a $300 billion loss year and it's vital reinsurance and ILS markets price adequately for climate change risk, according to David Flandro, Managing Director of Analytics at Hyperion X. Leading a virtual panel discussion as part of the ILS Bermuda Convergence 2020 event read the full article →