Climate change & climate risk related news

Catastrophe risk modelling specialist RMS has said that average annual insurance industry losses from North Atlantic hurricanes could increase by 24% by 2050, while European floods could drive 59% more in insured losses by the same year.

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) reinsurtech company, has announced another key hire in Bermuda, bringing onboard Kevin Copeland, an executive with collateralized reinsurance experience as its Chief Financial Officer (CFO).

Kettle, a deep-learning and artificial intelligence (AI) focused reinsurtech start-up, has made a key hire as it builds out its reinsurance platform, appointing William Haddrell, formerly of Sompo International, as its Chief Underwriting Officer.

Driving home the importance of climate risk mitigation, resilience building and also the role of insurance or reinsurance in providing climate risk transfer, global reinsurer Swiss Re warns that the world’s economy risks a significant hit as the climate changes.

Kettle Re, or Our Kettle, a deep-learning and artificial intelligence (AI) focused reinsurtech start-up, has registered a company in Bermuda and received an Innovative Agent license for it.

Catastrophe risk modelling firm RMS is set to incorporate climate change more fully into its main suite of risk models, with climate change models expected for the RMS North Atlantic Hurricane, Europe Inland Flood and Europe Windstorm models by June.

The deepening of the world’s understanding, measurement and valuation of climate risks is going to drive a massive demand for contingent risk capital, which parametric triggers and insurance-linked securities (ILS) will be well-suited to serve, Rowan Douglas of Willis Towers Watson explained during our ILS NYC event this week.

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.

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.

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.