Climate change & climate risk related news

The market for catastrophe risks could double by 2040, with continued growth expected over the coming years, according to SCOR CEO Thierry Léger, but he also cautioned that the industry must work to address the current insurability challenge, especially in relation to climate change.

The global reinsurance sector highlights climate change as the top risk facing their businesses, a new survey from PwC shows, highlighting the need for the industry to innovate on solutions for this exposure.

Creating deeper catastrophe bond markets could help in tackling the climate insurance protection gap in Europe, according to the European Central Bank’s (ECB) Margherita Giuzio.

Re2, a climate risk transfer specialist located in Bermuda operated by alumni of ILS manager Nephila Capital, has announced the completion of a first of its kind Battery Revenue Swap for a Blackrock fund portfolio energy company.

Howden, the international insurance group, has hired original Artemis co-founder and former WTW executive Rowan Douglas as its new CEO, Climate Risk & Resilience.

The Global Shield Solutions Platform (GSSP), a new multi-donor grant facility and one of the core financing vehicles of the Global Shield, has officially been launched to help vulnerable countries effectively address loss and damage exacerbated by climate change.

The design of the recently announced Climate Resilient Development Bond (CRD Bond), an insurance-linked security (ILS) hybrid that integrates catastrophe bond protection and investment in climate resilience, was driven in part by the trend towards risks becoming uninsurable, according to Julian Enoizi, Global Head of Public Sector at Guy Carpenter.

A new financial structure that can provide community-based climate insurance or risk transfer protection from the capital markets, while incorporating resilience, advanced funding for loss-prevention and mitigation, through an insurance-linked security (ILS) designed structure has been proposed.

London headquartered specialty insurance and reinsurance firm Beazley has teamed up with Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, to deliver a range of parametric climate and weather risk transfer products to clients.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has become the latest company to establish a collateralized insurer class of company in Bermuda, named Arbol Re Ltd.