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New parametric reef insurance & resilience product to be developed

A new initiative to develop a parametric insurance product to protect and enhance the resilience of coral reefs and the communities that rely on them is being developed by Willis Towers Watson through its Global Ecosystem Resilience Facility (GERF) and the Mesoamerican Reef Fund (MAR Fund).An agreement has been reached read the full article →

Climate change presents both P&C threat & opportunity: Moody’s

Climate change will create challenges and also opportunities for the property & casualty insurance and reinsurance industry, according to rating agency Moody's. However the threats presented by a changing climate are likely greater and Moody's says this has a "net negative credit impact on the industry."Moody's highlights a number of read the full article →

Willis Towers Watson launches global insurance facility for resilience

Insurance and reinsurance brokerage Willis Towers Watson (WTW) has today announced the launch of the Global Ecosystem Resilience Facility, an insurance facility designed to help strengthen the resilience of ecosystems and their communities, through the use of efficient risk transfer where catastrophe bonds may feature.The Global Ecosystem Resilience Facility (GERF) read the full article →

World Bank pushes city climate resilience, with role for risk transfer

The World Bank has collaborated with the Global Covenant of Mayors for Climate & Energy to provide technical assistance and $4.5 billion in funding to help cities around the world better prepare for and respond to the impacts of climate change, under the World Bank’s City Resilience Program (CRP).Recently launched read the full article →

InsuResilience commitments made at COP23 climate meeting

New commitments have been made to the InsuResilience initiative, that seeks to provide direct or indirect insurance coverage to an extra 400 million of the world's most vulnerable people by 2020, with the German government committing US $125 million to help expand the initiatives remit.The initiative seeks to bring climate read the full article →

Commitments, funding to narrow protection gap announced at IDF event

At an event held in London today focused on the progress made by the Insurance Development Forum (IDF), as part of the International Insurance Society (IIS) conference, a number of commitments and news of funding were made, with the goal of furthering steps to narrowing the disaster protection gap.Insurance and read the full article →

More frequent, intense weather losses possible due to changing climate: AIR

Risk modelling and analytics firm AIR Worldwide has released a new report that studies the potential effects of climate change on atmospheric perils and extreme weather conditions of relevance to the insurance, reinsurance and ILS sector, finding a general expectation that losses may become more frequent and more intense.Explaining the read the full article →

Higher temperatures could drive greater Euro windstorm losses: ABI, AIR

Analysis by catastrophe risk modeller AIR Worldwide for the Association of British Insurers (ABI) underlines the potential for increasingly costly European windstorms, driven by climate change and rising temperatures.The analysis looks at the UK, and claims that temperature increases of just a small number of degrees is expected to drive read the full article →

Catastrophic norms of the future are in tail risks of today: Mark Carney

The insurance and reinsurance industry has organised itself to address existential issues related to climate change risk and the industry has shown "genius" by recognising that catastrophes and weather disasters could become increasingly severe in the future, according to Mark Carney.The Governor of the Bank of England and Chair of read the full article →

Leading industry CEOs join Insurance Development Forum

The Insurance Development Forum (IDF), an international group consisting of insurance and reinsurance industry representatives, in partnership with the World Bank and the United Nations (UN), has announced the appointment of leading industry CEOs.The IDF was established to support governments across the globe against the rising threat of natural disasters read the full article →