Climate change & climate risk related news

WTW has designed a parametric trigger for a responsive tropical cyclone insurance arrangement that will support a United Nations Children’s Fund (UNICEF) initiative to provide sustainable disaster and climate change protection to meet the needs of vulnerable children.

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, has appointed former RMS employee Tim Kinsella as its Executive Director, Sales – P&C Insurance.

At the COP27 climate change conference in Egypt yesterday the Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) officially launched the Global Shield against Climate Risks, while the World Bank officially launched its Global Shield Financing Facility.

At the COP27 climate change conference in the coming days, the World Bank is set to announce the launch of the Global Shield Financing Facility (GS-FF), which will be an important new financing structure to channel capital to protect vulnerable nations against climate and disaster risks.

Given the challenges faced in an increasingly volatile and turbulent world, insurance and risk finance are key tools that can help to shift the balance of risk, while insurance-linked securities (ILS) can “securitize resilience”, according to United Nations Development Programme (UNDP) representatives.

When it came to analysing hurricane Ian’s approach and potential landfall impacts, the uncertainty in modelled outputs on the storm can be helpful, but really the details and parameters of this major hurricane matter most, Aeolus Capital Management’s Pete Dailey explained yesterday.

Reinsurance broker Gallagher Re has announced an interesting win, in being selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a comprehensive risk financing strategy, covering climate risk and food security.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has made another key hire, bringing onboard Brad Livingston, an executive with significant insurance-linked securities (ILS) market experience, as its new Head of Risk Capital Solutions.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced another key hire, appointing Jeffrey Khoo to lead its Asia Pacific expansion plans.

In order for the insurance and reinsurance industry to address the societal challenges of climate change, more capital is going to be required and the sector capacity base needs to change forever, Aon CEO Greg Case said today.