Climate change & climate risk related news

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.

The global insurance, reinsurance and insurance-linked securities (ILS) industry has a clear seat at the table on discussions and actions related to climate change, according to Arthur Wightman at PwC Bermuda.

Chinese insurance giant Ping An Property & Casualty Insurance continues to develop innovative parametric insurance products that support the green and blue economy, with the latest being a parametric index trigger product that provides ocean carbon sink risk protection.

Equity analysts at Goldman Sachs see climate change both as a driver of increasing underwriting opportunities for the global insurance and reinsurance market, as well as a key factor that can prolong the current hard market pricing environment.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported a more than doubling of its gross premiums underwritten for 2022, with the total rising to $170 million for the year.

The Bermuda Monetary Authority (BMA) is to continue a focus on responsible solutions in insurance, reinsurance and investment funds in 2023, with products that address climate change and protection gaps a particular priority.