Climate change & climate risk related news

Parameter Climate, the parametric climate focused underwriter and advisor, has achieved profitability in its first year and now moves forward with an appetite for growth into parametric climate, catastrophe and weather risk transfer, with additional capital sources one avenue that can drive expansion.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the hiring of Hector Ibarra as its new Vice Chairman of Latin America (LATAM).

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) insurtech that launched with a California wildfire focus, has announced its hiring of former Fidelis underwriting leader Brian Espie as Chief Underwriting Officer, while Amit Shah has been promoted to President of Kettle Limited.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) has announced the launch of complete stochastic climate-conditioned catalogs for the weather-related perils its sees as the most impacted by climate change, hurricanes, floods, and wildfires.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has hired experienced ILS lawyer Matthew Gabin as its Chief Legal Officer and Deputy Chief Operating Officer.

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.