Climate change & climate risk related news

Building on last year’s launch of a solution to help corporations better manage climate risk and climate change exposure, with the help of parametric risk transfer to captive insurance structures, Arbol has now launched a new climate risk focused parametric insurance captive in Connecticut.

So-called secondary perils are driving insured losses around the globe, according to reinsurance giant Swiss Re, who also said the fingerprints of climate change are evident in the increasing frequency and severity of losses.

Raincoat, an insurtech that develops scalable embedded climate insurance products with parametric triggers, has raised a $4.5 million seed round to help it build-out its mission to provide climate disaster insurance for a new era.

The impacts of climate change could drive the economic costs of flooding in the United Kingdom some 42% higher by 2050, according to analysis by specialist flood risk modeller JBA.

London headquartered insurance and reinsurance group Beazley has announced its results this morning, making some interesting statements about climate change and how this is changing the property insurance and reinsurance underwriting landscape.

Perhaps not an unexpected conclusion from a study on global flood risk, but the latest update to insurance and reinsurance broking group parent Marsh McLennan’s Flood Risk Index shows a dramatic increase in values-at-risk of flooding is possible with climate change.

Insurance and reinsurance industry focused equity analysts at investment bank Goldman Sachs believe that concerns over climate change and its influence on severe weather related catastrophes are set to support reinsurance pricing in future.

Insurance and reinsurance broker Aon is embedding climate change considerations into its Impact Forecasting flood catastrophe risk models for Europe, thanks to a collaboration with the Karlsruhe Institute of Technology (KIT).

Gallagher Re, the reinsurance broking arm of the broader Gallagher group, has announced the hiring of Antoine Bavandi who joins the company from the World Bank to lead a new practice focused on the public sector, parametric risk transfer & climate resilience solutions.

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, and broker plus advisor WTW, have teamed up with a goal to accelerate the adoption of parametric insurance solutions.