climate risk
Parametric ILS “vital” to reduce protection gaps, increase resilience: Mark Carney, Bank of England
Mark Carney, the Governor of the Bank of England, discussed the role of insurance and reinsurance technology as an essential financial took to smooth the world's transition to a 1.5 degree world and highlighted the role of insurance-linked securities (ILS) within that.Speaking on Sunday in New York, on the sidelines read the full article →
IDF members commit $5bn of capacity to support InsuResilience goals
Members of the Insurance Development Forum (IDF) have committed to provide up to US $5 billion of risk capacity to support delivery of the InsuResilience Vision 2025 goals, while the United Nations and other sovereign actors have committed to extending climate and disaster insurance to 500 million.Announced yesterday in New read the full article →
Insurance resilience improved, but record protection gaps remain: Swiss Re
While insurance resilience against catastrophes, mortality and healthcare related risks has been rising, a record sized protection gap remains, according to insight from global reinsurance firm Swiss Re.The reinsurer believes the global economy now actually has less capacity to absorb a shock than it did over a decade ago in read the full article →
Climate change risk perception contributes to ILS slowdown: Fitch
Among all the reasons for inflows of alternative reinsurance capital into insurance-linked securities (ILS) slowing down over recent months, Fitch Ratings believes that climate change is a factor.The rating agency said today that the recent slowdown in ILS market inflows is expected to continue for a little longer, while the read the full article →
Climate risk data needs linking to insurance & risk-transfer process
Climate risk data should be linked to the insurance, reinsurance and risk transfer process through the use of technology and risk models, placing it and financial products at the heart of climate adaptation and resilience efforts.A new background paper from academics and insurance sector specialists highlights the importance of continued read the full article →
New York’s climate change bill sets stage for risk transfer
New York state has seen new legislation on climate change adaptation making rapid progress through lawmaking channels and the Climate Leadership and Community Protection Act includes signs that risk transfer is on the agenda.New York has been hailed as taking the lead on climate change related issues with its "green read the full article →
Climate risk transfer an opportunity for product design innovation: Greg Lowe, Aon
The growing pressure on corporations to take greater responsibility for the climate related risks and exposures they carry could present an opportunity for insurance and reinsurance market participants to demonstrate innovation in product design, according to Aon's Greg Lowe.Greg Lowe, the Head of Resilience & Sustainability at insurance and reinsurance read the full article →
Cost, efficiency, product & unbundling vital to protection gap initiatives
Public and private market efforts and collaboration to narrow or even close the insurance protection gap need to be accelerated and uptake of risk transfer needs to be extended, according to Chairman of AXA Denis Duverne.Speaking at an Insurance Development Forum (IDF) day held at the International Insurance Society (IIS) read the full article →
Bank of England to mainstream climate risk management, encourage disclosure
The Bank of England has committed to action in support of an orderly transition to a carbon neutral economy for the United Kingdom, seeking to "mainstream climate risk management" in the financial sector and encourage broad disclosure of climate-related risks.The Bank wants the UK's financial sector to "support the transition read the full article →
Risk transfer a key tool in climate change adaptation: Nephila report
Risk transfer is often overlooked in discussions relating to climate change and adaptation to it, as instruments including weather risk transfer and catastrophe reinsurance are able to send price signals to help public and private sector entities better understand the economic value at risk.This is according to a new report read the full article →
