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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 →

Capital + tech + data can help address climate risks: Schauble, Nephila

The use of efficient capital from the insurance-linked securities (ILS) market, along with advanced technology and expanding amounts of data, can help the world in addressing climate risk, comments by Barney Schauble, Managing Principal at Nephila Advisors suggest.With climate change rising up the political and social agenda all the time, read the full article →

Climate change threat seen as increasingly urgent by re/insurers: PwC report

The threat posed to insurance and reinsurance markets by climate change is seen as increasingly urgent, as it drives some in the industry to believe risks could become uninsurable, while others highlight that the uncertainty associated with this risk is breaking pricing models.This is according to the respondents to the read the full article →

Above average Atlantic hurricane & west-Pacific typhoon seasons forecast by AbsoluteClimo

Hawaii based climate and weather modeling, forecasting and risk management firm AbsoluteClimo has forecast an above average number of Atlantic hurricanes and west-Pacific typhoons will form during the 2019 seasons.The forecast goes a little against the grain of other meteorological organisations, who currently predict a relatively average hurricane season in read the full article →

Climate risks embedded in re/insurers’ investments highlighted

A very important point was raised by the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) recently, that insurance and reinsurance firms hold significant exposure to climate related risks in their investment portfolios, as well as the exposures they assume through underwriting.It seems a simple thing and read the full article →