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EC seeks feedback on cat bonds for climate risk transfer & financing

The European Commission (EC) has launched a consultation on sustainable finance, as it plans to "ensure a sustainable and resilient economic recovery following the coronavirus outbreak." The European Commission (EC) will factor the feedback into its work to mobilise private capital to support sustainable projects. Climate related risk is clearly a huge read the full article →

Risk transfer, reinsurance key to address reality of climate change: Guy Carpenter

The reality of climate change needs to be addressed and addressed fast by countries, governments and public sector entities, and the risk transfer, reinsurance and insurance-linked securities (ILS) sectors are well-placed to assist, according to Guy Carpenter. The catastrophe bond is highlighted as a key risk transfer and resilience financing tool read the full article →

Cat bonds, risk pools, parametric triggers key to risk mitigation: Aon

Innovative insurance and reinsurance mechanisms such as catastrophe bonds, risk pooling facilities and parametric triggers are all key ways that risk mitigation can be improved in the world's most vulnerable areas, Aon said today. The insurance and reinsurance broker highlighted the continuing issue of the protection gap and the need for read the full article →

Aon & Brit back Icebreaker One’s open standard for climate data

Significant insurance and reinsurance industry players are backing a new non-profit start-up that aims to drive forwards the development of an open standard for sharing climate data, with the goal of enabling better design and development of climate risk related financial products along with the use of artificial intelligence. Icebreaker One read the full article →

Parametric risk transfer critical to address climate change: WTW’s Hess at Davos

To reach the required levels of adaptation and increase the world’s resilience to climate change, parametric insurance is critical in order to manage the long-term impacts and the transition, according to Carl Hess, Head of Investment, Risk and Reinsurance at broker Willis Towers Watson (WTW). Hess was speaking as part of read the full article →

Insurance & ILS are shock absorbers for climate, but need adjusting to the risk: McKinsey

Insurance products, reinsurance and insurance-linked securities (ILS) are all examples of financial shock absorbers for climate change risks, but while it can encourage behavioural change through the sending of price signals, a new report from McKinsey highlights the reality that the sector business models may need to change. Leaders in business, read the full article →

AbsoluteClimo’s climate risk models forecast fewer economic losses in 2020

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, says its models suggest that in 2020 global total economic losses from climate-driven natural catastrophes are most likely to meet or exceed $110 billion. That's significantly lower than the number seen this year and also lower than read the full article →

Climate & environmental issues are top global risks for 2020: Marsh & Zurich

For the first time in the history of the annual World Economic Forum's Global Risks Report all of the top five global risks in terms of likelihood are related to climate change and environmental issues. The report highlights the growing global awareness of the threat that climate related risks pose to read the full article →

Institutional investors backing ILS call for climate action

The world's largest institutional investors are increasingly vocal about the need to accelerate efforts to tackle the climate crisis, with many of the same group also contributing a significant proportion of the insurance-linked securities (ILS) market's capital base. Last week, 631 institutional investors which between them are responsible for managing more read the full article →

Goldman Sachs reiterates cat bond & ILS role in environmental policy

Investment banking giant Goldman Sachs published an updated environmental policy yesterday, with catastrophe bonds, insurance-linked securities (ILS) and other climate related risk and reinsurance products again taking a central stage within it. Goldman Sachs recognises the importance of climate adaptation and the opportunity for its business in this area, with its read the full article →