An international group of 27 climate scientists have concluded that the recent heat wave in the Pacific Northwest was “virtually impossible without human-caused climate change.” National Weather Service reports show that in late June Seattle, Wash., reached all-time high temperature …
Milliman Appleseed, the new advisory and rating organization of actuarial firm Milliman, is offering insurers a simplified product developed by Swiss Re that makes it easier for insurers to enter the flood insurance market. The product is designed to provide …
Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy. The companies, which include Europe’s top three insurers by premiums – Allianz, AXA and …
Swiss Re announced the sell of a 6.6% stake in Phoenix Group Holdings plc for £437 million ($608 million). After the sale, which is expected to close on June 25, Swiss Re will still retain another 6.6% stake in Phoenix, …
Lloyd’s announced the marketplace has secured a five-year £650 million ($897 million) reinsurance cover for its Central Fund—a move that aims to protect against adverse tail risk, while supporting growth and bolstering the market’s balance sheet. The £650 million protection, …
Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, known as …
The COVID-19 crisis reduced overall global macro resilience – or the ability of societies to absorb shocks – by 18% in 2020 from 2019, according to a sigma report published by Swiss Re Institute. At the same time, the report …
The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as …
Climate change is making hurricanes bigger and stronger, and it may soon push them farther north. Yet Canada’s homeowners, businesses and insurers underestimate that escalating risk, according to one of the world’s leading reinsurance firms. Overall, the northern nation has …
Swiss Re reported consolidated net income of USD 333 million in the first quarter of 2021, despite heightened losses in its life and health reinsurance business related to COVID and property and casualty reinsurance losses from U.S. catastrophes. The company …
