Making deals in Monte-Carlo: the reinsurers in the face of climate change

The document criticizes the current practices of major European reinsurers during the Rendez-Vous de Septembre in Monte-Carlo, noting that while natural disasters cost nearly US $50 billion in early 2023, reinsurance treaties—which comprise over 70% of turnover—remain largely exempt from fossil fuel exclusion policies. It argues that increasing treaty rates is an unsustainable response to climate risk and calls for the exclusion of new coal, oil, and gas projects to prevent global warming exceeding 1.5°C.

• Natural disasters resulted in costs of nearly US $50 billion during the first half of 2023, positioning climate change as the primary challenge for the insurance and reinsurance industry.
• Major European reinsurers—specifically Munich Re, Swiss Re, Hannover Re, and SCOR—have limited their fossil fuel exclusions to direct insurance and facultative reinsurance, leaving treaty reinsurance, which accounts for over 70% of their turnover, outside these policies.
• Reinsurers are increasing rates to maintain profitability against intensifying climate change, but this is deemed unsustainable; in the United States, this has already led to unaffordable home insurance in several states and some insurers refusing new customers in high-risk areas.
• No reinsurer has yet been able to make a commitment to achieve net zero by 2050.

APA

Martin, L. (2023). Making deals in Monte-Carlo: the reinsurers in the face of climate change. Reclaim Finance. https://reclaimfinance.org/site/en/2023/09/12/making-deals-in-monte-carlo-the-reinsurers-in-the-face-of-climate-change/

Chicago

Martin, Léo. Making deals in Monte-Carlo: the reinsurers in the face of climate change. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/09/12/making-deals-in-monte-carlo-the-reinsurers-in-the-face-of-climate-change/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Making deals in Monte-Carlo: the reinsurers in the face of climate change |publisher=Reclaim Finance |date=12 September 2023 |url=https://reclaimfinance.org/site/en/2023/09/12/making-deals-in-monte-carlo-the-reinsurers-in-the-face-of-climate-change/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2023making, author = {Martin, Léo}, title = {{Making deals in Monte-Carlo: the reinsurers in the face of climate change}}, publisher = {Reclaim Finance}, year = {2023}, month = sep, url = {https://reclaimfinance.org/site/en/2023/09/12/making-deals-in-monte-carlo-the-reinsurers-in-the-face-of-climate-change/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }