Climate Change The Top Risk For Global Reinsurers

The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events.

The latest global edition of the biennial survey includes responses from more than 600 industry leaders and executives in 47 territories, and shows that climate change has become a top concern for life, non-life, reinsurance and composite insurers.

In fact, climate change has moved into the top five for the first time and is the biggest riser in this year’s survey, having been in sixth place in the 2019 edition.

For reinsurers specifically, climate change, and particularly catastrophe risks, ranked as the top risk facing the industry, which reflects a notable rise in losses from secondary perils and catastrophe events in general.