Wednesday May 10, 2023
Moody’s Analytics today announced a collaboration with RenaissanceRe to benchmark the environmental impact of risks within RenaissanceRe’s underwriting portfolio. The initiative combines Moody’s sustainability and financial data, models, and analytics with RenaissanceRe’s underwriting and climate expertise.
“As the insurance industry faces new sustainability challenges, such as climate-driven physical risks and the transition to a low-carbon economy, there is an increasing need for data, models, and analytics to assess the associated risks in their underwriting portfolios,” said Stephen Tulenko, President of Moody’s Analytics. “We are excited about collaborating with an innovative industry expert like RenaissanceRe as we enhance our underwriting solutions and provide a consistent view of risk across the value chain.”
The RenaissanceRe collaboration marks the first time Moody’s sustainability capabilities will be applied to a reinsurer’s treaty books, providing a transparent benchmarking approach across counterparties and diverse risk classes. “We are proud to offer the industry a consistent way to support their sustainability objectives—from brokers to carriers and now to reinsurers as well,“ adds Mr. Tulenko.
Cathal Carr, SVP, Chief Underwriting Officer – Europe, and Global Head of Climate & Sustainability Underwriting Strategy at RenaissanceRe, said: “As managers of complex risks, the reinsurance industry is uniquely positioned to protect communities and businesses against the impact of a changing climate.”
Mr. Carr continued, “RenaissanceRe is proud to work with a leading global integrated risk assessment firm like Moody’s and looks forward to bringing our 30 years of climate expertise to such an important focus area for the industry. The framework will help us support our clients in navigating the journey to a lower carbon economy, while advancing our opportunities to provide risk-taking capacity through this transition.”
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