Climate change: the amplifier of all industry risks
The prevalence of emerging climate perils continues to put pressure on the (re)insurance industry to respond amid rising losses and growing uncertainty for the sector, in addition to a widening protection gap. Understanding the impacts of climate change has become a top priority, as no portfolio or line of business is immune to its effects.
But how is climate risk motivating stakeholders in the risk mitigation and transfer chain to re-evaluate the way they look at nat cat risk and how prepared is the industry to help its clients transition to a low-carbon economy?
In our first episode of Risk Spotlight, together with WTW’s Lisa Lipuma, Director, Risk & Analytics, and Ben Fidlow, Global Head of Core Analytics, and Mike Gosselin, CUO – Specialty at Liberty Specialty Markets, we seek to answer these pressing questions, covering:
- The evidence of the impact of climate change on risk
- The trouble with climate modelling accuracy at present – particularly in relation to wildfires and tornadoes
- The impact and use of technology for more robust data collection processes which are enabling better event prediction capabilities
- Climate change as an amplifier of all risks, not just the more obvious ones
- The urgency to better identify how climate can impact a client’s assets, and to pay claims more quickly
- The pivotal role the industry must play in climate transitioning
- Climate resilience and the future significance of close collaboration between all industries, including public-private partnerships
The Risk Spotlight series is the The Insurer TV’s new asset for 2022 set to answer the industry’s biggest questions.
During a concise and insightful docufilm, we will endeavour to answer a key question associated to a specific business line or part of the market and unpack the drivers behind some of key trends and market conditions the industry is witnessing.