22 min
ESG Special: How climate conditions impact both insurers’ present day and future risk (Re)thinking insurance
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- Management
Faced with the challenges and risks of climate change and a warming planet, insurers have strong foundations in place with the catastrophe models developed over recent decades. But the forecasting horizons of such models tends to be quite short. So, as an industry, we need to be thinking about how we better project the potential longer-term effects on exposures, underwriting and investment strategy, taking into account not only physical risks, such as severe storms, but also the transition and liability risks of climate change.
In this episode of (Re)thinking Insurance, Sina Thieme is joined by David Singh, WTW’s Head of Climate Analytics and Exposure Management, to discuss ways forward, touching upon topics ranging from industry and academic collaboration, the need to capture primary and secondary perils, and the whys and wherefores of scenario testing and sensitivity analysis.
Faced with the challenges and risks of climate change and a warming planet, insurers have strong foundations in place with the catastrophe models developed over recent decades. But the forecasting horizons of such models tends to be quite short. So, as an industry, we need to be thinking about how we better project the potential longer-term effects on exposures, underwriting and investment strategy, taking into account not only physical risks, such as severe storms, but also the transition and liability risks of climate change.
In this episode of (Re)thinking Insurance, Sina Thieme is joined by David Singh, WTW’s Head of Climate Analytics and Exposure Management, to discuss ways forward, touching upon topics ranging from industry and academic collaboration, the need to capture primary and secondary perils, and the whys and wherefores of scenario testing and sensitivity analysis.
22 min