InsurTech Digital’s Post

A stunning report out by Eric Roston and Bloomberg News documenting uncertainties in climate hazard data and implications for insurance, public safety and risk management. What data can we trust?

Swiss Re Advocates for Advanced Data Utilization to Bridge the NatCat Protection Gap: As natural catastrophe losses escalate, Swiss Re emphasizes the use of data-driven insights to enhance global insurance access and climate risk management.

Global insured losses from natural catastrophes exceeded $100 billion for the fourth consecutive year in 2023, prompting a shift in terminology from "secondary perils" to "earnings perils" as severe convective storms and changing risk landscapes demand a proactive approach to risk identification and management.

Regional disaster #risk pools play a crucial role in safeguarding economies and communities from natural hazards. These pools, which operate in the interest of governments and the public, must carefully balance business strategies with social objectives amidst escalating climate risks and evolving #insurance markets. We are proud to collaborate with these risk pools and the Global Shield Solutions Platform to enhance their adaptability to market changes and bolster resilience against #climate risks. Find out more: https://ow.ly/AaZ850SpR4e Viktoria Seifert, David Simmons, Simon Young African Risk Capacity (ARC) Group | CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) | Pacific Catastrophe Risk Insurance Company (PCRIC) | SEADRIF Insurance Company | Global Shield against Climate Risks

Economic losses from global natural disasters in 2023 are estimated at $380 billion. Insured losses from natural disasters in 2023 are estimated at $118 billion. Of the 66 natural catastrophes that caused a billion dollars or more in damages in 2023, 63 of them were caused by weather. Only 40 percent of weather and climate-related losses were covered by insurance in 2023. So... Who doesn't think that climate change is a financially material risk that businesses need to be taking into account as part of their risk management strategies right now? For those who are working in this space, I highly recommend reading Aon's excellent "Climate and Catastrophe Insights Report 2024", from which I have taken this striking graphic. #climatechange #insurance #esg #climaterisk

In light of the EU Climate Resilience Dialogue report, FERMA has reiterated its proposal for the European Commission to create an Expert Group on Climate Protection Gaps. This move aims to tackle the growing climate risks across Europe and enhance resilience. FERMA, alongside Insurance Europe and other key stakeholders, emphasizes the importance of risk management in fostering climate resilience. https://hubs.la/Q02NNZy20

Excited to share that Aon’s wildfire risk modeling solution has been recognized as the Climate Risk Modelling Solution of the Year by InsuranceERM! As wildfires become an increasingly urgent challenge, particularly in North America and Australia, Aon’s innovative approach has stood out by offering critical insights to help insurers navigate these evolving risks. Our solution addresses the growing complexity of wildfire risks, not only by quantifying potential third-party losses but also by considering the influence of climate change and projecting trends up to year 2100. These insights support insurers in making more informed underwriting decisions and managing risks in a more precise, location-sensitive way. A big thank you to the InsuranceERM judging panel for acknowledging our commitment to tackling one of the most pressing climate risks today as well as the AON team..... Looking forward to continuing to enhance this tool with expanded geographic coverage and climate-forward projections! #ClimateRisk #WildfireModeling #Aon #RiskManagement #Sustainability #Insurance

Looking to enhance your risk assessment and better manage water-related risks? Discover how Aquanty is revolutionizing the insurance industry with real-time and on-demand hydrologic forecasting. #HydroGeoSphere (HGS) helps insurance agencies understand and predict water-related risks, optimize risk management strategies, and adapt to climate change. From national-scale analyses to localized predictions, our solutions are designed to improve efficiency, mitigate risks, and support informed decision-making. Whether you're dealing with flood and drought risk assessments, regulatory compliance, or long-term hydrological trend analysis, HGS offers a comprehensive approach tailored to your needs. Interested in learning more about how Aquanty can transform your operations? Book a demo call with us below to explore the full potential of our innovative solutions, and join the growing number of stakeholders benefiting from HydroGeoSphere: https://buff.ly/4cDiBuM

#GotPublished I am glad to share our recently published #opinion piece on creating a #riskmitigation model for #climatechange and #naturaldisaster in #India authored by Nirupama Soundararajan and I. Look forward to your comments. #climatechange #climatefinancing #greenfinancing #floodinsurance #climateadaptation #risk #sustainablefinance

With climate risks on the rise, FM is dedicating its latest $400 million resilience credit to help clients fortify operations against natural hazards, including hurricanes and floods. Since the program's 2022 inception, FM has committed over $1 billion, driving significant reductions in economic impact for its clients. Chairman and CEO Malcolm Roberts underscores the value of this mutual partnership in addressing climate vulnerabilities and protecting organizational purpose. https://hubs.ly/Q02VQNzv0