Dramatic Change in Insurance Industry Risk Assessment

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Climate change is the underlying reason for a dramatic change in risk assessment for the insurance industry. Robert Muir-Wood, the chief scientist of Risk Management Solutions (RMS), says, “In the past, when making these {risk} assessments, we looked to history. But in fact, we’ve now realized that that’s no longer a safe assumption—we can see,… Read more »

Insurance Industry Response to Climate Change

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climate change

Ever heard of a protection gap for climate change? It is the difference between total economic losses and insured losses. Maurice Tulloch, Chairman of Global General Insurance at Aviva and Chairman of ClimateWise, says finding a way to provide insurance for the most vulnerable assets in society is crucial if the insurance sector will remain… Read more »

Actuaries Might Be Your Best Friend in Hurricane Season

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“It is fair to say that climate change is challenging our long established risk models, especially for wind-based disasters.  In other words, what we now think of as a 1-in-500 year event may no longer be such a low probability incident as storms intensify as a result of climate change,” Sherif El-Tawil, Professor of Civil… Read more »