There is a global Code Red with regards to climate change that puts the entire economic system at risk. It is clear that the climate is changing dramatically, irreversibly and in an unsustainable way, leading to higher and more volatile weather-related insurance claims. With the COVID-19 pandemic roiling global markets, an integrated approach is needed to deal with both crises.
This will demand more innovation which includes greater use of predictive analytics to price risk, development of more effective and reliable parametric insurance coverage, ILS, improvement of risk analytics and modelling for accurate forecasting as historical claims record are no longer a reliable basis to underwrite risk. But will it be enough?
The COVID-19 crisis has illustrated how quickly business can become obsolete in the face of catastrophe. How resilient is the insurance industry in responding to the complex risk posed by climate change? What action can be taken now? This two-day virtual conference is a MUST-ATTEND for CAT underwriters, reinsurers, CAT modellers, risk managers, brokers, government bodies and NGOs to prepare for tomorrow’s climate. Reducing losses to all involved will depend on smart pricing and risk assessment, today.
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