| ||The purpose of this presentation, "Risk Management and Insurance Strategies Related to Climate Change," is to provide an overview of why and how (re) insurance companies are incorporating climate risk adaptation strategies. Topics to be covered will include:|
Both insured losses as well as total economic losses due to weather perils have been trending upward over the past 30 years. For example, during 2012 insured losses in the United States totaled $58b - far above the 2000 to 2011 annual average loss of $27b (in 2012 Dollars). As a consequence, huge losses are being absorbed by our federal government, as well as by businesses (due to property damage and business interruption), individuals (due to damage to their homes and job losses), state and local governments (due to public infrastructure losses) and by investors in all the above.
- How does climate change present both risks and opportunities for insurers?
- What are some ways insurers are helping us to manage climate risks?
- In what ways could insurers play a bigger role in climate adaptation?
For the insurance sector in particular, where there are risks there are opportunities. Leading insurer climate change commitments & investments include:
In response to the need for society to manage climate risks, and the unique role and expertise of the insurance sector, Ceres has launched the "Building Climate Resilience workshop series", which engages city-builders-representatives from local and regional government and the property, insurance, finance, utility and infrastructure industries-in an exploration of how these various stakeholders can collaboratively reduce risks and increase the performance of climate-vulnerable local areas. This is a joint program of Ceres, ClimateWise, ICLEI Local Governments for Sustainability USA, The Next Practice, and the University of Cambridge Programme for Sustainability Leadership, with support from leading insurance companies and local governments. Cynthia McHale will describe this program and its relevance to communities.
- Developing climate-responsive products and services
- Promoting loss prevention and adaptation
- Engaging in public policy and supporting climate research
- Raising awareness of climate change
| ||Moderator: Jerry Filbin, EPA|
| ||Lindene E. Patton, Chief Climate Products Officer, Zurich Insurance Group Ltd.|
| ||Presentation: Slides MP4 File (26 minutes, 21.5 MB)|
| ||Cynthia McHale, Director, Insurance Program, Ceres, Boston, MA|
| ||The Insurance Industry and Climate Change: winning strategies|
| ||Presentation: Slides MP4 File (20 minutes, 13.7 MB)|
| ||Question & Answer Recording: MP4 File (13 minutes, 7.96 MB)|