Insurance Market Climate Discussions
For now this is a placeholder for what I hope will be a fairly regular session around climate change that is centred around the latest research that is being done in this area. The topic of climate - whether we like it or not - has been pushed to the forefront of catastrophe modelling in the last couple of years even though the science of climate and tail risk is still - relatively - in its infancy.
There is potential across our industry that incorporation of the latest research into views of risk could become standard. Research is continually being done and I'm sure will continue to impact how we view climate risk and how we adjust models - upward or downward - in the future and this could be the forum to be able to keep abreast of the latest research. There are plans for a group of folks from the industry to develop two areas, from which "live" documentation could exist:
1) The "state of play" in climate risk assessment for various peril/regions [e.g. EU/US FL, US HU, EU WS, JP TY]
2) Methods to incorporation climate risk into risk models/risk functions
The target for these documents? Anyone in the insurance industry: cat modellers, exposure managers, cat model vendors, actuaries, underwriters, brokers. The aim, especially with Item 1) is to boil down the latest science into understandable information that can be then used in item 2).
I currently have an email list with 50+ people on it. More details will appear here in due course but if you're interested and want to roll your sleeves up and help out please email me via the contact page.