Devastating wildfires that have destroyed at least 347 homes in Colorado and cost more than $11 million to control. A bizarre derecho storm that killed 22 people and left 4.3 million people without electricity across 10 states. Record heat across the United States. It’s highly unusual – or is it? This summer’s extreme weather has many observers pointing to climate change and global warming as the cause; others argue it’s all part of long-term weather patterns. Either way, insurance companies that must anticipate and respond to natural catastrophes are in the center of the storm. Here’s how some of the experts are interpreting this season’s dramatic weather-related events and their implications for the insurance industry.
July 06, 2012
5. Insurers Must Respond Regardless
The need for climate-resilience is becoming a source of innovation and business opportunity for insurers. Combined with our traditional skills in risk-modeling and scenario building it can assist policy-makers and customers alike identify cost effective measures in their communities and plan better for future uncertainties.
— John Coomber, former CEO of Swiss Re and Chairman of ClimateWise, "Moving Beyond the Uncertainty of Climate Change Risk," an article in The ClimateWise 2012 Thought Leadership Series.
Source: ClimateWise
