In light of COVID-19, the 26th United Nations Climate Change Conference of the Parties (COP26) – the most significant climate summit since the 2015 signing of the Paris Agreement – was postponed. However, this does not signify that climate change has been knocked off the agenda. In fact, critical momentum around this issue continues to build, according to Ruth Lux, Head of Pub ... Continue Reading »
climate change
Video: What Governments Can Do to Identify and Build Resilience Against Climate Risks
Climate change risk is, by its very nature, massively disruptive, and nations are responsible for an increasing share of the costs as communities and businesses rely more and more on state natural disaster relief. Put simply, insurance penetration is falling behind rising loss trends, and the situation is only going to deteriorate going forward, especially as climate change ... Continue Reading »
Video: The Reinsurance Market and Climate Change
Guy Carpenter recently participated in a series of videos with The Insurer, in which experts from throughout Guy Carpenter opine on different aspects of the contemporary risk landscape. ... Continue Reading »
Update: How Will Climate Catastrophes Be Handled in the Face of Coronavirus?
In recent years, the reinsurance market has established itself as a capable private partner for the public sector, as illustrated in its response to major events over the past 30 years. The sector remains well capitalized, and the expertise developed over decades of dealing with market-changing events, including those related to climate change, puts it in an unrivalled position ... Continue Reading »
Wildfire: Understanding and Modeling the Risk
A confluence of excessive heat and lack of precipitation has led to a dangerous wildfire situation in the western United States. As of late September, 75 percent of the western region is in a state of moderate to exceptional drought. The drought, combined with high winds and lightning activity, precipitated the ignition and rapid spread of over 70 large fires in California, ... Continue Reading »
Climate Change is an Opportunity for Business to Thrive
The reinsurance market exists to help risk aggregators — often insurance entities — manage the volatility embedded in their obligations to policyholders when adverse events, such as floods, wildfires and hurricanes, impact many of their policies at the same time. As climate change and the associated increase in natural catastrophe events alters the contemporary risk landscape, t ... Continue Reading »
How Overlooking Climate Change Could Become a Personal Liability
Reinsurers are well-placed to advise clients on responding to climate change risk. As climate change and the associated increase in natural catastrophe events alters the contemporary risk landscape, there is now an opportunity for companies to partner with the (re)insurance market and put its expertise to work. Climate change is complicating two of the most important board ... Continue Reading »
2020 Marsh & McLennan Climate Resilience Handbook
Climate change risk is, by its very nature, massively disruptive, and nations are responsible for an increasing share of the costs as communities and businesses rely more and more on state natural disaster relief. Put simply, insurance penetration is falling behind rising loss trends, and the situation is only going to deteriorate going forward, especially as climate change ... Continue Reading »
Governments Need Private Capital for Economic Recovery and Future Disaster Protection
It is a government’s responsibility to prepare for risks that may threaten national security and social stability, and as government entities take steps to understand and manage those risks, they are turning to the reinsurance market to find ways to improve their financial resilience. The risk landscape for public sector entities is changing faster than ever before, with e ... Continue Reading »
Review of Climate Change Risks on GC Capital Ideas
Here we highlight the recent stories that GC Capital Ideas has presented on managing risks associated with climate change. ... Continue Reading »
