An increasing number of (re)insurers are therefore adopting comprehensive climate change strategies to recognize the potential impact on their businesses. Investing in solutions that help predict the likely effects of global warming on the location, intensity and cost of weather-related catastrophes is critical to acquiring a better understanding of climate change risk. ... Continue Reading »
climate change
Responding to Climate Change: Part I
Although there has been a significant increase in both economic and insured losses from natural catastrophes in recent decades, it is important to put these numbers in context. With the exception of coastal flood, inland flood and drought, the wholesale attribution of rising financial losses to an increase in hazard frequency can be misleading. Statements concerning the ... Continue Reading »
Climate Change: A Look into the Future: Part II
Changing Precipitation Patterns - Drought and Wildfire Global warming is also impacting drought and wildfire patterns around the world, with notable regional differences. The IPCC says that some regions of the world have experienced more intense and longer droughts (southern Europe and West Africa in particular) while other areas such as central North America and northwestern ... Continue Reading »
Climate Change: A Look into the Future: Part I
Global climate models project a best estimate of a further two to four degree (Celsius) increase in the mean temperature of the Earth by the end of this century. Although this may seem insignificant on an intuitive level, the resulting impacts are of significant concern. Sea-level rise is the most significant threat for coastal areas as a result of melting glaciers. Apart from ... Continue Reading »
The Reality of Global Warming
The increase in the global mean air temperature, as compared to the 1951-1980 average, is depicted in Figure F-2, and the surge in average oceanic heat content for the 0-700 meter layer is depicted in Figure F-3. The increase in oceanic heat content in particular is notable as it takes a very large amount of energy to heat such a volume of water. ... Continue Reading »
Emerging Risks
The (re)insurance sector is today operating in a rapidly changing and uncertain risk landscape. Against this backdrop, it is important that (re)insurers attempt to identify and understand emerging risks to plan for the long term and challenge assumptions about the future risk landscape environment. ... Continue Reading »
Global Warming: Adaptation Measures
The Intergovernmental Panel on Climate Change (IPCC) publications represent scientific consensus among many of the world's top scientists (and scientific consensus is difficult to achieve). Their findings are generally consistent with the broader scientific literature. ... Continue Reading »
Global Warming: Losses
Economic losses resulting from natural disasters increased from USD75.5 Billion in the 1960s to USD659.9 Billion in the 1990s (IPCC AR4, 2007 - Working Group II, Section 1.2.8.4). Insured losses have also increased, and "the dominant signal is of significant increase in the values of exposure" (IPCC AR4, 2007 - Working Group II, Section 1.3.8.4). Furthermore, the IPCC states ... Continue Reading »
Changing Hazard Landscape: Extratropical Cyclones
Extratropical cyclones pose a hazard primarily due to wind and flooding. They can also bring storm surge impacts in coastal regions. Portions of Europe are particularly prone to extratropical cyclone occurrence and these higher counts will naturally include some stronger events by nature of their underlying intensity distributions. ... Continue Reading »
Changing Hazard Landscape: Tropical Cyclones
One of the more controversial discussions of the climate change question has been the subject of tropical cyclones, historical trends and expected shifts under global warming. The questions cannot be easily answered with either observations or climate models, and the subject has been one of heated debate in both scientific and political arenas. ... Continue Reading »
