• Heidi Stiller posted an update in the group Group logo of Gulf of Mexico Climate Outreach Community of PracticeGulf of Mexico Climate Outreach Community of Practice 6 years, 11 months ago

    Great (and relatively short) report from an international insurance think tank on ocean warming impacts and implications for insurance and reinsurance. It’s great to see this science-based call on the industry to promote both mitigation and adaptation (and I could see using the section on impacts to help put together a science talk!)

    Warming of the Oceans and Implications for the (Re)insurance Industry
    A Geneva Association Report
    https://www.genevaassociation.org/media/616661/GA2013-Warming_of_the_Oceans.pdf

    From the Exec Summary:
    Due to the limits of predictability and scientific understanding of extreme eventsin a non-stationary environment, today’s likelihood of extreme events is ambiguous. As a consequence, scenario-based approaches and tail risk modelling become an essential part of enterprise risk management.
    In some high-risk areas, ocean warming and climate change threaten the insurability of catastrophe risk more generally. To avoid market failure, the coupling of risk transfer and risk mitigation becomes essential.

    • “The interplay between the potential of rising risk levels and insurance demand, but decreasing self-protection, could create a risk environment that is uninsurable in some regions. Examples for markets with this potential are U.K. flood or Florida wind storm insurance.”

      Ouch.

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