Climate risks affect a wide variety of factors within the (re)insurance industry. GC Fo[RE]sight, Guy Carpenter’s podcast series, presented a series of 3 conversations with company experts regarding how these challenges developed and how they can be managed and addressed.
I. Evolving Physical Risk Landscape
Kieran Bhatia, Vice President, Climate Change Perils Advisory, and Sam Phibbs, Vice President, Catastrophe Advisory, consider the Intergovernmental Panel on Climate Change Sixth Assessment Report (IPCC AR6) and evaluate how (re)insurers can consider the impact of climate change. They talk about how the conclusions depicted in IPCC AR6 reflect a growing understanding of how rising greenhouse gas emissions affect the Earth’s climate, how climate change can have very different regional impacts, and how climate modeling has advanced in recent years.
II. Is Climate Change to Blame for Increasing Losses?
Josh Darr, Managing Director, Head of North America Peril Advisory, and Jessica Turner, Head of International Catastrophe Advisory, discuss the importance of considering climate as just one of many factors influencing upward-trending insurance losses. Other potential drivers of loss include less-than-effective use of catastrophe models, as well as secondary perils, population demographics, evolution of built infrastructure, changes in the construction industry and inflation.
III. Narrowing the Protection Gap: Climate Change and the Public Sector
Joe Becker, Senior Vice President, Broker, North America Public Sector Team, and Ruth Lux, Head of Public Sector, UK, Europe, Middle East and Africa, address themes regarding climate change and how it affects the public sector, as well as potential public-private solutions. They discuss how insurance professionals can help address growing protection gaps, what the appropriate role is for governments, and how resilience helps facilitate effective risk transfer.
About Guy Carpenter's Fo[RE]sight Podcast Series
Our goal for this series is to bring to listeners unmatched insights on trending challenges and solutions, delivered by specialists from Guy Carpenter and other organizations on the forefront of thought leadership developments.