Annual Meetings-Climate Change and the NAT/CAT Insurance Impact

Pdf Summary

The document discusses the changing climate of catastrophe risk, focusing on natural catastrophes in the 21st century, the impact of climate change on weather catastrophes in the U.S., and inland marine risk in a changing climate. It highlights the increasing frequency and intensity of extreme weather events like hurricanes, winter storms, thunderstorms, and heavy precipitation due to human-induced climate change. The text presents data and trends from Munich Re's NatCatSERVICE, emphasizing the connection between climate change and rising global temperatures, sea level rise, and ocean acidification. It also delves into the correlation between urban development, flooding risks, and droughts, particularly referencing the Great California Drought of the 2010s. The challenges of modeling inland marine natural catastrophe losses and the importance of enhancing vulnerability assumptions are also discussed. The document concludes by stressing the need for improved underwriting practices and building science advancements to mitigate the adverse effects of climate change on catastrophe risks.

Asset Caption

Presented by:
Carl Hedde, Senior VP, Head of Risk Accumulation, Munich Re America, Inc. and Mark Bove, Senior Research Meteorologist, Munich Re America, Inc.

Keywords

catastrophe risk

natural catastrophes

climate change

weather catastrophes

inland marine risk

extreme weather events

human-induced climate change

Munich Re's NatCatSERVICE

urban development

underwriting practices