Annual Meetings-Weather Trends: Flooding & Inland Marine Exposures The impact of climate change on flooding and other CAT exposures

Weather Trends: Flooding & Inland Marine Exposures The impact of climate change on flooding and other CAT exposures - Tim Pappas, CPCU, Vice President, Gen Re

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The document discusses the impact of climate change on catastrophic events like flooding, emphasizing the increased frequency and intensity of extreme weather due to rising temperatures. It highlights how warmer air can hold more moisture, leading to more intense rainfall and subsequent flood risks. The changing climate is causing shifts in precipitation patterns, with some regions experiencing more floods while others face prolonged droughts and increased wildfire threats. The text also raises concerns about the inadequacy of current flood maps in predicting and managing flood risks, especially as infrastructure like dams and levees age and face challenges from more severe weather events. The document stresses the need for underwriters to stay vigilant, utilize available tools and technology, and understand the limitations of flood risk assessments. In summary, the discussion underscores the importance of adapting underwriting strategies to address the evolving challenges posed by a changing climate and its impact on catastrophic losses.

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Presented by: Tim Pappas, CPCU, Vice President, Gen Re

Keywords

climate change

catastrophic events

flooding

extreme weather

rising temperatures

intense rainfall

flood risks

precipitation patterns

flood maps

underwriting strategies