Resilience Forward’s Post

Insurers can not solve the increasing complexity of climate risk alone, however, by actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

What steps does climate risk assessment involve and why is climate data key to this process? Join Risto Schmid on the upcoming Commercial Risk webinar to learn how companies can use climate data to estimate exposure and manage climate risk. Register here: ➡ https://lnkd.in/d4qrq5GW Zurich Commercial Insurance #ClimateResilienceZRS #ClimateRisk #ClimateData #ZurichCommercialInsurance

Natural catastrophes globally resulted in $380 billion in total losses and $118 billion in insured losses in 2023. The fundamental purpose of #insurance is to provide protection and transfer risk. But this is proving increasingly difficult in a time of more widespread, acute and severe weather events. Solutions to mitigate #climaterisk are going to be expensive and no single group — insurers included — has the wherewithal to address it alone. But insurers can signal the direction of travel. They have more experience analyzing and pricing climate risk than anyone. By actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

Natural catastrophes globally resulted in $380 billion in total losses and $118 billion in insured losses in 2023. The fundamental purpose of #insurance is to provide protection and transfer risk. But this is proving increasingly difficult in a time of more widespread, acute and severe weather events. Solutions to mitigate #climaterisk are going to be expensive and no single group — insurers included — has the wherewithal to address it alone. But insurers can signal the direction of travel. They have more experience analyzing and pricing climate risk than anyone. By actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

In a year marred by unprecedented climate events, the imperative to adapt and innovate within the insurance sector has never been clearer.  The surge in billion-dollar weather and climate disasters in 2023 underscores the urgency to embrace a Predict & Prevent™ strategy. This proactive approach not only mitigates financial burdens for insurers but also safeguards insured individuals and communities from the harrowing aftermath of such calamities. I had the opportunity to look back at the lessons learned around the escalating impact of climate risks on both policyholders and insures in a recent Risk & Insurance article and the need to further Predict & Prevent approaches. Read the full article: https://bit.ly/4as1URG #PredictAndPrevent #InsuranceInnovation #ClimateResilience

Captive insurance companies can play a crucial role in managing climate change risk. Discover how they are well-positioned to insure climate risks for their parent companies in this insightful article: https://ow.ly/SSOe30sCcb8 #CaptiveInsurance #ClimateRisk #ASmarterWayToRisk #WTWPerspective

Natural catastrophes globally resulted in $380 billion in total losses and $118 billion in insured losses in 2023. The fundamental purpose of #insurance is to provide protection and transfer risk. But this is proving increasingly difficult in a time of more widespread, acute and severe weather events. Solutions to mitigate #climaterisk are going to be expensive and no single group — insurers included — has the wherewithal to address it alone. But insurers can signal the direction of travel. They have more experience analyzing and pricing climate risk than anyone. By actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

Natural catastrophes globally resulted in $380 billion in total losses and $118 billion in insured losses in 2023. The fundamental purpose of #insurance is to provide protection and transfer risk. But this is proving increasingly difficult in a time of more widespread, acute and severe weather events. Solutions to mitigate #climaterisk are going to be expensive and no single group — insurers included — has the wherewithal to address it alone. But insurers can signal the direction of travel. They have more experience analyzing and pricing climate risk than anyone. By actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

Natural catastrophes globally resulted in $380 billion in total losses and $118 billion in insured losses in 2023. The fundamental purpose of #insurance is to provide protection and transfer risk. But this is proving increasingly difficult in a time of more widespread, acute and severe weather events. Solutions to mitigate #climaterisk are going to be expensive and no single group — insurers included — has the wherewithal to address it alone. But insurers can signal the direction of travel. They have more experience analyzing and pricing climate risk than anyone. By actively sharing their insights and working with key stakeholders, they can contribute to a comprehensive climate risk mitigation roadmap and the actions that make it real. Insurers can lead the way, help identify needed interventions and prevent any one group — including carriers and their customers — from bearing the full brunt of the cost to build a more climate resilient society. More in PwC's report 👇 #protectiongap #reinsurance #ILS #catbonds #parametricinsurance

💡💼 Balancing Short-Term Policies and Long-Term Climate Risks The one-year term of insurance policies poses challenges. How can insurers balance short-term gains with long-term climate risks? Conservative approaches to climate threats risk business loss. How can insurers strike the right balance? Leadership in climate risk: Is there an advantage for insurers who take a proactive stance? #EXLConsulting #ClimateChange #InsuranceIndustry #RiskManagement #NaturalDisasters #ClimateResilience