Extreme weather is frightfully frequent now as Man continues indifferent to climate warnings. The insurance industry is expected to manage the risks arising from such unconscionable behaviour. Last year, the industry suffered one of the highest Nat CAT insured losses of US$135 billion, the highest in almost 40 years. Economic loss was US$330 billion; 97% from extreme weather damage. As regions of the globe continue to heat up, hurricanes, typhoons, heatwaves, droughts and floods are expected to occur more frequently in the near future. The Asia Pacific region, home to two-thirds of the world’s poor, will suffer this impact, if efforts are not immediately implemented.
Can the insurance industry help? What sustainable smart solutions does it have for this coming crisis scenario? Are there enough models to make an accurate assessment? Is there adequate data for good models and efficient underwriting? Will Insurance-Linked Securities take over this space? Are current products flexible and adaptable to handle climate risk? Can there be greater product innovation to close the protection gap?
This year’s coming-of-age 16th Annual CAT Conference will address smart solutions for risk management, from pricing and accessibility, to loss prevention and risk mitigation. There is a need for a perfect private-public partnership to enable stakeholders to work toward the goal of mitigating global warming.
Experts in the fields of international climate change, modelling, geoscience, and government officials and insurance leaders will convene.
CAT underwriters, reinsurers, CAT modellers, brokers and all involved in this volatile CAT market today must not pass up this opportunity to share ideas and talk.