SIRC 2020 Re-Mind co-hosted by Swiss Re ― Managing climate change: Model vs Reality
Every year, one third of the world's natural catastrophes occur in Asia. We live, build, and work in locations that are at risk of floods, storms, wildfires, and extreme weather events. As Earth's warming trend continues, climate change and urban sprawl are putting more of us in harm's way. Although scientific research suggests that it is not easy to correlate extreme weather perils with global warming, ignoring it is not an option. Relying on historical data and existing models are no longer enough to mitigate the growing impact of climate risks on our societies. Yet, how do we bridge the great unknown of climate change to mitigate natural catastrophe risks of the future?
- What are the macro drivers influencing climate risks?
- Is it only about claims and losses? How does the impact of climate change on our biodiversity and ecosystems affect our society's resilience?
- Can embracing sustainability in the business drive the insurance industry's ability to manage climate risks?
- What do we know in terms of climate change's impact on various natural perils and implications of secondary perils becoming more prominent part of overall losses?
- Discuss the role of urbanization/rapid growth in many parts of Asia and its influence on loss inflation/surprises from large and complex events.
- How well models are accounting for macro drivers? What causes the gaps in commercial models' assumptions and usage?
- What can the industry do to improve risk view, drive sustainable UW and to keep weather perils insurable?
Thursday 5 Nov 2020
10:00AM – 11:30AM (SGT/HKT)
Welcome by Victor Kuk, Head P&C Reinsurance SID
Managing climate risks: Model vs Reality