2023 heatwave fuels debate over climate emergency
The re/insurance industry must use the latest climate change models if it is to get a grip on the speed and intensity of climate change.
That was the main message from the first plenary session at the Singapore International Reinsurance Conference, titled “Climate Challenge: Supporting the Transition”.
The panel session comprised Benjamin Horton, director, Earth Observatory of Singapore, Nanyang Technological University (NTU); Sibylle Steimen, managing director, Advisory & Services, Allianz Reinsurance; Winnie Tan, senior vice president for sustainability, Great Eastern Holdings; Vipul Shetty, head of energy transition, Asia-Pacific, Howden Specialty; Jayanta Guin, executive vice president & chief research officer, Verisk Extreme Event Solutions; and session moderator broadcast journalist Melissa Hyak.
The session started with a presentation by Horton that made it clear that the world is facing a climate emergency due to the steady rise in carbon dioxide in the atmosphere. This is driving global climate change—and resulting in the hot and extreme weather conditions of the past few decades, he said.
Horton said that unless action was taken soon carbon dioxide levels will rise to a level that will cause ice sheets in Greenland and Antarctica to collapse, causing global sea levels to rise significantly enough to pose a major risk to coastal cities—including countries such as Singapore.
“Climate change is happening fast. It is impacting our economy, ecosystems and wellbeing. The impacts could be devastating if we fail to monitor, mitigate and adapt,” he said. “Using local and global strategies, we need to take on this challenge in a holistic way. We need to provide the data and solutions needed to promote a safe and sustainable future for Singapore and Southeast Asia.
“As the leader in science, tech and humanities, Singapore is primed to lead the rest of Southeast Asia in the fight against climate change.”
Horton cited the latest data that oceanic temperatures continue to rise, with marine wildlife in areas such as the Caribbean under threat from heat levels that have not been recorded before. He also pointed to the rise in wildfires that have affected parts of North America and, most recently, Hawaii.
Audience opinions
A number of polls were taken throughout the session, with attendees being asked whether they thought the reinsurance industry was doing enough to drive home the overall message that climate change needs to be addressed.
The consensus seemed to be that more needed to be done, but there was some level of disagreement as to how much more.
However, the final poll was reasonably decisive. Asked “What is the primary responsibility of the re/insurance industry in the fight against climate change?”, 62 percent of attendees at the session chose the option “Helping to directly change behaviours to root out the sources of climate change”. The remaining 38 percent chose: “Helping to mitigate the impact of climate change-related losses”, which seemed to surprise the panel.
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