Daniel Stander, UNDP; Bhaskar Chattaraj, TigerRisk; Sébastien Piguet, Descartes Underwriting; Meghan Purdy, Jupiter Intelligence
Re/insurers are missing a trick on climate change as limited nat cat models ignore vast swathes of geography and fail to highlight the importance of long-term predictions, argues an expert Intelligent Insurer panel.
Existing nat cat models are too limited in time frame and geography to prepare global society and re/insurers for a dramatically different climate in the future, a panel of experts has warned.
The four experts on the Intelligent Insurer panel argued that such models, and the decision-makers who rely on them, must broaden their geographical scope and work with predictions that go beyond the typical five years that C-suite executives and politicians currently work with.
“In my old job at RMS, we focused on models that covered where most of the insurance premium was but we need to be thinking about it a bit more globally,” said Meghan Purdy, senior product manager at Jupiter Intelligence. “The places where we are considering these climate risks need to expand in the future.”
UNDP, TigerRisk, Descartes Underwriting, Jupiter Intelligence, Climate Change, Insurance, Reinsurance, Daniel Stander, Bhaskar Chattaraj, Global