The world is getting hotter. Are the models casualty underwriters use up to the task?
A world that is increasing in temperature will require insurance thinking that has responded to that change. But while the models used for property underwriting have adapted, those used in casualty still need developing.
That is what Mia Finsness, managing executive for underwriting and claims at Markel, believes. She saw this writing on the wall a while ago and has written a report outlining where the changes she thinks need to be made. That report, “Coming to Terms with Climate Change in Casualty Insurance”, is available here.
Finsness joined Intelligent Insurer in the Re/insurance Lounge, the on-demand platform for interviews and panel discussions with industry leaders. She said that not being able to model correctly for climate change was an “emerging risk” within casualty insurance.
Markel, Climate Change, Property & Casualty, Insurance, Reinsurance, Mia Finsness, North America