Asking the right questions about climate change

Climate change can’t wait, according to Hiscox Re & ILS. Frustrated with projections looking far into the future and models too reliant on the past, the reinsurer has introduced a new underwriting framework with climate change at its heart. It is being applied across its business.

With the industry facing pressure from governments, regulators, investors and others to show how it’s addressing climate risks, it’s unlikely to be last to revise its approach. Earlier this year, The Geneva Association’s task force on Climate Change Risks Assessment outlined the importance of insurers developing a framework for climate risk assessment and scenario analysis.

To discuss these issues, Hiscox Re & ILS’s chair of North America, Ross Nottingham, and its head of analytics and research, Mike Palmer, joined Intelligent Insurer’s Re/insurance Lounge, the online, on-demand platform for interviews and panel discussions with the market’s leading players.

Together they explained why a new approach was needed and what it will mean for the business, insurers and the insured.