Changing climate's impact on the NatCat risks underwriting - under debate in Prague

7 February 2018 — Daniela GHETU
Changing climate's impact on the NatCat risks underwriting - under debate in Prague
2017 proved to be not one of the costliest years in NatCat losses terms, but also live demonstration of the impact climate change has on the cat exposure of different territories.

In Europe, Hurricane Ophelia, the easternmost Atlantic major hurricane on record, challenged Russia, Spain, the United Kingdom, France, Ireland, Portugal, Sweden, Azores, Finland, Scandinavia subjecting these territories to weather phenomena of unprecedented intensity. The expansion and intensity of the wildfires that have repeatedly hit the Southern Europe are also entirely atypical. Overall, the change is visible and indisputable.

The re/insurance industry proved resilient, successfully facing the high volume of insured losses, but re/insurers profit accounts were impacted significantly.

The 2017 experience clearly shows the need of perpetual updating of the underwriting policies, to cope with the new challenges brought by the climate change. In this respect, risk modeling has a strong saying.

How the development of cat models since late 80's has transformed re/insurers' understanding of natural catastrophe risks and the entire re/insurance industry will be one of the topics touched by the 2018 edition of IIF - PROPERTY INSURANCE - the NatCat challenge and beyond Conference. Three top risk modeling entities will share their most recent experiences and conclusions: Perils, Aon Benfield and Guy Carpenter.

The event will take place in Prague, Czechia, on March 23, at the Four Seasons Hotel.

Attendance is FREE OF CHARGE for participants from the following categories, subject to availability: regulators; professional associations of insurance undertakings and distributors; consumer associations and consumer representatives; mass-media representatives.

To register online click here:

More details about the event's program, speakers and participation terms are available on the IIF website 

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