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Environmental, social and governance (ESG) transparency requirements is increasingly demanded during insurance renewals as climate risks continue to rise. The changing landscape places greater pressure for risk and insurance professionals to more deeply analyze their risk strategies.
The UN’s IPCC released its 6th Climate Change Assessment Report today, detailing the impacts of climate events across various industries, supply chains, and regions. With the report’s call for greater climate risk transparency, risk and insurance professionals should expect further steps towards sustainable risk management and demand for improved climate risk analytics.
Selected by French Morning US as the French Boss of the week, Maptycs CEO Jacqueline Legrand sat down for a 30 minute conversation on her quarter-century experience in the insurance industry, her perspective as a French entrepreneur in New York, and how the technological shortcomings she observed in the industry drove the passion to found Maptycs.
Spreadsheets are liabilities for risk and insurance professionals, especially as datasets become large and the data values are constantly changed. Flat designs limit historical property and NatCat risk analytics, yet the vast majority of risk management relies on them.
“There are challenging questions asked of the insurance industry, but it has a lot of power if it is courageous. The industry can make a meaningful contribution,” Airmic CEO Julia Graham.
SEC mandatory climate risk disclosures, set to be announcements at the end of the year, will require consistent, comparable, and “decision-useful” reporting. In a follow-up to March’s announcement, the SEC is also considering industry-specific metrics as stricter standards are planned to be set.
A new study underscored the variety of risks multiplied by climate change, including declining air quality, natural hazards, and water availability, as well as the likelihood of major heat stress throughout various major cities. Risk managers, insurers, and underwriters must be prepared with proactive resilience and more nuanced analytics to effectively mitigate the growing risks.
The diversity of data for the physical and transitional risk of climate change is wide and complex, and they require different datasets that are calculated differently. Accurately understanding their impacts on your organization’s portfolio demands bespoke scenarios and geospatial awareness of interactions.
The majority of property loss is preventable with stronger risk management bolstered with advanced analytics. Awareness and proactive planning build true risk resilience.
Quote of the Week: “Once mainstream market participants wake up to the risks and opportunities posed by the physical environment and our attempts to manage it, it will become one of the common lenses through which risk is evaluated.”