How climate change will affect society is a complex question, and the answer depends on the temporal and spatial scales over which one is concerned, the entities of interest, judgment criteria, and the desired level of certainty. Assessing the potential impacts of climate change on insurance is similarly complex. In addition, climate change—given its potential for systemic impact—can dramatically alter the risk management landscape.
Climate Changes: Is There a New Normal Affecting Insurance Claims.
Nicole Homeier, PhD, Senior Scientist and Director of Product Innovation at AER discusses whether there is a "new normal" of weather, climate and environmental events affecting insurance claims. What are the trends telling us? How can carriers provide improved response and services to policyholders for these perils?
The Geneva Association, M.O.R.E. 27 Seminar, Berlin
At the request of Lloyd's of London, Kyle Beatty will explain the science behind solar activities and storms and AER’s recent science research on the risk of space weather to businesses and communities around the globe.
Verisk Insurance Solutions 2013 Risk Symposium, London, UK
From nanotechnology and cyber security to climate change and regulatory updates, emerging risks present opportunities for the insurance industry to offer new products that were not possible a decade or more ago.
In an effort to reduce loss ratios and realize operational efficiencies, carriers are beginning to integrate claims estimation tools, satellite image analysis, weather and climate data and emergency management inputs. In this session, Hartford Steam Boiler and Atmospheric and Environmental Research examine the factors that impacted New York and New Jersey's critical infrastructure, including electrical substations, during Superstorm Sandy.
Superstorm Sandy, Hurricane Irene, and recent winter storms, like the Blizzard of 2013, demonstrated that blackouts are not only an inconvenience, they’re also a material source of risk for commercial insurers. This session will discuss both the weather’s influence on blackout risk and the long-duration blackout potential in the United States.
At the request of Lloyds of London, Kyle Beatty is a delegate speaking on AER’s leading work on the risk of space weather to electric power infrastructure and the need for a more comprehensive assessment of service interruption risks to infrastructure.
Electrical grid blackouts are not only an inconvenience, they are a material source of risk for commercial insurers. Blackouts result in covered losses to business interruption and other time element exposures, result in damage to contents when voltage spikes occur and can result in insulated fire losses when unattended systems come back on line. The discussion continues with the effects of geomagnetic disturbances on the North American electrical grid.
Atmospheric and Environmental Research's (AER) Space Weather research scientists are showcasing their research on geomagnetic disturbances and solar energetic proton flux levels, at this year's Space Weather Workshop in Boulder, Colorado, hosted by NOAA, NASA and UCAR.
Verisk Customer Conference, Champions Gate, Florida
Clients are teaming with AER experts to discuss four topics during the Verisk Customer Conference including CAT claims analytics, trends in wind and hail losses, reducing claims expense through high-res weather maps, and the risk of power outage from space weather.
AER and Xactware recently announced AER BenchmarkTM for XactAnalysisR (read the Press Release). This 18-minute Webcast explains how insurance professionals can use this new collaboration to save time and improve customer service in handling weather-related claims.