Insurers Focus on Risk and Resilience
Rachel Hicks, Host, Business Reporter
Alix Bedford, Risk Proposition Manager, Zurich
Ben Wilson, Director of Corporate Affairs and Climate Change, ABI
Dermot Kehoe, Communications & Transition Director , Flood
Ekhosuehi Iyahen, Secretary General, Insurance Development Forum
Rebekah Clement, Sustainability Director, Lloyd’s
Climate Change is considered the number one risk to the world’s economy. Global property insurance premiums are predicted to rise by a fifth by 2040 due to the growing frequency and severity of extreme weather – according to Swiss Re, the reinsurance group.
For insurers, the risk is two-pronged – they face increased pay-outs to policy-holders as a result of more frequent floods, wildfires and droughts, while the huge investment portfolios they use to pay out on claims are also at risk from the impacts of climate change on all sectors of the economy.