What is it about?
We review the research studies that look at how to measure climate change and the impact it has on the insurance sector. In particular we look at the increase in the frequency and severity of losses in agriculture, property, health, and life insurance.
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Photo by Wim van 't Einde on Unsplash
Why is it important?
If climate change is to become a systemic risk, insurers will no longer be able to cover this risk and pay alone the losses it generates. New and creative solutions need to be found to cover the increase in losses due to climate change, like those from natural catastrophes, excess mortality or health costs. Designing collaborative solutions involving governments, the insurance sector and financial markets is a pressing need.
Perspectives
Society is facing these new global risks produced by climate change. The only way to limit the impact of climate risk is to tackle the problem from all its angles, in order to produce comprehensive solutions and reach a certain synergy from all the sectors involved. Our research survey gives a snapshot of the different studies with this perspective produced for the insurance sector.
Distinguished Professor Emeritus Jose Garrido
Concordia University
Read the Original
This page is a summary of: Measuring climate change from an actuarial perspective: A survey of insurance applications, Global Policy, November 2024, Wiley,
DOI: 10.1111/1758-5899.13465.
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