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Unavoidable Catastrophe
Mitch Caster July 12, 2022 Posted in: Blog Posts, Insurance / Insurers, Reinsurance
A useful and illustrative measure of extreme weather events are catastrophic (CAT) insurance claims, herein defined as any occurrence resulting in more than $25 million in insured damages. The insurance industry has seen an increase in large CAT claims over the last decade relative to historical experience – with notable recent events including hurricanes Harvey, Irma and Matthew.
4 Ways Insurance Companies Can Help Protect the Planet
Multiple July 20, 2021 Posted in: Blog Posts, General
Few industries will be impacted by the compounding effects of climate change as severely as the insurance industry. Extreme climate-related disasters have increasingly dominated the media. Some recent climate data has indicated that expansive wildfires, hurricanes, extreme flooding and prolonged droughts are negatively affecting more and more people. By taking timely action, the insurance industry can help lead change to combat the growing regularity of catastrophic events.
Actuaries Adapt to Climate Change Using New Tools
Multiple June 01, 2017 Posted in: Blog Posts, General, Insurance / Insurers, News
It’s concerning that many indicators of climate change like global temperature or sea levels continue to rise. Fortunately for the insurance industry, actuaries are also rising to the challenges posed by climate change. One recent example is the creation of the Actuaries Climate Index (ACI) and the forthcoming Actuaries Climate Risk Index (ACRI). These indices were created jointly by the American Academy of Actuaries (AAA), Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS) and Society of Actuaries (SOA) to help actuaries address the challenges climate change has created.
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