UK CGFI Workshop – From Research to Application in the Insurance Industry

Collaborating for impact: from research to application in the insurance industry.

A two-day workshop (25-26 March) to discuss and debate two key challenges: Annual-to-Decadal Predictions of Weather and Climate Perils, and European Windstorm Risk in a Changing Climate, with leading experts and key players from the insurance sector.

This is a UK Centre for Green Finance Initiative (CGFI) Leeds event in collaboration with the Lighthill Risk Network, Oasis LMF, the Journal of Catastrophe Risk and Resilience, and Maximum Information.

Register at the link.

Context

The insurance industry has managed risk from climate and weather perils for centuries. However, with the advent and rapid sophistication of explicit catastrophe risk modelling in the past few decades, coupled with technological and business driven evolution of the private risk transfer market in recent years, many new opportunities for enhancing views of climate and weather peril risks are being uncovered.

For example, alternative capital flows into the traditional insurance market have encouraged many risk carriers to implement time-varying views of risk over multiple timescales, whether that be adjusting portfolios in advance of an upcoming ENSO phase, or adjusting strategy in the face of a warming climate.

Further, these evolutions are driving increased collaboration between academia and insurance based risk practitioners, allowing re-formulation of foundational catastrophe risk management questions, such as how to decompose views of risk to their constituent components (whether hazard, vulnerability or financial/market-based in nature), and how these component parts may be most optimally valuable both in isolation and in tandem.

This workshop is an opportunity for industry experts to explore how to take the latest research into application within the insurance industry, and for academic experts to understand where their research may have tangible impact in climate and weather risk.