For a hardening insurance market, with increasing premiums and decreasing capacity, the arrival of El Niño is likely to create yet more challenges. Costs associated to this natural climate pattern can soar into the trillions of dollars around the globe – in the early 1990s El Niño led over $4 trillion in global losses, with the 1997-98 El Niño costing over $5.5 trillion. With all the focus on human-induced climate change, understanding natural variability should not be neglected to get a fuller picture of near and medium term risk.
With all the focus on human-induced climate change, understanding natural variability should not be neglected to get a fuller picture of near and medium term risk.
In the WTW 2021 Technology, Media and Telecommunications (TMT) Futures Reports – ‘Risks on the Horizon’, interviews with industry executives and observers highlighted that climate risk is a substantial and growing risk to companies operating in the technology, media and telecommunications sector. This year, WTW once again partnered with the Mack Institute’s Collaborative Innovation Program (CIP) at the Wharton School, University of Pennsylvania to understand explore the risks and opportunities from climate change for the TMT sector in a series of articles now available.
In April WTW we were able to host a seminar day looking at how the range of climate-related legal exposures facing companies has increased significantly in recent years, and provide with insights on climate-related liability risk exposures and opportunities. In June, at a follow up event we were delighted at the launch of a new White Paper written by the Sabin Center for Climate Change Law at Columbia University titled Understanding Re(Insurer) Climate Litigation Risk. This is the companion to be written alongside a longer report from the Sabin Center, Modelling Climate Change Litigation Risk for (Re)Insurers.
As always, please do get in touch with any questions or for more information on how we can support your conversations.
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Also of interest
- National Preparedness Commission - Resilience, an economist's point of view
- Slow-onset climate hazards pose unique risks
- Greenwashing: What risk managers need to know
- Emissions Impossible: Quantifying financial risks associated with the net zero transition
- The new political risks in the global food and beverage supply chain
- Leisure and hospitality: Your roadmap to future growth
- Political Risk Index: Winter 2022/23
- Journal of Catastrophe Risk and Resilience
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