Forecast for the future: Perspectives on climate change and the insurance industry

Global Publication October 2019

Extreme weather events are getting worse. The rise of flooding, drought, typhoon and wildfire incidents is linked to a rise in global temperature caused by human activity. The risks arising from climate change are recognized by supranational organizations, national governments and private enterprise as a significant threat to human life and to the economy.

In 2015,1 consensus was reached that climate change should be limited to a change of no more than an increase of 2ºC by the end of the century. Since 2015, there has also been a marked change in public awareness of climate change.  With greater public awareness has come an appetite to hold both governments and businesses accountable for their contribution to the rise in temperatures. This accountability, we believe, will lead to increasing exposures for insurers, not just in terms of the policies underwritten but also in relation to the management of their business, with increasing regulatory requirements concerning climate related risk.

In this environment, we have written a guide on the legal issues that insurers face in the context of the changing environment. This guide is aimed at the directors and senior managers of insurance companies as well as those with responsibility for managing investment portfolios, underwriting, claims, risk management and legal and regulatory compliance.

We set out a view of the risks that insurance companies face, both in terms of the developing regulatory environment but also in terms of the identification of hidden exposure to climate risks and the changing claims environment.

Please log in or register with NRF Institute to find out more.

Register for access

To request access to “Forecast for the future: Perspectives on climate change and the insurance industry”, please register to join the NRF Institute.

Registration indicates acceptance of the terms and conditions, which include important information about how our product will be delivered.

Members of NRF Institute can access a range of premium content including knowledge hubs and cross-border guides.


Footnotes

1   21st Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change.



Contacts

Global Head of Financial institutions
Knowledge Director, Advisory

Recent publications

Subscribe and stay up to date with the latest legal news, information and events...