In June this year the Prudential Regulation Authority, part of the Bank of England, released its requirements for banks and insurers to explain their future exposure to climate change risk.
Three specific scenarios for 2050 have been proposed. Catastrophe models are widely used by insurers, but estimating losses into the future still provides many challenges.
For this Live Chat we are supported and joined by Fathom and Nasdaq talking about some of the practical steps insurers can take to assess the risk. We review how Fathom's flood models are being climate conditioned and how they are being supported by the Nasdaq Risk Modelling for Catastrophes platform.
Tom Philp from Maximum Information helps to set the scene and brings his experience from talking to and helping insurers address climate change stress tests.
This event builds on previous discussions we have had with Fathom including a podcast with co-founder Andrew Smith and 'Plugging the gaps: How well do you understand your flood exposure?', a previous Live Chat with Nasdaq.
You can also read Matthew Grant's article on why this and other climate regulation is so significant for the industry.
The panel for this event includes:
- Dr Tom Philp, Chief Executive Officer, Maximum Information
- Dr Matthew Jones, Head of Catastrophe Risk Products, Nasdaq
- Dr Andrew Smith, Chief Operations Officer, Fathom
- Dr Natalie Lord, Senior Climate Change Expert, Fathom
Continuing Professional Development - Learning Objectives
InsTech London is accredited by The Chartered Insurance Institute (CII). You can claim one hour towards the CII member CPD scheme by watching an InsTech London Live Chat.
The learning objectives for this Live Chat are:
- Explore the emerging technologies that will speed up the process of underwriting complex risk
- Understand how the Future at Lloyd’s programme is improving stakeholder experience and helping customers recover from loss more effectively
- Hear from companies from the Lloyd’s Lab cohort and learn about the solutions they build to advance the marketplace and claims experience for complex risks
To claim 1 CPD hour for watching Future Flood Risk and the PRA Climate Change Stress Tests, please email us at email@example.com.