GeoInsurance and Climate Change 2021: Risk and Regulation – Addressing Today for the Unwritten Tomorrow

Our knowledge of climate change is evolving all the time. In light of the COP26 (Conference of the Parties) conference in Glasgow, Gamma LI would like to bring our clients and partners up to date on climate change, what it means for the Insurance sector and what data is available now to help understand what the potential impact might be.

Our forthcoming webinar will be hosted by Michael Gaughan of Gamma Location Intelligence (Gamma LI). Four presentations will be made.

Most recently, the Intergovernmental Panel on Climate Change (IPCC) has released updated global climate assessments to support adaptation and mitigation action. Dr James Fitton, one of Europe’s leading experts on climate change, will present the latest global climate projections and will describe possible local effects within the British Isles.

Richard Cantwell, Principal Consultant at Gamma LI, will report on the number of UK properties at risk, and will estimate the potential cost of future property damage due to climate change. In doing so, he will make use of the latest climate change projections and the newest flood and subsidence models.

Dorian Hicks, Partner at Mazars, will talk about the 2021 Prudential Regulation Authority (PRA) Climate Change Adaptation Report. It highlights a number of gaps in the insurance industry and summarises the regulatory requirements and timelines, looking at risk identification and Net Zero.

The insurance sector faces many difficulties, including how best to access the right data at the right time, so that underwriters may make informed decisions quickly. Richard Garry will talk about what Gamma LI is doing to help Insurers and Managing General Agents (MGAs) reduce their climate change risk exposure and help assess future claims.

To recap, the speakers and their subject areas are as follows.

• Dr James Fitton, Climate Change Scientist, Impacts and Adaptation, UCC – The current and future effects of climate change in the UK.
• Richard Cantwell, Gamma LI – Estimating potential damage to GB property, using the latest climate projection models.
• Dorian Hicks, Mazars – Regulatory requirements and evolving market practice.
• Richard Garry, Gamma LI – Measuring climate risk exposure.