Thursday, March 15, 2012

Allianz teams with experts to assess climate change impact on insurers

Charles E. Boyle in the Insurance Journal: Europe’s largest insurer, Germany’s Allianz SE, posed the following question: “How does climate change affect the business model of a large insurance company?”

In order to find the answers Allianz announced that it’s now part of a “unique consortium including JBA Consulting, InterMap Technologies, the UK Met Office and WWF Germany.” These public and private bodies may combine the expertise required “in order to scientifically assess this question. The unparalleled study proves the viability of using currently available methods and data to manage future extreme risks.”

Allianz noted that “although the current financial crisis in Europe has pushed climate change down the agenda in the public sphere, it is still a very high priority for businesses. The enormous damage caused by major floods in Europe, the US, Thailand and Australia over the last years has demonstrated the need of producing risk models to anticipate the likelihood and severity of flooding in vulnerable areas.”

In addition Allianz gave the “unprecedented rainfall in the Venice region on September 26, 2007, with intensity close to 300 mm [just under 12 inches] per day measured at one station,”as a “reference event for the study which offers a blueprint for innovate climate modelling.”...

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