SS5/25 introduces clearer, more proportionate climate-risk expectations, calling on UK insurers to strengthen governance, risk and data capabilities.
We share our initial findings from building a prototype causal model to explore the interactions of various climate and socio-economic factors on excess mortality.
In this article, the second in our series on geocoding for insurance, we discuss how to identify potential bad results throughout the geocoding workflow.
This paper reviews the expected insurance impacts of Milton and the anticipated future responses of the (re)insurance markets in Florida.
Key observations from the inaugural Milliman Benchmarking Climate Survey in South Africa
Climate change can have a wide-ranging impact on disease prevalence, from changes in vector ecology, to air pollution, to the effects of extreme heat and cold snaps on the body.
The insurance industry has for a long time sought to identify the best practical methods for selecting investments to maximize returns within an acceptable level of credit risk.
Modelling assets composing insurers’ portfolios from an environmental point of view is a challenging topic. The calculation of the Solvency Capital Requirement (SCR) may be adapted within internal models to take into account this increasing risk.
Developing scenarios for climate transition risks for the Own Risk and Solvency Assessment (ORSA) will become an important challenge for the industry.
We illustrate a modeling approach that serves as a useful tool to explore the potential impacts of climate risk on future asset returns.
How a well-governed and structured insurer can build a lasting enterprise-risk-management framework to address climate change risk.
New York domestic insurers need to focus on two specific action steps in the wake of guidance issued on managing the financial risks from climate change.
The U.S. residential real estate market likely has not fully accounted for the financial costs of flooding, with few homeowners having flood insurance.
Insurers with higher claim severities will face additional strains from recent disasters, leading to potential impacts on reserving and property rates.
A functioning global economy requires a stable climate. Spencer Glendon, Founder of Probable Futures, joined Milliman’s Nancy Watkins for a dialogue focused on what business leaders, policymakers, and community organizations need to be doing now to address the growing impacts of climate change.
The 2020 wildfire season so far has offered no relief, with CAL FIRE reporting over 4 million acres burned calendar year to date, more than the two prior calendar years combined.
How are leading investors factoring market-level climate risk into decision-making?
Nancy Watkins speaks with Jim Albert about flood insurance’s coverage gap, the adversarial position of the insurance industry, the wind-water conflict in claims, and climate change.
As the 2020 wildfire season exceeds historical norms, California insurers and policymakers are looking for durable solutions to extinguish the threat of a homeowners’ insurance crisis.
A holistic approach to dealing with climate risks— one that includes but is not limited to insurance— is needed to help vulnerable communities become more resilient.
In this article, Milliman’s Neil Cantle and Nancy Watkins, along with The Oracle Partnership’s Peter Kingsley, discuss the role that actuaries and insurers can play in tackling climate change following the coronavirus crisis.
Going forward, financial services firms must now evaluate the anticipated financial impact of climate change, and are expected to include considerations of climate change within risk management frameworks.
Insurers can play an active role in educating consumers about how to protect their families, homes, and property. They can also help mitigate risks and contribute to building a successful climate resilience strategy.
This paper considers the current and developing regulation, in the UK and Europe, surrounding climate change-related risks.
This episode of Critical Point discusses the future of flood insurance and what protecting a home from flood might look like a few decades from now.
The visibility of climate’s impact on property hazard is increasingly leading individuals and their chosen leaders to ask: how might an increase in hazard affect the desirability of living in various communities, and how do we manage the socioeconomic impacts?
In recent years, the private flood sector has grown rapidly and will likely continue to grow until the new market significantly closes the U.S. flood “protection gap.”
