MILLIMAN ANNUAL REPORT
2022 Extreme Weather Events in Europe
Actionable steps insurers can take after another year of severe weather brought above-average claims.
The climate change impact on European insurers
By Tarik Aouragh, Niccolò Basetti Sani Vettori, Mohamed Benkhalfa, Christoph Krischanitz, Ian Penfold, Eugenio Portales, Antoine Rainaud, Giuseppe Semeraro, Anandi Shah, José Silveiro, Martijn van Rooijen, and Menno van Wijk
In 2022, extreme weather across Europe once again made headlines: Vast wildfire damage. The worst drought in 500 years. The hottest summer ever recorded.
Europe is warming faster than the rest of the world, with severe economic consequences.
Our annual report highlights the specific toll on the insurance industry, which faced a record number of claims and higher repair costs amid rising inflation—all coming as the continent was just emerging from the COVID-19 pandemic and grappling with an energy crisis and the war in Ukraine.
Click the tabs below to see the 2022 weather events with the most widespread impact: drought, heat waves, winter storms, and wildfires.
The drought: 2022’s most expensive European weather event
Europe’s record-breaking drought has been called the worst in 500 years.
Dry conditions caused insured losses of EUR 19 billion, but the costs went beyond ravaged crops.
Click through the graphics below to see the drought's potential secondary and tertiary effects.
Helping insurers adapt to climate change
Our extensive report helps insurers understand the scale of the 2022 extreme weather events in Europe and anticipate what business decisions may lie ahead.
As regulation evolves, there are steps they can take now to improve climate resilience and financial security. Among them:
- Incorporating climate change risk stress and scenario testing
- Using causal modeling to consider climate risk and asset returns
- Developing climate risk scenarios for Solvency II ORSA
How was my region affected?
The full report explores the effect of 2022's extreme weather events and the future outlook for these countries.
Milliman Climate Resilience Initiative
Drawing on our unique expertise in risk, we’ve united leaders from insurance, government, academia, and non-profits to help anticipate and address the most pressing climate problems.
Data-driven solutions for climate resilience
PinPoint
ミリマンのPinPointは、保険会社がコスト効率的に地理空間情報を用いて住宅保険および洪水保険を評価し、料率設定を行い、市場に出す支援をします。
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