The insurance sector faces considerable challenges ahead. Projections of increased occurrence and intensity of extreme weather events caused by humanly induced climate change may amplify payouts and administrative costs considerably.
Recent trends in weather extremes, with the 11 warmest years worldwide recorded during the last 13 years, means that society must take sensible steps to prepare and act already now.
Insurers are at the frontline of climate change, as they meet their clients directly after damages occur. Climate risk management requires mapping vulnerability towards climate change, encouraging adaptation measures and initiating concerted actions within the sector regarding the distribution of responsibility for damages between key-stakeholders and Governments.
This conference brings together researchers, stakeholders and decision-makers from insurance, science and politics in order to stimulate discussion and dialog. The aim is to promote pro-active actions for reducing risks before serious impacts of climate change are upon us.
The conference sessions intend to present theoretical knowledge as well as practical tools on calculating climate risk, mapping risk geographically, possibilities and limits of adaptation, and communicating risk. Collaboration between the public and private sector is discussed as well as a philosophical approach to the issue of who should bear responsibility for adaptation and damage reduction. Case-studies from different regions in Europe and the most central types of climate extremes are presented to round off each topical session. The studies present experience on mapping, prediction and damage reduction of climate events such as storms, flooding, sea-level rise and snow-blizzards.
While society as a whole must bear the cost of climate change - in the form of higher insurance premiums or infrastructure repairs financed by taxes, knowledge on the effects of climate change on the business and climate protection can bring huge economic opportunities. Thanks to new technologies, increased energy efficiency, and new products within risk management, it is possible to be prepared by acting and planning today.