Implications of climate change for insurance ciwem07
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Transcript of Implications of climate change for insurance ciwem07
![Page 1: Implications of climate change for insurance ciwem07](https://reader033.fdocuments.us/reader033/viewer/2022042816/558c6659d8b42a05358b45d7/html5/thumbnails/1.jpg)
Planning for climate change: sustainable insurance
Jane Milne
Climate Change Leader
Association of British Insurers
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Adaptation responses needed
•Habitable housing•Flexible commercial
buildings•Risk based development•Reliable transportation•Secure energy supplies•Safe and secure water
supplies•Well educated workforce•Healthy people•Resilient trading
partners
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Which of these events is most important? (YouGov, August 2007, 2012 respondents)
Flooding 85% 16%
Drought/water restrictions 57% 32%
Heatwaves 40% 27%
Increased hay fever 28% 21%
Subsidence 26% 8%
Windstorms 23% 14%
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Which of these events is most important? (YouGov, August 2007, 2012 respondents)
Flooding 85% 16%
Drought/water restrictions 57% 32%
Heatwaves 40% 27%
Increased hay fever 28% 21%
Subsidence 26% 8%
Windstorms 23% 14%
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Likely insurance costs
Climate change and UK weather damage
02468
1012141618
£ b
illi
on
p.a
.
Today Average year
2040-2060s Averageyear
Today Extreme year
2040-2060s Extremeyear
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Summer 2007
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Extent of flooding – after 0.4m sea level rise
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Coastlines at the front line
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Hierarchy of choices for adaptation
Can site/properties be located outside the floodplain?
Can properties be located in the lowest flood risk areas?
Can occupied areas be raised above flood heights?
Are flood defences feasible/ cost effective?
Identify relevant property resilience options and examine alternative flood alleviation measures.
If not…
If not…
If not…
If not…
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Managing risk
• Actions to prevent further climate change• Actions to protect us from inevitable climate change– community and regional planning – development planning– building design– product design– institutional behaviours– individual behaviours
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Customers’ needs – personal lines
• Two thirds of people say preventing climate change is their responsibility• Around 6 out of 10 people say protecting the UK from climate change is their responsibility• Around 4 out of 10 customers say they want climate-friendly products
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An industry initiative
• Lead in risk analysis – and share our research
•Inform public policy making
•Support climate awareness amongst our customers
• Incorporate climate change into our investment strategies
•Reduce the environmental impact of our business
•Report and be accountable
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Reducing the risk for tomorrow