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Short-term Insurance Strategic Risk Forum

Short-term Insurance Strategic Risk Forum. Climate Change a nd the Insurance Industry John Melville Chairman: Strategic Risk Forum 10 June 2012. The Issue. Climate change driven by rising carbon dioxide levels and the greenhouse effect Climate change is driving

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Short-term Insurance Strategic Risk Forum

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  1. Short-term Insurance Strategic Risk Forum

  2. Climate Change and the Insurance Industry John Melville Chairman: Strategic Risk Forum 10 June 2012

  3. The Issue • Climate change driven by rising carbon dioxide levels and the greenhouse effect • Climate change is driving • Rise in global average temperatures • Melting of polar ice caps • Increase in frequency of weather-related natural hazards (storms and droughts) • Increase in frequency and severity of natural disasters Direct impact on the viability of insurance

  4. Our Value Proposition • Pool risk • Enables transfer of individual risk to collective • Custodians of SA risk Pool • Understand risks • Influence behaviour of customers and investors • Ensure insurance industry continues to be viable and affordable • Key enabler of economic activity

  5. The role of Insurance in the Economy • A collective ‘safety net’ and a lever of economic and social development • A key enabler and transmission mechanism for economic activity • A catalyst in the financial and investment flows needed for sustainable development

  6. The role of Insurance in the Economy Without insurance, nothing is built, nobody works, nothing floats, nothing runs on tracks, and nothing ships. But in addition to that, nothing is repaired. It rebuilds lives, cities, and companies. The World Trade Center would not be rebuilt without the insurance industry, which pumped $4.4 billion into it. Communities that are wiped out by hurricanes are rebuilt by the insurance industry. Joe Plumeri, CEO Willis Group, Insurance Conference 2012

  7. Our Responsibility • Reduce carbon footprint and encourage others to do the same Promote actions and behaviour that specifically increases resilience to storm, hail and drought risk This includes the actions and behavior of individuals, businesses, local authorities, and governments to increase resilience to risk • Understand vulnerability profile of our insured landscape in relation to storm, hail and drought risk

  8. Our Future • Role of the underwriter will assume greater importance • Only risks meeting necessary standards will be insurable • Investment in underwriting capabilities allowing for climate change will determine long-term success or failure • Sustainability of insurance is vital from economic perspective +109590

  9. Thank You

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