Atmospheric and Environmental Research, Willis, and Zurich Financial Services to Outline Industry Framework for Managing Weather and Climate Risk
JERSEY CITY, N.J., October 14, 2010 - ISO today announced the participation of Atmospheric and Environmental Research (AER), Willis, and Zurich Financial Services on the industry panel on “Leveraging Climate Risk to Improve Financial Performance” at its inaugural ISO Customer Conference in Orlando later this month. The group, representing property/casualty insurance industry and environmental research thought leaders, will define a framework for helping manage weather and climate risk and explain the business opportunity in an increasingly volatile environment.
Discussing the latest climate risk management approaches, the forum will delve into five areas that insurers need to examine as they evaluate their own exposure when offering coverage for climate-related risks to their policyholders: how to incorporate climate science into the underwriting process, consequences and regulation of greenhouse gas emissions, operational risk management, litigation, and liability.
Panelists include industry leaders who helped develop proactive weather- and climate-based strategies for industries and governments in North America and Europe: Rick Hawkinberry, senior vice president, Willis Environmental Practice; Paul Walsh, senior vice president, business solutions, AER; and Lindene E. Patton, chief climate product officer, Zurich Financial Services. AER’s managing director, Kyle Beatty, will moderate the panel.
“The demand for insurance coverage for climate-related risk continues to evolve and will most likely increase as some current uncertainties related to climate change litigation, legislation, and regulation are resolved,” said Willis Environmental Practice’s Rick Hawkinberry. “As more and more insurers assess the physical and liability risks, they will have the necessary information to calculate the financial exposures and offer coverages that meet the climate risk management needs of their corporate clients.”
“Among the emerging risks the insurance industry faces, climate is unique,” said Paul Walsh of AER. “We’re observing symptoms of change every day. Leaders in the insurance industry are investing in applied research to draw actionable conclusions about the changes taking place in the frequency and severity of weather-related perils.”
“The insurance industry plays an important role in helping companies and communities reduce their climate-related risk and associated operational costs,” said Zurich Financial Services’ Lindene Patton. “By defining risks and costs, insurance and risk management companies encourage their customers to improve the resilience of buildings and infrastructure to weather- and climate-related perils, facilitate carbon conversion, and reduce liability.”
“Leveraging Climate Risk to Improve Financial Performance” will take place on October 25, 2010, at the inaugural ISO Customer Conference at Loews Portofino Bay Hotel at Universal Orlando® in Florida.
For more information about ISO Customer Conference 2010, visit www.iso.com/customerconference.
About Atmospheric and Environmental Research (AER)
Atmospheric and Environmental Research (AER) helps businesses and governments anticipate and manage climate- and weather-related risks. Large insurance, energy, and investment firms count on AER to help them decrease weather-related losses and increase profitability by integrating state-of-the-art climate science and weather information into their planning and decision processes. Large government agencies like NOAA, NASA, and the Departments of Defense and Energy rely on AER’s scientists to help solve weather- and climate-related problems of vital national importance in energy, environment, national security, and climate change. Established in 1977, AER is headquartered in Lexington, Massachusetts, and is a subsidiary of Verisk Analytics. For more information, visit www.aer.com.
About ISO
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a subsidiary of Verisk Analytics. For more information, visit www.iso.com and www.verisk.com.
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