A.M. BestTV at RIMS: Risk Managers and Insurers Brace for Weather, Climate Volatility

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FOR IMMEDIATE RELEASE

OLDWICK - APRIL 18, 2016 02:02 PM (EDT)
In this ^A.M.BestTV episode from The Risk Management Society’s (RIMS) annual meeting in San Diego, CA, insurers and risk managers said they are taking steps now to lessen the impact of changing weather patterns and rising sea levels. Click on http://www.ambest.com/v.asp?v=rims6416nc to view the entire program.

“Climate change has been voted as the most likely issue in 2016 to impact global business development,” said Linda Conrad, head of strategic business risk, Zurich. “So it is something that the risk management community really needs to pay attention to.”

“There is no doubt in my mind that climate change is severe, it is here to stay and we in the industry have to address it,” said Mario Vitale, chief executive officer, Aspen Global Insurance. “That means we have to address it as consumers, homeowners and people that run businesses and insurers. The models of 1-in-100, 1-in-200 or 1-in-250 loss events no longer hold true. While we have to give some weight to those, we also have to create more modern models that address these climate change issues.”

Other people who appear in this episode include:

• Jamie Miller, managing director, Swiss Re;


• John Neal, group chief executive officer, QBE; and


• Liz Berge, chief underwriter, global property facultative and senior vice president, Gen Re.

Full-length interviews are available as well. Go to http://www.ambest.tv/rims16 to see all the interviews, which include discussions with Kate Sampson, managing director, Marsh; Katherine Keefe, privacy breach response, Beazley; Randy Nornes, executive vice president, Aon Risk Services; and Tom Mulvey, assistant vice president for Claims and Special Investigative Unit, Verisk.

Recent episodes of ^A.M.BestTV include:

• Cyber Panel: Risk Extends Throughout Entire Organizations: A panel of risk experts at the RIMS conference say cyber risk has moved beyond IT to threaten finance, branding, operations and other areas of business: http://www.ambest.com/v.asp?v=rims5416nc.


• Bermuda Leaders Say Differences Matter Among Offshore Domiciles: At the RIMS meeting, Bermuda leaders cited the island’s status as being Solvency II equivalent, along with what they say are higher levels of scrutiny, as reasons why they should not be confused with domiciles that have drawn negative attention: http://www.ambest.com/v.asp?v=rims4416nc.


• New Sources, Requirements Fuel Predictive Analytics Boom: This year at RIMS, analytics professionals said data analysis is permeating all levels of insurance organizations. New reporting requirements are spurring insurers to gather and analyze even more information: http://www.ambest.com/v.asp?v=rims3416nc.


• Insurance Leaders See Fast-Changing World of Risk: At the RIMS’ annual meeting, a panel of insurance leaders from XL Catlin, American International Group, Inc. and Lloyd’s examine how soft markets, the quickening pace of market change and new technological capabilities are remaking the world of risk: http://www.ambest.com/v.asp?v=rims2416nc.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv .

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.