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Transcript
Financial Risks of Climate Change Dr Sebastian Catovsky Policy Adviser, Natural Perils Launch of Phase II of European Climate Change Programme 24 October 2005 Role of Insurance in Weather Protection • Spreading risk • Protection for occasional, unexpected weather • Risk needs to be managed • Costs borne by society • Insured • Tax-payer • Individual Changing costs of extreme weather • Costs doubling each decade • Since 1990, $16 bn each year on average • 2004 was costliest year on record: $40 bn • UK Floods: Boscastle, Carlisle, North Yorkshire • 2005 Scandinavia Storm UK Weather Damage Claims 2,500 2,000 1,500 • Claims have doubled to over £6 bn over the past six years, compared to previous period • Weather risks could increase at a rate of 2 – 4 % each year £m Domestic Commercial 1,000 500 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Climate change and extreme storms Implications for global capital markets Capital required could rise by two-thirds to $200 bn, increasing costs of capital European Flood Risk Annual costs could rise to €100 – 120 bn Managing climate risks: 1. Emissions Managing climate risks: 2. Vulnerability Insurance as a messenger of change Source: Munich Re
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