Lloyd’s Lab’s latest cohort tackles climate themes
From floods and rising mercury to cold waves, climate-related events impact the insurance industry in multiple ways. A 2018 extreme freeze in the U.K. led to pay-outs for burst pipes of £194 million over three months. In the same year, an extreme heatwave saw over 10,000 homes in the U.K. claim for damage caused by…
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The Climate Change Conundrum Part 2: Insurtechs Unravel Solutions
Part 1 discussed ways in which carriers are reorienting themselves with the long-term view on climate change. In this final Part 2, read about the differentiated approaches that leading insurtechs are adopting. John Neal, CEO of Lloyds market opines, “Climate is the ultimate systemic risk and represents the biggest single opportunity the insurance industry has…
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The Climate Change Conundrum Part 1: Insurers’ Maneuvers
A study of insured losses over the last half century reveals that weather-related events have significantly escalated compared to non-climate perils. Between 2010 and 2019, global insured losses from wildfires increased by 500%. On the other hand, the humanitarian aid deficit grew from a little under a billion dollars two decades ago, to $4 billion…
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Taking stock of emerging risks in the digital landscape
The contours of risk are changing, becoming more connected and interdependent. There are several examples, but an apt one is the current pandemic that exemplifies how risks are becoming global, complex and difficult to address. Recent research reveals that 73% of general public and 83% of risk experts believe that populations world over are more…
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