Rethinking Natural Catastrophe Modeling: New Approaches for a Changing Climate
Release Date: 09/26/2024
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Rethinking Natural Catastrophe Modeling: New Approaches for a Changing Climate
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Hear from three leading experts in natural catastrophe modeling, as we explore how climate change is causing the insurance industry to rethink their approach to modeling extreme weather. In the previous episode, we discussed the challenges facing the insurance industry from climate change – so in this episode, we’re going to dive into some of the solutions. Since natural catastrophe (Nat Cat) modeling was established in the late 1980s, the predictive power of their models has come from the statistical analysis of historical data. But as climate change continues to push the frequency and...
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Uninsurable: The Future of Insurance in a Changing Climate
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GARP’s Sustainability & Climate Risk Certificate: Register Now
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In this special episode, hear from Tony Rooke, Executive Director at Howden Group Holdings and Beth Gould Creller, GARP’s Sustainability & Climate Risk Program Lead, as they discuss the recent improvements to the SCR’s syllabus and learning experience. Long-time listeners of the podcast will have noticed that we often mention GARP’s Sustainability & Climate Risk (SCR) Certificate. It’s a program that GARP launched in 2020, providing all the foundational knowledge you need to become a climate risk leader within your own firm. This episode is a special one, as we bring...
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Hear from Robin Millington, CEO of Planet Tracker, as we discuss how and why businesses should be thinking about their dependencies and impacts on nature. Sustainability is a complex topic, and for a long time, climate has been at the heart of discussion. Other challenges like pollution and biodiversity loss have often been sidelined. Recently however, following the work of the TNFD and others, these issues have risen up the corporate agenda, within the wider context of our impact and dependency on nature. Throughout her career, this guest has highlighted the importance of integrating...
info_outlineHear from three leading experts in natural catastrophe modeling, as we explore how climate change is causing the insurance industry to rethink their approach to modeling extreme weather.
In the previous episode, we discussed the challenges facing the insurance industry from climate change – so in this episode, we’re going to dive into some of the solutions.
Since natural catastrophe (Nat Cat) modeling was established in the late 1980s, the predictive power of their models has come from the statistical analysis of historical data. But as climate change continues to push the frequency and severity of extreme weather into uncharted territory, this approach begins to lose some of its potency.
In response to this, new ways of thinking about Nat Cat modeling and insurance have emerged, with a focus on better capturing the effects of the changing climate on extreme weather. In this episode, we’ll explore:
- The power of incorporating physics into the traditional Nat Cat modeling process;
- The recent explosion of earth system data and the role of machine learning in harnessing it; and
- How improved Nat Cat modelling can support innovative products, like parametric insurance, and what this means for closing the insurance gap.
To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link: https://www.garp.org/scr
For more information on climate risk, visit GARP’s Global Sustainability and Climate Risk Resource Center: https://www.garp.org/sustainability-climate
If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: [email protected]
Links from today’s discussion:
- Reask’s Tropical Cyclone Database: https://journals.ametsoc.org/view/journals/mwre/152/1/MWR-D-22-0317.1.xml
- Reask’s Tropical Cyclone Wind Model: https://journals.ametsoc.org/view/journals/mwre/145/8/mwr-d-16-0429.1.xml?rskey=9h0SUA&result=2
- Reask’s Tropical Cyclone Rain Model: https://journals.ametsoc.org/search?f_0=author&q_0=Thomas+Loridan
Speaker’s Bio(s)
Jamie Rodney, CEO, Reask
Jamie Rodney is the CEO of Reask, specializing in extreme weather risk modeling and forecasting. Jamie has over a decade of experience in applying advances in extreme weather analytics to the financial and reinsurance sectors. Jamie is dedicated to leveraging advanced technologies to enhance global climate risk understanding and support organizations in navigating complex climate challenges. Based in Zurich, he leads Reask’s pioneering vision in developing a new class of extreme weather risk measurement capabilities that do not exist today. Jamie holds a PhD in Mathematics from University College London.
Thomas Loridan, Co-Founder and Chief Science Officer, Reask
Thomas Loridan is Co-founder and Chief Science Officer at Reask, where he leads the development of cutting-edge natural catastrophe models using machine learning to quantify global climate risk. Holding a PhD in Boundary Layer Meteorology from King’s College London (2011), Thomas has deep expertise in atmospheric sciences and computational modeling. His work includes the creation of advanced wind field models for tropical cyclones and the integration of high-resolution data into probabilistic frameworks.
David Schmid, Head of Global Data Product, Reask
David Schmid is the Global Head of Data Products at Reask, where he oversees the development of products for risk assessment, parametric insurance and early warning systems. With over 15 years of experience in natural catastrophe risk modelling and parametric insurance, David has held roles at Glacier Re, NewRe, and Munich Re Capital Partners, where he contributed to advancing risk assessment and pricing standards. At Reask, David remains committed to developing innovative solutions that address the evolving needs of policyholders, brokers, and risk carriers.