SNS: The End of Insurance

 

In This Issue Week of 2/10/2020 Vol. 25 Issue 6

The End of Insurance o   Delayed Reaction: The State of Insurance o   Reinsurance: The Canary in the Coal Mine o   The Changing State of "Cat Bonds" o   Signs of Coming Trouble for the Insurance Industry o   Reinventing Insurance o   About Berit Anderson The Viral Economy, Part 2 Inside SNS Upcoming SNS Events o   Future in Review 2020 o   Where's Mark?

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Coming April 23!

FiReSide NYC

With Special Guest

The Honorable John C. Demers

Assistant Attorney General
for National Security,
United States Department of Justice

 

"Spy vs. You:
What Every CEO Needs to Know"

Interviewed by Evan Anderson, CEO, INVNT/IP

(Subject of 60 Minutes' "The Great Brain Robbery")

Reception, Talks & Dinner, starting at 5:30pm

Lotte New York Palace Hotel
Madison Avenue
New York, New York

 

The End of Insurance

How a climate of financial instability is driving unprecedented global losses in the insurance and reinsurance industries

    by Berit Anderson

While politicians and lobbyists argue endlessly about whether climate change is human-caused, there is one industry in particular already feeling the financial burden of global climate change: homeowners insurance.

"Despite the manageable impact for insurers, the catastrophic fires highlight that the P&C insurance industry is at the forefront of environmental risk. The industry is exposed to the economic consequences of climate change, primarily through[its] unpredictable effect on the frequency and severity of weather-related catastrophic events, such as hurricanes, floods, convective storms, drought, and wildfires." - Frank Mirenzi, VP and Senior Credit Officer, Moody's

Insurance companies around the world suffer direct financial impact whenever a wildfire swoops across Australia or Northern California or a hurricane makes its way up the Eastern Seaboard. And, although most people don't realize it yet, the numbers at these companies provide perhaps our most accurate real-time indication of the global impacts of climate change. In fact, things have gotten so dire in home insurance that we feel it merits its own discussion as an industry.

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