The London Market and the science of storms – Episode three

Science of the Storms: resiliency, mitigation and transfer

So, we’ve heard from the scientists, but as we move further up the risk mitigation and transfer chain, how is the industry responding to the significant changes in weather patterns and how can better insights inform better resiliency and risk transfer options?

Beverley Adams, consulting director and head of climate and catastrophe resilience at Marsh Advisory begins industry proceedings for us, following the presentations made by Adam Scaife, Professor at the University of Exeter and Head of Long Range Prediction at the Met Office, and David Stephenson, Professor at the University of Exeter and Director of the Exeter Climate Systems research centre.

Adams says the language of insurance can’t be separated from language of resilience and adaptation and focuses on how the latter, together with risk transfer, is weaved into companies’ ESG and climate journeys.

During Adams’ 5-minute presentation, she discusses:

• The importance of a balance between financial risk management and operational risk management
• How the London Market offers advice and guidance on both types of risk
• Resilience as a means of preventing further losses in the wake of a loss event
• The role of adaptation at the foundation of resilience
• The resilience playbook: how to anticipate a certain risk and when to act
• How preventing losses can impact a company’s ESG reputation