SOME THOUGHTS ON NAT CAT AND INSURANCE POLICIES

by Michael Schüte and Dorothea Diers

		Michael Schüte – works as an actuary for Helvetia Schweizerische Versicherungsgesellschaft AG and is member of the German Association of Actuaries (DAV) since 2004. He chairs the DAV working group on Climate Change. Furthermore, he is a lecturer for insurance mathematics at the University of Marburg, Philipps-Universität.
		Dorothea Diers is Head of Capital and Risk Management at Provinzial Group, Germany. She is member of the German Association of Actuaries (DAV) since 2002 and chairs the working group Non-life Risk Models. Furthermore, she is apl. Professor in Actuarial Science and Enterprise Risk Management at Ulm University.

When we talk about climate change we have to consider that climate change will have an impact on the frequency and the severity of significant Nat Cat events. A rising temperature has an effect on the possibility of storing and transporting water in the sky. A change in the classical streams can induce stable weather situations with steady rain over several days.

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Disclaimer:

This article represents the opinion of the author, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 35 – September 2023