Six Things 10.15.24
Insurance Thought Leadership
Transforming the Insurance Industry - Welcome to the Conversation
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Can We Insure Against Heat?
Paul Carroll, Editor-in-Chief of ITL
While the devastation from Hurricanes Helene and Milton has given all of us a lot to think about these past few weeks, I'd like to focus for a minute on a far less obvious but intriguing issue that the insurance industry could address as it helps the world adapt to climate change: What if we can insure against heat?
A construction company can purchase insurance covering, for instance, flooding that would raise costs and delay the completion of a project. What if that company could buy insurance covering delays and cost increases because heat made it too dangerous for people to work outside for days or at least required that they be given lengthy water breaks inside? What if property owners could buy coverage for the direct damage that heat might do to a roof??
The idea of insuring against the direct effects of heat came up at an interesting gathering last month of a group called CIRCAD that is combining academic research capabilities with insurance expertise to advance the industry's ability to mitigate the effects of climate change.
The two-day, inaugural meeting offered a number of provocative ideas, including the possibility of using nature-based solutions to limit damage from storms and of having communities tackle prevention and purchase insurance, in some sort of combination with the property insurance that individuals and organizations buy now.?
I'll get to those ideas and introduce you to CIRCAD, but let's start with heat.
CEO at Instech - insights from and for a network of 25,000 people driving innovation in insurance and risk management around the world. Podcast host. Board advisor.
1 个月Paul - many thanks for including my article in this week's "6 things worth reading" - I am still wondering what that other Matthew Grant is up to - I do know he was asked to buy tickets for Bermuda a few years ago... on a more serious note for anyone else- read on if you are wondering why some of us prefer to keep our Linkedin contacts to a few thousand friends or people we know of or about - rather than the zillions of contacts we'd have if we said yes to everyone - it keeps our Linkedin feed more relevant for stuff that matters- like ITL... https://www.insurancethoughtleadership.com/leadership/sorry-i-dont-know-who-you-are