Secondary perils and climate risk - Prospectus 2021 conference

This was another session from Prospectus 2021, the new annual reinsurance and insurance-linked securities (ILS) conference brought to you by Artemis in collaboration with sister title Reinsurance News in November 2020.

This panel discussion saw us joined by some real experts in their fields of catastrophe risk and meteorological perils, to discuss the issue of secondary perils and climate change related risks.

Participating were Kelly Hereid, Director, Catastrophe R&D, Liberty Mutual Insurance; Steve Bowen, Director & Meteorologist, Head of Catastrophe Insight, Aon; and Andreas Weigel, Weather Perils Lead, Swiss Re.

Our expert speakers discussed the increasing impacts to insurers, reinsurers and ILS capital from so-called secondary perils, explaining some of the science behind this, what trends are being seen, if or how climate risk plays a role and what this means for underwriting strategies going forwards.

The discussion covered the increasing contributor to catastrophe losses for the insurance, reinsurance and insurance-linked securities (ILS) industry that secondary perils have become, as well as the potential climate links to this rising cost burden.