Please note: Due to essential maintenance member login is unavailable throughout the entire weekend of 12-14 October. We apologise for any inconvenience caused.

Severe convective storms: come hail or high water

Online event
Wednesday, 02 October 2024
1:00 pm – 2:00 pm (UK time)
    • Daniel Schreiber, Senior Vice President II, J.S. Held
  • Property

In this IIL property webinar, Daniel Schreiber discusses severe convective storms (SCS), hurricanes, and recent weather events. He also talks through some notable losses and where he and fellow meteorologists see future trends.

The increase in severe convective storm insurance losses has become a significant concern for the (re)insurance industry. Over the past few decades, there has been a notable rise in insured losses as a result of severe weather.

For instance, from 1990 to 2022, severe convective storm losses increased at an annual rate of 8.9%1. This trend is largely driven by exposure growth, including increased urbanization and higher property values in vulnerable areas1.

In 2023 alone, severe convective storms accounted for approximately $70 billion in insured losses globally, highlighting the growing financial impact on insurers2 and the increasing importance of what is yet still being referred to as a 'secondary peril'.

As these storms, combined with tropical cyclones such as hurricanes, are expected to continue in severity, the (re)insurance industry must consider these exposures more closely and adapt its risk assessment and pricing models and strategies in order to mitigate future losses effectively.

Learning objectives:

  • Understand the basics of severe convective storms: what are they, why do they happen?
  • The importance of proper policy definitions of SCS/named storms
  • SCS’s in the future

Chair: Simon Warren, Portfolio Manager UK – Property, Specialty and FAC, Dual Corporate Risks Ltd

Venue
  • Online event

Booking information:

You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

1 hour's CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.