Collective Mining | Corporate Presentation - May 2024
catovsky_en.ppt
1. Financial Risks of
Climate Change
Dr Sebastian Catovsky
Policy Adviser, Natural Perils
Launch of Phase II of European
Climate Change Programme
24 October 2005
2. Role of Insurance in
Weather Protection
• Spreading risk
• Protection for occasional,
unexpected weather
• Risk needs to be managed
• Costs borne by society
• Insured
• Tax-payer
• Individual
3. Changing costs of
extreme weather
• Costs doubling each decade
• Since 1990, $16 bn each
year on average
• 2004 was costliest year on
record: $40 bn
• UK Floods: Boscastle,
Carlisle, North Yorkshire
• 2005 Scandinavia Storm
4. 0
500
1,000
1,500
2,000
2,500
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
£m
Domestic
Commercial
• Claims have doubled to over £6 bn
over the past six years, compared to
previous period
• Weather risks could increase at a
rate of 2 – 4 % each year
UK Weather Damage Claims