Climate change and the widening protection gap
Understand, analyze, and manage
The storms are coming
As climate change continues to affect weather patterns and cause more natural disasters and severe weather events, Munich Re US recognizes that there is an educational need for insurers, brokers, regulators, communities, and financial institutions to understand the widening protection gap and the scope of potential losses due to climate change.
Climate change can dramatically alter a region’s risk and economic situation. Unpredictable severe storms, floods, wildfires, and droughts highlight the need for property owners to mitigate these risks and have protection so they can recover after an event. As a leader in the reinsurance industry, Munich Re US plays an important role in the global effort to mitigate and adapt to climate change.
Forward-thinking expertise, backed by history
Munich Re US has been researching climate risk since the 1970s and has been a pioneer in researching meteorology to best understand climate and weather risk. Munich Re US’ own operations have been carbon-neutral since 2015.
Munich Re US' global subject matter expertise is combined with dedicated experts from the insurance industry, academia, regulatory bodies, and many other organizations committed to alleviating the effects of climate change. These professionals are meteorologists, seismologists, hydrologists, climatologists, governmental, and public policy experts - all supportive of our efforts to deliver innovative solutions and to share learnings on the changing risk landscape. We use a combination of data, scientific knowledge, and consulting experience to bring our clients the best possible solutions to combat and mitigate climate risk and its impacts. Our goal is to provide you with the most up-to-date and appropriate solutions and/or services for you and your policyholders.
From risk education to risk transfer solutions. Our offerings include:
- Education and training on climate risk and its impacts such as Risk Suite
- Customized trainings on climate related perils (floods, wildfires)
- Tools and data analytics to analyze and show the changing risk landscape
- Innovative risk transfer solutions, e.g., inland flood coverage, community insurance, evacuation coverage and more
- Supportive partnerships that focus on providing (re)insurance solutions to extreme weather
- Loss mitigation, prevention and guidance
- Public Private Partnerships