January 26, 2021 – h. 11:00 am CET
Jaroslav Mysiak, Euro-Mediterranean Center on Climate Change CMCC
Introduction – climate risk knowledge for prudential regulatory purposes
Marie Scholer, European Insurance and Occupational Pensions Authority EIOPA
Recent development in Copernicus climate change services
Carlo Buontempo, Copernicus Climate Change Service C3S and European Centre for Medium-Range Weather Forecasts ECMWF
Projection of actuarial risk
Steve Jewson, Risk Management Solutions RMS
Paola Mercogliano, Euro-Mediterranean Center on Climate Change CMCC
Discussion and QA
Climate related risks are a major threat to economic stability and growth. Prudential regulation requires financial firms to control risks, hold adequate capital, limit concentration of risk, and report relevant implications. The Solvency II Directive 2009/138/EC codified and uniformized insurance regulations across the EU. The implementation of the Solvency II directive is overseen by the European Insurance and Occupational Pensions Authority (EIOPA). The webinar will explore the role of climate risk knowledge for prudential regulations and how Copernicus climate change services can help supervisors and (re)insurers to better understand climate related risks. Moreover, the webinar will feature a recent study conducted by the Risk Management Solutions (RMS), a leading risk management company for catastrophe risk models, in collaboration with EIOPA and the Euro-Mediterranean Centre on Climate Change (CMCC). The study shed light on the future climate change implications for the European insurance sector by considering different Representative Concentration Pathway (RCP) scenarios and time horizons (2050 and 2090). The simulated impacts on flood hazards have been included in the RMS inland flood model to estimate the expected changes in average annual losses for (re)insurance undertakings.
HOW TO PARTICIPATE
The webinar will be broadcasted via Zoom.
Please, click on the following link for registration:
After registering, you will receive a confirmation email containing information about joining the webinar.
Fondazione CMCC – Centro Euro‐Mediterraneo sui Cambiamenti Climatici
EIOPA – European Insurance and Occupational Pensions Authority
Climate Change Service
RMS – Risk Management Solutions