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24 March 2017
Australian general insurers must accept the realities of climate change and increase pressure on governments over mitigation, Taylor Fry Senior Actuary Sharanjit Paddam says.
In a paper appended to the JP Morgan/Taylor Fry General Insurance Barometer, Mr Paddam refers to Bank of England Governor Mark Carney’s groundbreaking speech on the issue in September, and warns Australia is far from immune to the issues raised.
Mr Paddam says there is evidence losses from natural catastrophes are rising, and Australia is the most exposed developed nation to such perils.
The nation is also heavily reliant on coal, and insurers’ exposure to the fossil fuel industry leaves them vulnerable to a sudden reduction in asset values.
The insurance industry must be more proactive about climate change, because walking away from increasing risks is not a sound long-term solution.
“Insurers need to engage governments and policymakers into adapting for climate change – through better protections from flood, stronger building standards to reduce cyclone losses and better planning controls to reduce development in high-risk areas,” Mr Paddam says.
“Without these changes, insurers will see a loss of revenue and an increased exposure to losses.”
On the plus side, the transition to a low-carbon economy offers insurers substantial new business opportunities.
Agile insurers that react quickly are likely to thrive in the “new reality” of climate change, Mr Paddam says.
23 March 2017
To partner with business units stakeholders to identify and implement BI initiatives. To support QBE Australia’s Executives formulate and drive operational strategy.
21 March 2017
Reporting to the head of product and partnerships, this role will manage new product development and product management functions, across insurers and product lines. The role will manage insurer relationships, ongoing product management, compliance and contractual obligations.
20 March 2017
Work as part of an experienced established U/W team. High profile role. NSW - Sydney.