The FINANCIAL — The London School of Economics and Political Science (LSE) has released the findings of a five-year research project tracking the impact of climate change on the insurance sector.
The multi-million pound project, undertaken by the ESRC Centre for Climate Change Economics and Policy, has involved more than 30 academics, government and industry bodies, all working together to analyse the financial risks and opportunities posed by climate change.
Links to more than 50 academic publications resulting from the research project are now publicly available in a summary document for the first time, titled “Evaluating the Economics of Climate Risks and Opportunities in the Insurance Sector”.
Sponsored by Munich Re, one of the world’s leading insurance reinsurers, the project has linked scientific findings of climate change with their economic impact on financial products, disaster loss insurance and forecasting.
Professor Lord Nicholas Stern, Chair of the ESRC Centre for Climate Change Economics and Policy at LSE, said: “The partnership between LSE and Munich Re has been unique and innovative and provides an example of how universities and businesses can work together to further knowledge about the impact of climate change on the insurance sector.”
Peter Höppe, Head of Geo Risks Research at Munich Re, said: “An important goal of the programme was to link scientific findings on the physical hazards of climate change with their economic impacts. The results help Munich Re to better assess the implications for the insurance sector and to manage the risks and opportunities more effectively.”
Leonard Smith, Principal Investigator of the Munich Re programme, said: “These findings pull together in one place the major insights and accomplishments achieved, from posters to presentations, with the full literature available. It shows what can be accomplished when industry and academia work in concert.”
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