Climate change poses risks to (re)insurers through potentially increasing the physical damage to insured assets through extreme weather events. This has been recognised by the industry but due to the short-term nature of insurance contracts has not been widely considered directly in pricing and capital management. Recent regulatory pressure and attribution studies implicating climate in several recent natural disasters is changing the industry landscape towards greater recognition of the importance of considering climate change. Questions also remain around the role of natural variability versus climate change when considering natural catastrophes; for example in the recent quiet period of winter season North Atlantic storms in north-western Europe.

The focus of the session is on atmospheric perils such as flooding, windstorm, hail and temperature extremes. This session welcomes submissions from scientists, (re)insurers and other risk management professionals on the topic of catastrophe modelling, risk assessment, risk management and pricing in the context of climate change and natural variability. In particular, talks are welcomed on methods to incorporate climate change into the modelling by insurers and reinsurers. The session also welcomes contributions regarding the impacts and importance of natural variability relative to climate change in the context of risk management.