Global Warming Catastrophes Impact on Insurance
Scientists believe that global warming will trigger increasingly more frequent and violent storms, heat waves, flooding, tornadoes and cyclones in some areas of the globe, while other areas will slip into cold or drought. Although the effects of climate change will impact every segment of the business community, the insurance industry is especially at risk. Extreme weather events in past years have caused tens of billions of dollars in losses for insurers. In collaboration with AVIVA, a leading property and casualty insurance groups in Canada, this project will involve data collection, merging insurance data with climate data. This will serve as the basis for further advanced statistical modeling and analysis. The results will be used to educate the policyholders about financial risks associated with global warming and help them to avoid or minimize such risk.