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Climate change: (re)insurance implications for construction

Experts from Guy Carpenter share their thoughts on implications from climate changes in construction industry.

By Simon Liley, Jessica Turner and Amir Mirfenderesky , 

04/09/2022

The physical impact of climate change continues to be felt across the world, with climate events increasing in frequency and severity.  All industries must adapt to what physical and transition risks mean for their business models, operational practices and more.  The construction industry and the insurance market each have to evolve in the face of pressures, both in terms of the internal impact they experience and what it means for interactions with each other.

In the following videos, experts from Guy Carpenter share their thoughts on these changes.  In the first video Jessica Turner, Managing Director, answers the following important questions:

  • What is the current state of the science of climate change? (0:05)
  • What are the challenges ahead for the construction industry? (1:34)
  • What role can the insurance industry play in transition? (3:34)
  • How advanced is the Net Zero Insurance Alliance? (4:48)
  • How are the topics of ESG and Climate related? (5:58)

In the second video Amir Mirfenderesky and Simon Liley, both Managing Director’s and co-heads of Global Engineering, address key topics which include:

  • Climate change and the reinsurance market (0:03)
  • How are reinsurer data requirements evolving in the face of climate change? (2:07)
  • Insurer and reinsurer collaboration (2:57)
  • ESG in insurance and reinsurance (3:48)

This articles is written by Simon Liley, Managing Director and Co-head of Global Engineering, Guy Carpenter, Jessica Turner, Managing Director, Catastrophe Advisory, Guy Carpenter and Amir Mirfenderesky, Managing Director, Global Engineering, Guy Carpenter.