Understanding and Implementing the Impacts of Climate Change in Underwriting, Pricing, Risk Management, and Mitigation

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[PART OF THE 2023 CAS WILDFIRE VIRTUAL SEMINAR]

Property losses from wildfires have skyrocketed in recent years, leading people to ask is this an aberration or a new trend? And what role does a warming climate play in the changing wildfire activity in the United States? In this session we will provide an overview of the physical connections between climate change and wildfires, with an emphasis on the western US, and discuss the contribution of climate change to average annual wildfire losses in the present day, as well as projections for the near-term future. By linking the academic science through probabilistic models to insurance use cases, we will show the audience how you can integrate these projections into your risk mitigation, pricing, reporting, and other actuarial activities.

Contributors

Daniel Ward

Director, Model Development - Dr. Ward has extensive studies and experience in atmospheric science and modeling. Responsible for the development of several of KCC’s atmospheric models, he has conducted significant research into the most accurate methods for producing stochastic catastrophe models for the re/insurance industry. Prior to joining KCC, Dr. Ward studied global wildfire variability using fully coupled Earth System Models at Cornell University and at the Geophysical Fluid Dynamics Laboratory in Princeton, NJ. This work included development of the terrestrial and atmospheric components of the global models to address questions about the impacts of fire emissions on trace gas and aerosol concentrations, radiative forcing, and climate. Dr. Ward also has experience using regional weather models in research with a focus on topics of cloud microphysics. He has authored or co-authored more than 30 peer-reviewed journal articles and was a contributing author on the IPCC Fifth Assessment Report.
Michael Tine

Senior Director, Client Development - Mr. Tine has over 20 years experience in insurance and catastrophe modeling with in-depth knowledge of catastrophe models and their practical application in the insurance industry. Working with companies throughout the United States and globally, Mr. Tine has collaborated with regional, national, and global insurers at all stages of catastrophe management expertise. Prior to his 3-1/2 years with KCC, Mr. Tine worked for over 16 years at another leading catastrophe modeling firm and at Travelers Insurance prior to that.

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Description

Contributors

Daniel Ward

Michael Tine