Flooding in focus at catastrophe risk seminar

  • Flood risk: Of increasing concern to the insurance industry

    Flood risk: Of increasing concern to the insurance industry

Scientists and insurance industry experts will come together to discuss the issue of flood risk at a seminar next month.

The Catastrophe Risk Seminar will be hosted by the The Bermuda Institute of Ocean Sciences’ (BIOS) Risk Prediction Initiative (RPI2.0) and the Bermuda Insurance Institute (BII) on October 28.

Scientists and researchers will deliver sessions on storm surge, extreme precipitation, tsunami, and sea level rise.

Dr Mark Guishard, programme manager of RPI2.0 at BIOS, said: “Water is well documented as one of the biggest causes of loss of life and property damage associated with catastrophes, such as hurricane storm surges, riverine flooding and tsunamis.

“The growing industry interest in extreme flooding events and coastal inundation motivates the subject of this year’s Cat Risk Seminar.

“Catastrophe modellers are recently focusing more attention on assessing these risks with the same scrutiny as the wind component of events. “Insurers are keen to more firmly establish what proportion of catastrophes affecting their portfolios are due to flood, as is evident by the Flood Re insurance programmes in the UK, and the ongoing discussions in US political circles surrounding the potential to reform procedures of the National Flood Insurance Programme.”

BII CEO Dr Dawnnelle Walker said: “The BII is pleased to continue our partnership with BIOS’s RPI 2.0 and capitalise on the synergies between our organisations. The October seminar will give us another opportunity to provide our membership with meaningful, relevant professional development.”

This week, RPI2.0 brings together its industry members and scientific researchers to discuss matters surrounding natural hazards at their workshop hosted at XL.

Dr Guishard said: “While this week’s workshop is a closed members-only event, one of RPI2.0’s functions is to provide educational events to the re/insurance industry as a whole, and as such is pleased to once again be partnering with the BII on an open event.

“RPI2.0 is a 20-year old industry/science collaboration, and our insight into cutting edge science is yet another reason Bermuda should be considered as the domicile of choice. As the industry evolves to incorporate more ILS capital, we are increasing our efforts to attract perspectives on natural catastrophes from the financial markets”.

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Published Sep 25, 2014 at 4:29 pm (Updated Sep 25, 2014 at 4:29 pm)

Flooding in focus at catastrophe risk seminar

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