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Storm surge risk, extreme weather events among topics at climate change conference

Tokio Millennium Re Ltd. (TMR) held its ‘Eighth Summit on Global Warming and Climate Change — Implications for the Insurance Industry’ in Atlanta at the end of June.

Tatsuhiko Hoshina, its President and chief executive officer said: “TMR recognises the potential adverse effects of climate change, which is why we have invested resources to research and investigate it and develop strategies and best practices to enhance risk management.”

The press release stated the summit featured speakers from the scientific, catastrophe modelling and insurance communities. “Among the many topics presented at the summit, the speakers discussed the increasing costs and risks of extreme weather and climate events, including increases in the frequency and severity of severe weather events, the risk from storm surge exacerbated by climate change, and also the vulnerability of the New York and New Jersey metropolitan regions to hurricane destruction.

“The speakers also presented potential solutions to manage and mitigate the risks resulting from climate change.”

According to a press release, the annual summit is meant to “augment the process of research, analysis, and dialogue about global warming and climate change, its potential impacts as well as possible strategies to manage the risks associated with an uncertain and possibly continuously changing climate.”

TMR, established in Bermuda in 2000, acts as a strategic risk diversifier for the Tokio Marine Group by writing property catastrophe reinsurance business outside of Japan. It is a subsidiary of the Tokio Marine & Nichido Fire Insurance Co., Ltd., Japan’s oldest and largest non-life insurance company. They primarily focus on property and casualty reinsurance and market solutions products.

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Published July 08, 2013 at 9:00 am (Updated July 07, 2013 at 2:54 pm)

Storm surge risk, extreme weather events among topics at climate change conference

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