Page 19 - Turkinsurance Digital Magazine

19

economic losses and 80 million job losses worldwide by 2030, if tion around the world and humanity's insistence on destroying its
there is a global temperature rise of 1.5 degrees. natural habitats. Haegeli says that the insurance industry must
dynamically monitor the effects of a climate that warms much
Jerome-Jean Haegeli, Swiss Re Group Chief Economist, also more than before, adapt its existing data to an ever-evolving risk
noted that economic losses due to climate risks will be the main environment, and constantly include new data in risk assessment.
problem of the insurance sector in the future. Recent data show
that some of the catastrophic damage is due to economic growth Actuaries must produce new findings to support companies'
and urbanization, while some is due to climate change. The last risk management
decade has been recorded as the highest period of average tem-
peratures in the history of the world. The total damage caused Robert Erhardt, professor of Statistics at Wake Forest Universi-
by the human-caused disaster amounted to $146 billion, and the ty, emphasizes that actuaries should not only determine the mag-
insurance industry has taken on $60 billion of this damage. Ac- nitude of climate-related risks, but also produce findings that
cording to Haegeli, the main cause of these damages is urbaniza- will support companies to actively manage these risks.