RMS and Canopius in climate change models collab

RMS is working with global specialty re/insurer Canopius to enhance its climate change risk analysis with the adoption of RMS Climate Change Models.

The cat risk solutions firm has worked with the insurer to fully integrate the climate change models into its business processes with a focus on North Atlantic hurricane wind and storm surge.

The new models will also help Canopius respond to new and emerging regulatory reporting, such as the recent Bank of England Climate Biennial Exploratory Scenario exercise, as well as further financial disclosures.

Paul Wilkinson, head of aggregation and risk strategy, Canopius said: “Climate change presents one of the most significant risks to the re/insurance industry. It is important to us to incorporate the latest science relating to climate change into our risk analytics in a manner that can be tailored to our needs and fully integrated across key business operations, such as portfolio management, near-term underwriting, and business planning. The RMS models enable adjusting time horizons for the near- and long-term, which, combined with the full flexibility and range of the IPCC’s Representative Concentration Pathway scenarios, allows us to confidently assess North Atlantic hurricane climate change risks.”

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