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LSE report will help insurance sector manage climate change risks

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The London School of Economics and Political Science (LSE) has released the findings of a five-year research project tracking the impact of climate change on the insurance sector.

The multi-million pound project, undertaken by the ESRC Centre for Climate Change Economics and Policy, has involved more than 30 academics, government and industry bodies, all working together to analyse the financial risks and opportunities posed by climate change.

Links to more than 50 academic publications resulting from the research project are now publicly available in a summary document for the first time, titled “Evaluating the Economics of Climate Risks and Opportunities in the Insurance Sector”.

Sponsored by Munich Re, one of the world’s leading insurance reinsurers, the project has linked scientific findings of climate change with their economic impact on financial products, disaster loss insurance and forecasting.

Professor Lord Nicholas Stern, Chair of the ESRC Centre for Climate Change Economics and Policy at LSE, said: “The partnership between LSE and Munich Re has been unique and innovative and provides an example of how universities and businesses can work together to further knowledge about the impact of climate change on the insurance sector.”

Peter Höppe, Head of Geo Risks Research at Munich Re, said: “An important goal of the programme was to link scientific findings on the physical hazards of climate change with their economic impacts. The results help Munich Re to better assess the implications for the insurance sector and to manage the risks and opportunities more effectively.”

Leonard Smith, Principal Investigator of the Munich Re programme, said: “These findings pull together in one place the major insights and accomplishments achieved, from posters to presentations, with the full literature available. It shows what can be accomplished when industry and academia work in concert.”

The report is available here: 

http://www.lse.ac.uk/CATS/ResearchGrants/Munich-Re-programme/14-0964-Munich-Brochure-interactive-FINAL.pdf

For more information, contact Lyn Grove on +44 (0) 207 955 6015 or l.grove@lse.ac.uk

Notes for editors

  1. The ESRC Centre for Climate Change Economics and Policy (http://www.cccep.ac.uk/) is hosted by the University of Leeds and the London School of Economics and Political Science. It is funded by the UK Economic and Social Research Council (http://www.esrc.ac.uk/). The centre’s mission is to advance public and private action on climate change through rigorous, innovative research. The centre directors at this time were Professor Judith Rees and Professor Andy Gouldson. 
  1. Evaluating the Economics of Climate Risks and Opportunities in the Insurance Sector (the LSE “Munich Re Programme”) was a five-year research programme funded by Munich Re as part of the Centre for Climate Change Economics and Policy (CCCEP). 

Established in October 2008 with a multi-million pound budget over a five-year period, the Programme funded LSE researchers, visiting professors and a PhD student, as well as events and activities. The Programme’s research was directed by Professor Leonard Smith.

10 November 2015

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