Lloyd’s CEO John Neal has described climate change as ‘the largest single underwriting and investment opportunity’ that most re/insurers will see in their careers.Risk Management
Speaking on a panel at S&P’s virtual 37th Annual Insurance Conference last week, Neal said the re/insurance industry needs to ‘look at climate positively.’
Neal was joined by AIG chief Peter Zaffino and CNA Financial head Dino Robusto in a discussion that aimed to provide executive perspectives on some of the key issues facing the market at present.
With the immediate threat of the pandemic now behind most re/insurers, climate change was identified as one of the major challenges for the next few years, alongside claims inflation.
Indeed, an audience poll during the S&P panel revealed that more than half of attendees felt that climate change will have the most profound impact on the insurance space over the next three to five years, easily beating out issues such as regulation and insurtech disruption.