IUA Circular 057/21

A joint IUA Mini-Market Briefing Session with LMA
Highlighting industry services for business progression

“Changing risks for underwriters:  How climate change will increase the risk of subsidence, coastal erosion, landslides and sinkholes

with Dr Tim Farewell, Science and Communications Director, Terrafirma

Event Chaired by Alex Mitchell, Property Team Leader, Commercial Insurance UK and Chair of IUA Property Underwriting Group

Event Date: 
Wednesday 30 June  2021

Time:  2pm/14.00hrs (UK/London time) for approx 30/45mins
Check your time zone here

Subject:  This mini-market briefing will highlight how the insurance market can understand and manage ground risks including subsidence, landslides and coastal erosion.

Contact:   Deborah Finch, IUA Events Manager (020 7617 4451)

Recording: Please click HERE for the audio recording – Password: x33MnM10K

Slide Deck: Please click here to download the slide deck. The link also includes further documentation relating to the market briefing topics and details for Terrafirma.

We understand that some attendees are unable to join our webinar's due to company restrictions for some applications on company computers. Please note you can also connect and join with a mobile or tablet device.

Please adhere to on line etiquette during our presentations.  We kindly ask you to mute your microphone and video upon commencing the link and to use the Chat application for any  questions, which will be addressed by the speaker at the end of the presentation. We suggest dialling in at least 5 mins before the start of the webinar.

Please note that any recording of this event will be available post-event in DropBox format, subject to speaker authorisation.

Climate change is increasing the costs of ground risks to the insurance industry with many of the existing approaches to assessing hazards being outdated or incomplete. Most approaches do not assess the full range of these (often hidden) ground risks.

UK weather records indicate that summers are already becoming hotter and drier which can lead to an increase in subsidence. Relying on historic data as a guide to short-term future risks is becoming an increasingly risky approach as previously unaffected areas of the country are now seeing a growth in claims.  In addition, coastal erosion caused by rising sea levels, storm surges and stronger waves are fast becoming a real challenge for many insurers. Erosion risks also occur inland with natural and man-made slopes, abandoned mines and hazardous sinkholes having a devastating impact on property and land.

At this market briefing, our speaker will discuss the key hazards that insurers and reinsurers should be aware of and how understanding and managing the risks will help to minimize the impact and identify new opportunities for the insurance market.

Our Speaker:

Dr Tim Farewell
is one of the UK’s leading academics on ground hazards. Tim has dedicated much of the last two decades to building climate-adjusted ground risk models for property and infrastructure. He helps insurers, lenders, governments and infrastructure companies understand changing ground hazards, enabling them to make better decisions.

DISCLAIMER: The market briefing presentation materials and speaker comments therein were prepared solely by the presenter(s) in their personal and professional capacity. Any materials or opinions expressed do not necessarily represent the v

As a member of the CPD (Continuing Personal or Professional Development) Certification Service the IUA is committed to providing high quality training activities. Our market briefing events are certified as being suitable for CPD purposes. To obtain a self assessment form for any particular event please email Deborah Finch. These forms will be issued after each individual event upon request.