Climate is the “ultimate systemic risk” and represents “the biggest single opportunity the insurance industry has ever seen,” according to the CEO of the centuries-old insurance market Lloyd’s.
Mumenthaler was asked if this included coal. "It includes everything on the investment side," he replied. "There's certain things we have excluded, so if you're a pure coal company, that's excluded."
In relation to underwriting, Mumenthaler offered up the same idea of turning the screw. "We don't finance new coal power plants, we've told people we're going to phase out existing ones: 2030 in rich countries, 2040 in poor countries." "We've got 25 years of high quality weather data," he said. "The frequency and severity of … convective storms, right the way up to hurricane related activity we see in the U.S. – we've got amazing data on that," he went on to add.
"So in real time, we're managing weather and trying to understand weather and then trying to extrapolate that through a climate lens."
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