Insurance Special Interest Group

Royal Meteorological Society Insurance Special Interest Group logoWeather and climate science plays a key role for those working in the insurance sector. This is particularly clear when considering the impact of extreme weather events on infrastructure and people. Meteorological data on timescales from hours to decades ahead is important for understanding both present and future risks, and therefore ensuring both policyholders and insurers are prepared. However, there are challenges around access to information, transparency of methods, and some data not being fit for purpose.

The aim of the Insurance Special Interest Group is therefore to strengthen and expand current engagement between meteorologists and the insurance sector.

 

Recent Activities on 'Navigating Climate Challenges in Insurance'

Throughout 2024, RMetS has been collaborating with members of the insurance industry, academia, and other stakeholders in the private sector to address the key challenges insurance companies face in understanding and researching weather and climate hazards. These challenges are largely around the quantification of uncertainties in climate data, and also the understanding of capabilities and limitations of various data products (e.g. model resolution, representation of perils, availability of necessary variables). The largest activity took place in January 2024, where we hosted an event with over 50 participants to gather their insights, experiences, and priorities on these issues. Discussions continued at a collaborative event with the CGFI in March, and culminated in the following three published documents: 

  1. A summary report of findings, and recommendations, from these two events
  2. Briefing paper: Current and Future Applications of Climate Models in Insurance
  3. Briefing paper: Pathways to Successful Collaboration between the (Re)Insurance Industry and Academia

This work was undertaken in partnership with Brit Insurance and Willis Tower Watson, and all three documents can be downloaded here.
 

Upcoming Activities

Into 2025, the Insurance SIG is hosting several events showcasing the latest weather and climate research in the insurance sector. These events are open for registration and are:

 

About the Insurance SIG 

The Special Interest Group includes academic expertise from five UK institutions (University of Exeter, University of Leeds, Newcastle University, University of Reading and Swansea University) as well as representation from the UK Met Office, Royal Netherlands Meteorological Institute (KNMI), catastrophe risk analysts from nine insurance companies, and the Bank of England. Efforts were made to include both academic and industry professionals from a range of career stages. Katherine Latham (Willis Towers Watson) chairs the Insurance Special Interest Group, which meets three times a year (the Group first met in September 2022). Each committee member serves for a 3-year period once elected.

Some key objectives are:

  • To support the creation of content and activities that address the meteorological needs of those working in the insurance sector
  • To facilitate discussion on the future research agenda of meteorologists working in conjunction with the insurance sector
  • To highlight career opportunities in the insurance sector to meteorologists
  • To demonstrate the benefits of the Royal Meteorological Society to those working in the insurance sector.

If you're interested in the ongoing activities of the insurance SIG, please contact insurance@rmets.org

 

Previous Events

Upcoming events

Past meetings | All RMetS events