SINGAPORE: The time has come for the insurance industry and catastrophe modelling firms to recognise climate change factors such as surface sea level and air temperature rises throughout their models, urges Lloyd's, the world's insurance specialist.
"Climate change is a reality and the vast majority of scientific research concludes that it is being driven by human activity," said Chairman of Lloyd's John Nelson, commenting on the company's new report 'Catastrophe Modelling and Climate Change', which was published Friday.
He said that changes in climate has the potential to affect extreme weather events.
The report found that the frequency of extreme weather events in most regions of the world, including Europe, North America, Asia and Australasia, has increased.
"Catastrophe models are what the insurance and other industries use to quantify our understanding of the natural world and predict weather impact.
"We need to be able to model and understand these events better, and help mitigate the impact of climate change on communities and businesses," he said. - BERNAMA
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