Agenda

00:00

Climate Change workshop: Data Sources for Modelling and Managing Climate Change Risk

 

9am-5pm

 
Book this workshop as part of your conference package.
 
Climate change is already leading to significant changes in the frequency and intensity of some extreme weather and climate events in Australia and globally. Such changes will increase as global warming continues. The known and unknown unknowns surrounding climate change and its impacts on extreme weather events continue to plague the whole insurance market. Advances in better understanding associated risk represent a significant increase in the capability for re/insurers to provide more informed pricing schemes that better incorporate climate change risks going forward. 
 
This workshop will provide the latest information on data sources for modelling and managing risks of extreme weather events from the Bureau of Meteorology, CSIRO Climate Science Centre and the UNSW Climate Change Research Centre. 
 
Learning Outcomes:  
  • Understanding the science behind mapping climate change 
  • Approaches for modelling climate change at a global scale 
  • Local effects of climate change for catastrophe modelling 
  • Geo-mapping at-risk areas for climate-related changes to risk profiles 
  • New data sources for observed extremes from the Bureau of Meteorology 
  • Data sources for projected future climate risks across Australia at national and regional scales 
The workshop will be led by senior representatives from:
 
NESP Earth Systems and Climate Change Hub 
The Earth Systems and Climate Change Hub is a partnership between CSIRO, the Bureau of Meteorology and five universities, funded by the Australian government’s National Environmental Science Program. The role of the ESCC Hub is to ensure that Australia’s policies and management decisions are effectively informed by Earth systems and climate change science, now and into the future. 
More information on research in the ESCC Hub on weather extremes and disaster risk management is available at www.nespclimate.com.au/extremes-and-disaster-risk-management.
 
Bureau of Meteorology 
The Bureau of Meteorology plays an important role in monitoring, analysing and communicating observed changes in Australia’s climate. Climate change can have a significant influence on the frequency, magnitude and impact of some types of extreme weather events. Observations and climate modelling paint a consistent picture of ongoing, long-term climate change interacting with underlying natural variability. Projecting the occurrence and severity of future extreme events is a significant scientific challenge, as well as a very important one for future climate adaptation. 
 
CSIRO Climate Science Centre 
The CSIRO Climate Science Centre is a research program of about 100 staff working in CSIRO Oceans and Atmosphere. The Centre brings together the core of CSIRO’s capability in climate modelling and observations of the atmosphere and ocean. The mission of the Centre is to deliver the climate knowledge Australia needs to inform an effective national response to the challenges of a variable and changing climate. 
 
UNSW Climate Change Research Centre 
UNSW CCRC is a multi-disciplinary research centre comprising one of the largest university research facilities of its kind in Australia, administered within the Faculty of Science. CCRC houses research expertise in the key areas of Earth’s climate: atmospheric, oceanic and terrestrial processes. We apply basic scientific principles to pressing questions on climate dynamics, global climate change, and extremes of weather and climate. 
 
Book this workshop as part of your conference package.

08:30

08:50

09:00

  • Developing Climate Risk Measurement Standards for insurers in order to disclose under the recommendations of the FSB 
  • Implications for how CAT models are projected in time 

09:30

  • Climate change – a growing issue for insurers and regulators 
  • Climate change: Enabling (re)insurers to manage changing flood risk 
  • Assessing climate risk impact on 2018 events 
  • Challenges of modelling changing hazards and risk 
  • Consequences for re/insurers managing climate risk

10:10

Model developments and market interpretations

10:40

  • Are models developing at a fast-enough pace? 
  • Benchmarking insurer approaches to hazard pricing 
  • Current integration of climate concerns into model development 

11:10

  • Understanding the Geoscience Australia hazard map for cyclone risk 

11:40

  • What have we learnt from the 2018-2019 cyclone season? 
  • Ensuring insurers better understand their risk exposure 
  • How have cyclone models progressed? How have they performed when aligned against recent events? 
  • Consolidating updated risk maps within current models 

12:20

Interactive Roundtables 

01:20

Model developments and market interpretations: part 2

02:00

  • Understanding the latest model developments as a result of recent NZ quake events 
  • Lessons learnt from recent NZ quake events: How did the models fare up?  
  • Interpretation from the market from insurers and reinsurers 

02:40

  • Latest model developments and science 
  • The regions that the models work well 
  • Understanding the types of scenarios that perform poorly 
  • Matching models to the exposure 
  • How did Townsville floods and other recent events stack up against the models? 

03:20

03:50

  • Moving beyond the McArthur model for bushfire modelling 
  • Comparison with the US model for measuring bushfire 
  • Model comparison - Black Saturday bushfire

04:10

ILS Update

04:30

  • What’s happening in the market right now  
  • Appetite around recent examples

05:00

05:10

08:30

09:00

Understanding the Australian Cyber Insurance Market 

09:10

  • What are the key driving factors in the Australian cyber insurance industry? 
  • Growth factors impacting the cyber market: How does Australia differ with other international markets 
  • Key concerns for underwriting in a volatile marketplace 

09:40

10:30

NDB sensitivity analysis

11:00

  • Considering reasonable grounds for a data security class action 
  • Learning from oversees class action cases 
  • Risk opportunities and potential liabilities for insurers

Potential Vulnerabilities 

11:30

  • What security standards should insurers enforce before offering coverage? 
  • Understanding how a multiplication of small errors can lead to big losses overall 
  • Assessing the volatility of social engineering insurance cover 
  • Partnering with organisations and vendors to reduce the likelihood of claims

12:30

Potential Vulnerabilities 

01:20

  • When to class a breach as a cyber insurance or a property and liability issue 
  • Addressing increasing risks associated with IoT technology 
  • Adapting to the requirements and creating a platform to effectively cover silent cyber

Potential Claims 

02:00

  • Examining the real-time process for managing a cyber business interruption claim  
  • Procedures for calculating loss from business interruption claims  
  • Breaking down policies to identify how and why claims are triggered 

Cyber Insurance Buyer’s & Insurers’ Workshop

02:30

  • Debunking common cyber insurance myths 
  • Common frustrations encountered when sourcing cyber insurance 

03:00

03:20

  • Understanding your organisation’s end-to-end cyber defences 
  • How best to present your organisation to cyber liability underwriters

04:05

  • Key insurable cyber events and the relevant coverage opportunities on offer 
  • Cyber insurance as a cornerstone of cost-effective risk minimisation

04:50

05:00