Law360, London (November 5, 2019, 4:12 PM GMT) -- Climate change may present insurers with greater losses from natural catastrophes than they have fully accounted for, the Prudential Regulation Authority warned bosses on Tuesday.
Gareth Truran, head of London market supervision at the Bank of England, wrote to insurance chief executives to stress that it had seen examples of firms using outdated risk models to determine their exposure to climate-related losses.
London-based specialty insurer Hiscox announced Monday it was putting aside £165 million to pay claims from recent storms — which were likely to be “materially in excess” of what it had originally forecast.
“Some key perils may be changing in...
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