NEWS

Financial impact of climate change - Press release

Financial impact of climate change on the Natural Disaster compensation scheme for 2050

12/09/2015

In the framework of its general interest missions, CCR, a public reinsurer of natural disasters in France, has contributed for a number of years to the development of the industry’s knowledge of natural risks as well as to a means of providing compensation.

In 2015, CCR, working in partnership with Météo France, undertook efforts to develop detailed models aimed at evaluating the financial impact of climate change on the Natural Disaster compensation scheme.

In keeping with the objective of the COP 21 to limit global warming to 2° C between now and 2100, this study is based on the RCP 4.5 intermediate scenario adopted by the IPCC. The study considers perils that include overflow and run-off flooding, marine submersions and subsidence. In particular, the models presented in the study are based on a time-lapse scale as well as on detailed geographic data.

The estimated annual loss experience, for these three perils alone, is expected to double between now and 2050. Of this increase, 80% is attributed to the increase of insured property and 20% to the impact of climate change on loss experience.

Download the full version of the study here

Press contact
Isabelle Delval - Head of Communications -  + 33 (0)1 44 35 37 01 -  idelval@ccr.fr