On Aon4 Feb 2025

Climate Impact on the Property and Casualty Market

Record-breaking losses are reshaping the property and casualty market, but analytics can help companies better understand and price risk. This On Aon podcast episode examines climate losses, the effects of court cases, and how analytics can help businesses make better decisions.

Experts in this episode:

Joe Peiser, Global CEO of Aon Commercial Risk

Steve Hackenburg, Property and Casualty Leader, Commercial Risk North America

Paul Shedden, Global Head of Risk Capital Analytics

Key Moments:

[2:14] Climate as driver of significant loss activity

[2:44] Effects of tort activity on casualty losses

[5:00] Setting temperature records each year

[7:58] Favorable insurer results and what that means for companies

[9:29] Investing in digital and analytical capability

Additional Resources:

Climate and Catastrophe Insight

Soundbytes:

“Activities such as severe convective storms and wildfires traditionally have been viewed by the underwriting community as secondary perils, but given the frequency and severity of these events, they are now really being viewed as more primary perils by the underwriting community.” — Steve Hackenburg

“What's been less widely reported is that, in fact, every single one of the past 10 years has hit a new record, not consecutively, but each one of those in its own has hit a new record for warmest temperature as set by the World Meteorological Organization. So climate change is happening.” — Paul Shedden

“There’s lots of uncertainty out there and lots of confusion for clients. And that's where we really hope that some of our science and technology and own research can really help.” — Paul Shedden

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