Insurance market wants to map climate risk in the states – 03/24/2023 – Panel SA

The Brazilian insurance industry plans to finalize by June a project to develop tools capable of mapping climate risks in all states, detecting which areas are most subject to environmental impacts, according to CNseg (National Confederation of Insurance Companies).

One of the works will be the heat map to measure Brazilian exposure to 12 physical climate risks. According to the confederation, the tool, which was developed by Unep FI (a financial initiative of the United Nations program for the environment) and is already used in the US and in European countries, will be adapted to the risk scenario in Brazil.

Risks to be assessed in each location include heat and cold waves, droughts, chronic temperature changes, river, coastal and urban flooding, sea level rise, water stress, seasonal variability, wind intensity and fire. The intensity of each risk will also be measured.

According to CNseg, the tool should serve insurance companies, banks and companies to create new products or services and should also help authorities in the development of public policies to prevent climate disasters.

Joana Cunha with Paulo Ricardo Martins It is Diego Felix

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