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A panel of academics at ILS Bermuda’s Convergence 2020 conference has slammed the re/insurance industry’s catastrophe prediction models as not fit for purpose.
Cat models that use historical inputs are based on “short and incomplete” data that would be misleading, even if the data were comprehensive, because of the impact of climate change, said Professor Kerry Emanuel, professor of atmospheric science at the Massachusetts Institute of Technology.
Speaking on a panel titled The Effects of Climate Change on Wind, Flood & the Earthquake Zombie Hypothesis, that was chaired by Samantha Medlock, a senior counsel who sits on the Climate Crisis Select Committee for the US House of Representatives, Emanuel argued that climate data was only reliable going back as far as the 1970s.