Presentation by Ben Hanson from MGA Insurance

“Insurance needs a radical re-think”

From the birth of the first fire policies & property and business losses in the second part of the 17^th century, the insurance industry has been an integral part of modern western societies.

Climate change has increased the severity and frequency of losses in Australia and around the world. Anthropogenic climate events are becoming more frequent, but at the same time less predictable. The usual cycles of weather and therefore catastrophe is no longer easy to predict. Insurance actuaries can no longer set pricing that is both adequate to cover losses, meet regulatory requirements and maintain solvency in their own businesses.

Fire losses are no longer the biggest risks facing homeowners and business operators anymore. Water and other severe weather events are now much more frequent and severe. They generally incur higher costs and longer recovery periods, and are much more difficult to prepare for.

Ben Hanson, General Insurance Broker, of MGA Insurance Group Australia will be discussing challenges going into the next decades that face insurers, business owners, property owners and government authorities alike.