Climate Risk & Insurance: Is the global real estate sector entering an insurability crisis?

When

2024-11-13
2024-11-13T10:00:00 - 2024-11-13T11:00:00
America/New_York

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    This webinar is a ULI Member exclusive. Not a member? Join ULI today and return to this page to access this webinar!

    The climate crisis is escalating the severity and cost of natural disasters, which poses a significant risk for the real estate industry. As extreme weather events become more severe and frequent – the implications on the cost and availability of insurance for property is being felt across the global, particularly in regions prone to climate-related natural catastrophes. 

    In the first half of 2024 the global industry suffered $120bn in losses from natural disasters driven by severe thunderstorms and flooding. According to Munich Re the number of global loss-inducing natural events reached a record high, significantly raising insurance costs and restricting coverage. The U.S. suffers around $100 billion in annual losses due to climate-related weather events, and real estate insurance costs are up 73% from five years ago. In Europe floods, wildfires and other weather events account for over half of total insured losses according to Lloyd’s of London, the world’s leading insurance and reinsurance marketplace.  

    Rising insurance prices, stricter underwriting, and coverage limitations are just some of the challenges facing investors and developers in this era of heightened risk. Understanding how to assess and manage climate-related exposures is now crucial for protecting investments and ensuring long-term profitability in the real estate sector. 

    Moderated by Simon Chinn, Vice President of Research & Advisory Services at ULI, this exclusive ULI member webinar brings together industry leaders who are at the forefront of navigating this evolving landscape for real estate insurance.

    In this member-exclusive webinar, you will: 

    • Understand Why Insurance Prices Are Rising: Explore the root causes of escalating insurance premiums and the impact on the real estate sector. 

    • Understand Climate Projections: Explore the latest climate models and projections, with a focus on identifying the most vulnerable geographic areas. 

    • Quantify Financial Impact: Gain insights into strategies for anticipating the financial impact of climate risk on real estate sectors. 

    • Develop Mitigation Strategies: Explore practical risk mitigation and due diligence strategies for better positioning real estate against climate uncertainty. 

    • Navigate Insurance Products for Informed Investment Decisions: Understand insurance procurement options and their impact on real estate investment decisions in a climate-uncertain landscape. 

    Register now for this exclusive ULI member webinar and gain unparalleled access to the insights that are shaping the future of real estate. 

    Speakers

    Panelist

    Risto Schmid

    Head Climate Resilience ZRS Switzerland, Zurich Resilience Solutions

    Risto holds an MSc in Mechanical Engineer from the Swiss Federal Institute of Technology in Zurich (ETH Zurich. He joined Zurich Resilience Solutions in 2017.​ Before specializing on Natural Hazard and Climate Change, Risto worked as a Property Fire and Business Interruption specialist, which provides him with a holistic view and solid understanding of the overall risk from an insurance perspective.​ Highlights include conducting various on-site Climate Change risk assessments and developing related site-specific financial loss scenarios, which are essential for the client's regulatory CSRD disclosures.

    Panelist

    Laura Craft

    Senior Vice President, Global Head of Portfolio Sustainability Strategies, Heitman

    Laura leads the Heitman’s sustainability platform and interacts across business lines and regions to establish systematic approaches to incorporate sustainability into investment decision-making and management of investments with the goal of creating value, reducing risk, and enhancing investment returns. Currently, Laura is the co-chair of the Pension Real Estate Association (PREA) Innovation Affinity Group and is a member of Urban Land Institute (ULI) Greenprint’s Performance Committee. She is also a graduate of the Urban Land Institute’s Center for Leadership program and is a LEED Accredited Professional, having overseen over 100 LEED, IREM, Energy Star, and Green Globes designations.

    Panelist

    Kevin Madden

    Managing Director - Real Estate Practice Leader, AON

    Kevin has over 30 years of real estate insurance experience and joined Aon in 1995 and has been the Real Estate Practice Leader since 2000. Kevin’s expertise includes various real estate and insurance committees and task forces and has consulted closely with many real estate lenders on their insurance requirements. Working with large domestic and global clients, he provides risk management, insurance services, and consulting solutions for as property, casualty, construction, environmental, management, and more. Kevin is a regular speaker on insurance issues for many associations/conferences (National Multi Housing Council, NAREIT, Urban Land Institute, National Association of Real Estate Investment Managers, BOMA, Mortgage Bankers Association (MBA), and PERE America).

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