Description: On May 20, 2022, an EF-3 tornado hit Gaylord, Michigan and caused 2 fatalities and 44 injuries, according to the National Weather Service Damage Survey [2]. The supercell thunderstorm that produced the destructive tornado also produced damaging wind and hail up to 3 inches in diameter [3]. According to data from the National Center for Environmental Information, this tornado was the first EF-3+ tornado in Michigan since 2012 and first EF-3+ tornado in Michigan in May since 1991 [1].

Description: This paper analyzes climate change's impact on corn yield and insurance claims in Southern Minnesota through an analysis of how temperature and precipitation are expected to change over the next 30 years.

Description: The purpose of the paper is to facilitate understanding of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and its ramifications on actuarial work.

Description: This report will endeavor to introduce the reader to some of the known and developing environmental risks that impact the business of insurance, with a specific focus on North American risks.

Description: The unprecedented losses associated with recent wildfires are yet another call to insurers to understand how climate change is impacting the landscape of fire hazards. In this report, to further advance understanding of relationship between fire hazard and climate change, for both academic and practitioner communities, we review emerging evidence showing that policies surrounding tree planting are increasingly important for fire hazard insurance. Furthermore, we discuss relevant risk factors and potential mechanisms when accounting for these policies.

Description: Climate change has the potential to wreak havoc on ecosystems worldwide. One anticipated repercussion is the change in suitable habitats of vectors, such as mosquitos and ticks, who can transmit serious and even life-threatening diseases to humans. In this report, we outline major vector-borne diseases, discuss their symptoms and treatment costs, and present the relevant research regarding their evolving spatial patterns due to climate change.

Description: The research provides a modeling framework for assessing the inundation risk of properties and their expected flood damages, thereby laying a foundation for flood insurance pricing. The researchers studied over 50 years of claims data from the National Flood Insurance Program with 2.5 million records and identify property characteristics that predict flood damages for inundated properties. The development of a private flood insurance market hinges on insurers’ ability to better understand and price flood risk. This research takes a closer look at flood risk modeling and flood insurance pricing.

Description: This report examines weather extremes for daily maximum temperature (TMAX) and severe drought conditions. The heat extremes were most impactful in the Western U.S. and Canada, and the severe drought conditions are a continuation and worsening of the most extreme condition statuses in the Western U.S.

Description: Catastrophe & Climate Strategic Research Program Newsletter - October 2021