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Daily Insurance Industry News
Friday 25th of May 2018
September 26, 2007

Reading University and Deloitte Announce Research Initiative

by Stewart Douglas

Story link: Reading University and Deloitte Announce Research Initiative

The University of Reading and business analysts Deloitte have announced today the launch of a combined initiative to research and study the implications of climate change on businesses at both a regional and national level.

The combined research programme from the University of Reading’s Walker Institute for Climate System Research and Deloitte is set to commence with immediate effect, culminating in a white paper on the extent of damage that can be expected from prolonged severe weather patterns.

The research efforts will focus largely on the impact of climate change from the perspective of businesses, analysing the extent of damage continued severe weather patterns could have on local enterprise in order to forecast future loss and calculate risk from further weather damage.

The widespread flooding recorded earlier in the summer reflected the extent of vulnerability currently presented in the UK, which could leave businesses at extreme risk from future severe weather patterns should the effects of global warming continue to take their toll over the coming years.

Aside from the social and political implications of ongoing climate change, the study aims to consider the commercial and economic implications of more frequent severe weather patterns over the coming years, and in particular the kind of level of cover necessary to avoid excess financial hardship to smaller businesses and widespread unemployment.

The Association of British Insurers has previously warned that the impact of climate change will mean insurance prices, particularly related to structural damage and home contents would become more expensive in the coming years as the kind of scenes played out during the summer are repeated with more frequency.

It is hoped that the study will turn up interesting figures as to the extent of damage small businesses could feel as a result of bad weather in the future, from both an economic and an insurance perspective in order to better understand the need for adequate weather damage cover.

 

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