AIR Worldwide is one of the top data solution providers in the catastrophe modeling world. AIR provides risk modeling software and consulting services that make individuals, businesses and society more resilient to extreme events. Today, Chris welcomes Bill Churney, president of AIR Worldwide. He’s responsible for setting global strategy and overseeing the worldwide operations for the company. Bill has extensive experience working with companies to better understand how they manage risk and identify ways to use analytics to improve catastrophe risk management. He shares his thoughts and expertise on this episode.

Key Takeaways:

• What are the challenges insurers and communities face with the changing climate? How can the insurance industry navigate it?
• Bill thinks that analytics will be critical to help make people make sound decisions because the signs of climate change are complex.
• How is the insurance industry evolving with regards to modeling the climate change risks? Bill shares some examples.
• Chris agrees with Bill and adds that working in silos won’t help anyone in the long run.
• Different regulatory bodies are taking their own approach on climate change but it would be good for them to have more alignment. Bill expands on this further.
• The use of analytics models can help assess climate change because these are future risks where there is really no historical data.
• What is AIR doing to ensure their models can be used to assess the risk of climate change in the future?
• Climate change is the biggest challenge in profitability in the next five years. As a catastrophe modeler, Bill talks about their vision of the future.
• Bill also shares their plans of how to capture risks of climate change.
• Their ARM team, which does liability modeling, is developing a range of climate change scenarios. 
• Understanding the risks you have today is very important to identify the impact of climate change in the future. Bill shares how they are doing this.
• How can AIR help the insurance industry to achieve the global net zero in 2050?
• The insurance industry has a unique ability to be a leader in the area of reducing emissions. Bill shares why.
• Data analytics combined with an insurer's ability to collect and work with high quality exposure information will be a positive path forward helping society achieve its goals.
• Bill encourages clients to ask questions around the impact on climate change and to help reduce its uncertainties.

Resources:

Catastropheresiliency.org

Email: crc@theinstitutes.org

Air-worldwide.com

Bill on LinkedIn