Extreme events meaning

The Association of British Insurers (ABI) The ABI said weather-related damage claims increased from the £421m paid by insurers in 2022, a 36% jump, following a series of severe weather events... Storm damage claims after multiple damaging weather episodes totalled £133m. Subsequent flooding claims added a further £286m in 2023. Burst water pipes in early 2023 triggered claims worth £153m. Policy adviser Louise Clark warned that, as the UK grapples with a changing climate, extreme weather could become commonplace. She noted that insurers have continued to support affected homeowners, with payouts reaching record highs...

Although storms across North America and Europe proved more damaging than ever, there were no mega-disasters to push last year’s losses higher, according to Munich Re Group. The company noted that insured losses overall slipped beneath the five-year norm of US$105bn. The German reinsurer compiles information from government bodies, scientific institutions, trade associations, the insurance sector, the media, and other publicly accessible sources to assess the bill for natural catastrophes in aggregate and for insurers. 'The year 2023 was, once more, marked by exceptionally high insured losses from natural disasters, despite there being no extreme individual events,' said Thomas Blunck, a member of the board at Munich Re Group...

Reasons for reporting greenhouse gas emissions Over the past decade, expectations on businesses and public bodies to disclose greenhouse gas (GHG) emissions have steadily escalated, creating growing momentum for transparent reporting. Analyses of climate impacts—most notably assessments from the Intergovernmental Panel on Climate Change (IPCC)—together with tangible extreme weather events across the real world, have sharpened this pressure by underscoring the urgent need to cut emissions. Global accords, including the 2015 Paris Climate Agreement and the UNFCCC Conferences of the Parties (COP), further amplify the drive on organisations and authorities to curb GHG releases. For further detail on the Paris Agreement and recent COP gatherings, see Practice Note: The Paris Agreement 2015—snapshot. Within the UK, the Climate Change Act 2008 imposes binding obligations on government to cut national carbon emissions, including a statutory requirement for the UK to reach net zero carbon by 2050...

refers to the transition from manual, paper-based or other analogue, non-digital processes to integrated digital technologies and tools that enable the efficient flow and movement of goods, information and finances between suppliers, manufacturers, logistics providers and customers. In practice, this means the adoption and integration of digital solutions across all stages of the supply chain, from sourcing and procurement through to production, distribution and delivery. Digitalisation is realised using a range of technologies including data analytics, automation, artificial intelligence (AI), blockchain and the Internet of Things (IoT). Its importance has increased as supply chains have become more volatile, complex, opaque and cost-intensive. Today, supply chains face significant risks from global disruptions (such as the COVID-19 pandemic, geopolitical tensions and trade restrictions, including tariffs), extreme weather and climate-related events, regulatory pressures and rising expectations for transparency. In this landscape, adopting digital technologies is becoming essential not only for operational efficiency but also to secure long-term strategic advantage. When executed effectively, digitalisation allows businesses to predict, control and respond in real time....

Introduction to flood searches Flooding has become a leading environmental hazard in the UK, with wide-ranging consequences for homeowners, lenders, surveyors, developers and other businesses. Rising flood risk is a consequence of climate change. For further insight into climate change and its influence on flooding, see News Analysis: A new era of climate change reality—a rising tide. As extreme weather events increase, urban environments are more exposed because floodwater cannot infiltrate hardstanding paving and be retained within underlying soils. Consequently, places susceptible to flooding can no longer be assumed to be only those close to rivers and streams. Tools and data to evaluate climate risk are now more readily available. Flood searches are a critical component of due diligence, identifying flood risk at a site-specific scale and advising on the best ways to mitigate and adapt to such risks. When are flood searches needed? The Law Society’s practice note on flood risk provides guidance on flood search requirements and emphasises the need to consider flood risk at...