Michael Faulkner collected comments from the conference delegates.

An American insurance lawyer

“US insurance groups will be paying close attention to developing regulatory requirements in relation to climate change. There will be opportunities for legal counselling here.”

An AXA Insurance underwriter

“Peter Hubbard’s comment about the insurance industry encouraging the government to provide incentives rather than take a stick approach in respect of climate change was quite insightful.”

Brian Arkell, principal consultant at Atkins Water

“In terms of the impact of climate change on the insurance industry, they are certainly talking about the right things, but I think the more fundamental issue is government policy, incentives and whether the insurance industry can work with the policyholder.”

Geoff Darch from Atkins Water

“If you just look at the changing level of risk the threat to the insurance industry has to go up. But there are a number of forthcoming opportunities, and it is up to the insurance industry to stand back and say, ‘Where are they and how much money will that provide to level the increase in liabilities.’”

Tim Reeder, from the Environment Agency

“If you can put the true price of carbon emissions back into the current pricing, it will help to drive the right solution. The industry has the opportunity to come up with an instrument to facilitate ways to offset future liabilities.”

Ray Johnson, principal of Independent Insurance Services

“For many years we have been looking at the environmental aspect in running our company – the issue of re-use and recycle. Insurers need to demonstrate what they have got in place and that they have environmental issues on their own agenda first, because otherwise any work they carry out in regards to climate change could be questionable.”

Sebastien Iaxx, from Renaissance Re

“I think that there needs to be more quantification in terms of what happens. Quantification can mean different premiums, different ratings and new products. On the reinsurance side, we already deal with extreme events; it is just that the frequency that is higher. We have already started quantifying this, and adding some global warming extras to premiums. This is already being asked for.”