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From The Desk of the CEO

Dennis Keating our CEO was recently invited to attend a seminar in Sydney to discuss the effects of climate change on the insurance industry.

The discussion focused on what could be the effect on the public as storms become more violent and the oceans begin to rise, bringing possible surges that have the potential of mass destruction.  Whilst there were differences of opinions on what is causing climate change there was no denying that there is change happening.

We at LEA Insurance Brokers are well aware of the potential for loss and are working to be “Climate Aware Brokers” so that we can offer our clients solutions to reduce the risks that climate change bring.  These solutions go beyond insurance policies, as insurers will be hesitant to offer the necessary covers if the clients are not prepared for these events and  have not acted to reduce the inevitable loss by way of a disaster plan.

Recent events in the USA are a testament to the climate change theory, and the effects of those losses will be felt globally by the insurance market.  We expect that the losses will lead to increases in insurance premiums worldwide, and bring about a nervousness for these types of events.  We may see some withdrawal of cover for flood and storm surge.

It is vital to be prepared and we have the experience to help our clients do that.  We cannot avoid what seems to be inevitable, but we can make sure the cover is there and that we have taken steps to reduce the losses which will give the underwriters confidence in offering the covers.