The occurrence of extreme climate-related catastrophe events such as the recent record-breaking wildfire seasons in Australia (2019–20) and California (2020), are reminders of the threat to society of climate volatility. 

But can we be sure of the connection between major loss events such as these and physical climate change risk?  

URGENT NEED TO QUANTIFY RISK

As there are many factors at play, it can be hard to detect and isolate the effects of climate change within insured loss data. 

Rather the principal driver of the rising cost of natural disasters continues to be societal factors such as where and how we choose to live as discussed in a recent paper from McAneney et al. 

Given the frequency of extreme weather events, there is an urgent need to understand physical climate change risk. So how can we respond? 

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