The Last 100 Years of Climate Data Can’t Be Used to Predict What Will Happen in the Next Ten (w/Steve Bennett, Chief Climate Officer at Demex)

Steve is cofounder and Chief Climate Officer for The Demex Group, providing actionable risk management solutions at the hyper-local level for non-catastrophic but extreme weather events. Demex offers solutions for insurers, reinsurers, and other companies with exposure to extreme weather to price risk and provide a valuation basis for weather and climate-related information.

What is the impact of extreme weather on a business operations? Where are companies weather-sensitive, what impacts cost structure and revenue.  How should the company best manage that risk, via reinsurance or capital market products?  Demex was built to help clients understand their risk profile and enter into financial risk instruments that best cover that risk.

Demex starts by having a tech stack that can quickly and easily parts large sets of specialist data, then to value risk based on weather data so that insurance and capital markets can certify and price suitable protection. Steve talks about each Florida storm changing the building codes, and companies activating policyholders to take actions that help mitigate losses, all resulting in lower industry risk. 

Steve began his career working as a meteorologist in newspapers, radio and television, including The Weather Channel. He went on to focus his career on linking extreme weather and natural disasters to financial impact for Enron and Citadel where he led projects in energy, agriculture, insurance, reinsurance, and equity valuations. Steve went on to build and lead the team that developed software to identify climate risks to global supply chain operations. He is chairman of the American Meteorological Society’s Committee on Financial Weather and Climate Risk Management.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.