Insurers want more information on the latest climate change science amid a changing pattern of perils and rising industry scrutiny, according to modeller AIR Worldwide.

“Many in the insurance industry are paying increased attention to climate change in light of reports of increasing variability of atmospheric perils such as windstorms and floods,” Assistant VP Peter Sousounis says.

“Meanwhile, regulators and ratings agencies are beginning to ask companies to disclose how they are incorporating climate risk into their decision-making processes.”

A report called Climate Change Impacts on Extreme Weather – by Dr Sousounis and Christopher Little from Atmospheric and Environmental Research – says the effects are most evident on inland and coastal floods, which will become more frequent and intense.

Projections also show a likely increase in the frequency and intensity of severe thunderstorms and wildfires. Cyclones at the strong-to-extreme end of the scale are likely to be more frequent and intense, even as overall cyclone numbers may decrease.

The report says there is greater uncertainty about climate change impacts on strong-to-extreme events that occur every 50-250 years, compared with weak-to-moderate events that happen every 2-10 years.

The difference reflects insufficient historical data, while numerical models still do not simulate extreme events very well.