Our approach

In the context described, which presents both risks and opportunities, it is important to study catastrophic events with the aid of the most recent technologies, such as the use of catastrophe models to forecast damage, or through the simulation of realistic scenarios that make it possible to quantify the economic and insurance impact of individual events.

To this end, in Austria we use a sophisticated tool to assess the risk of flooding, storms, hail, earthquakes and other climatic implications, developed in association with the Ministry of the Environment and the association of Austrian insurance companies. In France, meanwhile, a model for the assessment of claims caused by the wind was introduced to the insurance portfolio so reinsurance plans and the risk capital level can be established.

As well as monitoring the evolution of risk and tailoring our range of products as a consequence, we have concentrated our efforts to provide innovative and timely services to our customers in order to assist them as much as possible in the event of claims due to catastrophes.

We are also committed to investing in research and in studies regarding problems connected with climate change. More specifically, for years Generali France has funded a university teaching position for the study of climate change with the aim of understanding its implications for the insurance industry and improving current models relating to the risks connected with natural phenomena.

Since 2007 Generali Deutschland has participated in a climate change project that has been strongly supported by the German trade association Gesamtverband der Deutschen Versicherungswirtschaft (GDV). The study, entitled Auswirkungen des Klimawandels auf die Schadensituation in der deutschen Versicherungswirtschaft (Impact of climate change on claims in the German insurance sector), was carried out by Potsdam- Institut für Klimafolgenforschung (PIK), the German institute for climate change impact, and analysed the possible claims that can derive from storms and flooding in the next ten years and up until the second half of the century. The preliminary assessments suggest that we will be able to keep the danger associated with natural phenomena under control if effective climate protection measures are taken; to this end, efforts were made to involve the German Government as much as possible so that new climate protection goals can be established.

Another goal of this project was the prevention and containment of damage through the dissemination of information to the public so that people are more aware of the risks related to natural phenomena and the consequences of climate change.

Finally, we collaborate with national and international associations in the sector (ANIA, GDV, Insurance Europe etc.) over issues related to climate change in order to study the phenomena and help define future regulations and market decisions. We are also involved in numerous initiatives and working groups on environmental issues and connected with climate change that have been launched in various countries as part of organisations such as Perils AG, of which Generali is one of the founders, Econsense, VfU, Global Compact, etc..

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328