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Queen's expert discusses insurance in wake of Hurricane Irma's devastation

Thursday, September 7, 2017

Queen’s University expert Korey Pasch is available to comment on how Hurricane Irma, and natural disasters more broadly, may affect the insurance sector, especially as the threat of extreme weather and natural disasters increases due to climate change.

“In addition to the alarming humanitarian impact of Hurricane Irma, natural disasters of this scale are a very real threat and test for the viability of the insurance industry,” says Mr. Pasch. “With private investors becoming increasingly involved in insurance risks, there is a lot we don’t know about how financial markets will respond to extreme weather events as climate shifts amplify storm frequency and severity.”

Mr. Pasch is a PhD candidate in the Department of Political Studies at Queen’s University whose thesis research is focused on insurance-linked securities called “catastrophe bonds” (or ‘cat bonds’) – a financial mechanism first used in the wake of 1992’s Hurricane Andrew as a way for insurance companies to transfer certain risks to private investors.

He is interested in how financial markets are becoming increasingly integrated into the traditional insurance sector and what these changes could mean for the larger global political and economic realities of disaster management.

To arrange an interview, please contact communications officer Dave Rideout (613-533-6000 ext. 79648, 613.453.5676, or dave.rideout@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada. Note: Mr. Pasch is available on Monday, September 11, 2017 from 1 p.m. onward.

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