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RESEARCH  |  3 POINT PERSPECTIVE  |  EXTREME WEATHER

Extreme weather, catastrophic effects for global insurance

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Contributors: Tracy Benguigui, Ivan Bokhmat, Peter Troisi, Philippe Picagne

The insurance industry has a prominent role in tackling climate change, on both the underwriting and investing side. 1.5°c of warming could increase catastrophe losses 70% by 2030, further exacerbated by inflationary pressures. Here our analysts list three key aspects of the debate on extreme weather and the insurance market.

A wildfire threatens electricity pylons in America
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Nominal catastrophe pricing shows improvement, where risk-adjusted hasn’t
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Nominal catastrophe pricing shows improvement, where risk-adjusted hasn’t

Based on 1/1 price indications.
Source: Guy Carpenter, Munich Re, Barclays Research.

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About the experts

Tracy Benguigui

Director and senior Equity Research analyst

Tracy Dolin-Benguigui joined Barclays in June 2020 and is a Director and senior Equity Research analyst covering the U.S. Insurance industry. Prior, Tracy spent 15 years at S&P Global Ratings where she was the North American sector lead responsible for analytics and research across Life and P&C Insurance as well as the co-chair of S&P's Global Multi-line team, noted for her expertise across the capital structure and regulatory landscape. Prior to her tenure at S&P, Tracy was an insurance broker at AON Risk Services. Tracy has been recognized as one of the Influential Women in Re/Insurance by Intelligent Insurer (2018) and "Elite Women in Insurance" by Insurance Business America (2019). Tracy holds a B.A. from Brandeis University with a double major in Economics and Health, Law and Society interdisciplinary program.

Ivan Bokhmat

European Insurance Analyst

Ivan Bokhmat is a European Insurance Analyst within the Equity Research team at Barclays, based in London. Prior to his current role Ivan covered CEEMEA Banks from 2011 to 2015. Ivan joined Barclays in 2011 from BofA Merrill Lynch where he was responsible for the analysis of Eastern European and CIS banks. Before that, he worked at ING in Moscow. Ivan Bokhmat graduated with a degree in Public Administration from Moscow State University.

Peter Troisi

Director in the U.S. Credit Research group

Peter Troisi is a Director in the U.S. Credit Research group at Barclays. He is the senior analyst responsible for covering the U.S. High Grade Bank, Insurance and Non-Bank Financial sectors. Mr. Troisi joined Barclays in June 2012 from Morgan Stanley and has been a credit analyst since 2004, beginning at Standard & Poor’s Ratings. Prior to that, he worked at Crystal & Company, a strategic risk and insurance advisor. Mr. Troisi received his B.A. from Franklin & Marshall College and his MBA from Fordham University.

Philippe Picagne

Senior research analyst

Philippe Picagne is a senior research analyst covering European insurance companies. He joined Barclays in 2021. He began his career as an actuarial consultant and risk manager. Over the last 20 years, he has developed expertise in the insurance sector from different angles: (i) as a senior analyst at the rating agency AM Best, (ii) as a structurer offering alternative risk transfer solutions to insurance companies and (iii) as a portfolio manager focusing on insurance risks only. More recently, he was a senior credit analyst covering European insurance companies at CreditSights and Bank of America and is a Professor (insurance and actuarial sciences) at the University of Paris. Philippe graduated from Institut d’Etudes Politiques de Paris.

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