Mercury Insurance builds climate science team
P&C insurer Mercury Insurance has appointed Steve Bennett as its Senior Director of Climate and Catastrophe Science. In this new position, Bennett will build and lead a team dedicated to helping identify ways Mercury and its policyholders can work together to better prepare for — and be more resilient — in the face of increasingly severe climate-driven weather events.
Bennett joins Mercury with over three decades of leadership at the nexus of extreme weather, climate risk and effective risk management. He also serves on the adjunct faculty at the University of North Carolina at Chapel Hill, where he teaches and leads research for the Institute for Risk Management and Insurance Innovation. Previously, he was co-founder and chief scientist at Demex, where he led pioneering work on severe convective storms — including tornadoes, hail and derechos — helping to translate cutting-edge science into novel reinsurance solutions.
This move is the latest in a series of investments by Mercury to better understand and counteract forces facing insurance providers in high-risk areas.
“Mercury is constantly looking for ways to say ‘yes’ to consumers, and to do that we are taking a science-based approach to risk. When customers do their part to harden their homes and communities from potential catastrophic events, we will do ours by extending affordable coverage options to those who may have difficulty securing policies. I’m proud to be part of a larger Mercury vision dedicated to ensuring that investments in mitigation and smarter rebuilding translate into a healthier and more efficient insurance marketplace for everyone.” – Steve Bennett.
“Mercury continues to develop a different approach to managing catastrophic risks. We look at geography, prevailing wind patterns, building methods and materials, and policy concentration and apply this knowledge to individual risks. It’s not good enough to simply rule out entire zip codes. There are ways to significantly reduce risk even in the highest danger areas that would make these risks acceptable for Mercury. The lessons learned in Paradise helped us better understand the importance of all constituencies, including individual homeowners, city, state and federal organizations, builders, urban planners and insurance companies. We all need to work together to rebuild in a way that reduces the risk of future catastrophes. Steve and his team will strengthen Mercury’s ability to understand and adapt to this complex equation, providing our company with a clearer understanding of the challenges posed by climate-driven catastrophes, while also helping our policyholders better prepare for these events.” – Victor Joseph, President and Chief Operating Officer of Mercury Insurance.
