Steve Bowen of Gallagher Re explains why climate risk is non-linear, why historical data can mislead, and how cedents and reinsurers should rethink modelling, capital, and pricing before renewals.EPISODE LINKS:Steve's LinkedIn: https://www.linkedin.com/in/stevebowenwx/Gallagher Re: https://www.ajg.com/gallagherre/

Gallagher Re Natural Catastrophe and Climate Report 2025: https://www.ajg.com/gallagherre/news-and-insights/gallagherre-natural-catastrophe-and-climate-report-2025/CONNECT WITH US:

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OUTLINE & TIMESTAMPS:(00:00) Intro(03:10) Gallagher’s Climate & Catastrophe Report(04:53) 2025 Catastrophe Recap(07:00) Headline Losses vs Deeper Market Signals(09:53) Lessons Since 2005(11:01) AI in Cat Modelling(14:30) Never Fall in Love with One Model(17:07) Rethinking Tail Events(19:44) SCS, Aggregates & the January 1 Renewal Shift(23:34) Capital, Insurability & the Public–Private Balance(27:36) Final Thoughts for 2026 (29:58) Outro