Mercury Insurance Names Steve Bennett to Lead Climate Risk Mitigation Strategy
Mercury Insurance has appointed Steve Bennett as Senior Director of Climate and Catastrophe Science to lead initiatives focused on risk mitigation in property and casualty insurance for areas vulnerable to catastrophic events. This strategic role emphasizes a science-based approach to help policyholders and communities prepare for severe climate-driven weather events and enhance resilience. The appointment aligns with Mercury's proactive strategy to write and maintain insurance policies in high-risk areas, contrasting with other insurers who are retracting coverage due to climate and urban expansion risks.
Mercury's approach involves collaboration with homeowners, municipalities, and government agencies to promote mitigation and smarter rebuilding practices that reduce insurance risk. The company has notably reinstated homeowners coverage in Paradise, California, following widespread destruction from the 2018 Camp Fire, leveraging local government and industry partnerships to support risk-informed rebuilding. Mercury’s leadership closely monitors wind patterns, building materials, policy concentrations, and other geographic factors to assess risk on an individual basis rather than excluding entire regions blanketly.
Recent wildfires in Pacific Palisades and Altadena have further highlighted the need for innovative catastrophe risk management strategies. Mercury’s tactics integrate diverse stakeholders such as urban planners, builders, regulatory bodies, and homeowners to collectively reduce future risks. Bennett and his team are expected to enhance Mercury's capabilities to analyze and adapt to the evolving catastrophe risk landscape driven by climate change dynamics.
Bennett brings over 30 years of expertise in extreme weather and climate risk management, including his academic role at the University of North Carolina and previous work developing reinsurance solutions for severe convective storms. Mercury Insurance operates across multiple states offering personal, commercial, and specialty insurance products and maintains an "A" rating from A.M. Best. This initiative reflects broader industry shifts aiming to balance insurance availability with effective risk mitigation in high exposure regions.