Mercury Insurance, a leading provider of property and casualty insurance in the U.S., has named Steve Bennett as Senior Director of Climate and Catastrophe Science. In this new role, Bennett will lead a team focused on helping Mercury and its policyholders better understand and prepare for severe, climate-driven weather events.
With over 30 years of experience in extreme weather, climate risk analysis, and disaster risk management, Bennett brings deep expertise to the company’s evolving approach to climate-related insurance challenges.
A Proven Leader in Climate and Weather Science
Before joining Mercury Insurance, Steve Bennett was the co-founder and chief scientist at Demex, a company recognized for pioneering climate risk modeling and reinsurance solutions. There, he led projects on severe convective storms such as hailstorms, tornadoes, and derechos, helping convert complex weather science into practical insurance strategies.
In addition to his corporate experience, Bennett currently serves on the adjunct faculty at the University of North Carolina at Chapel Hill, where he contributes to climate-related research through the Institute for Risk Management and Insurance Innovation.
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A Response to Climate Change and Catastrophic Wildfires
Bennett’s appointment comes at a time when climate change is significantly altering the landscape of property and casualty risk. After becoming the first major insurer to return to Paradise, California, following its devastating wildfire, Mercury Insurance has remained committed to supporting wildfire-prone communities.
Recently, catastrophic fires in Pacific Palisades and Altadena have once again shown the growing need for climate-specific insurance solutions.
A Shift Toward Science-Based Risk Management
According to Victor Joseph, President and Chief Operating Officer of Mercury Insurance:
“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.”
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Joseph further emphasized that Mercury’s strategy is rooted in collaborative resilience:
“The lessons learned in Paradise helped us better understand the importance of all constituencies, including individual homeowners, city, state and federal organisations, 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.”
Aligning Mitigation with Affordable Coverage
Bennett also shared his perspective on how Mercury is bridging the gap between risk and coverage:
“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.”
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Looking Ahead: Insurance Innovation in a Warming World
The creation of Mercury’s Climate and Catastrophe Science Team is a forward-thinking move that reflects broader trends in the insurance industry’s adaptation to climate risk. As wildfires, floods, and storms become more frequent and intense, insurers must evolve.
Mercury is positioning itself at the forefront of this shift. They are doing this by combining data, science, and smart underwriting to create more resilient communities and a sustainable insurance marketplace.
