Mercury Insurance Forms Climate Science Team Amid Growing Weather-Related Risks

Mercury Insurance has appointed Steve Bennett as its Senior Director of Climate and Catastrophe Science, establishing a new internal team aimed at addressing the increasing challenges posed by climate-driven weather events.

Published on July 8, 2025

Mercury Insurance has appointed Steve Bennett as its Senior Director of Climate and Catastrophe Science, establishing a new internal team aimed at addressing the increasing challenges posed by climate-driven weather events. This strategic initiative focuses on integrating climate science into risk mitigation practices across property and casualty insurance.

Bennett, a veteran in meteorology and climate risk with over 30 years of experience, will lead the team in researching and developing strategies to improve resilience in regions exposed to extreme weather. His role involves fostering collaboration between Mercury and its policyholders to promote preparedness in the face of intensifying natural catastrophes such as wildfires and hurricanes.

Science-Based Risk Strategy

The appointment reflects a broader effort by Mercury to apply scientific analysis to risk modeling and mitigation. According to Bennett, the goal is to develop solutions that incentivize homeowners and communities to adopt resilient construction practices. In return, Mercury aims to offer affordable insurance coverage in regions where securing policies has become increasingly difficult.

“Mercury is constantly looking for ways to say ‘yes’ to consumers, and to do that we are taking a science-based approach to risk,” Bennett said.

Mercury’s approach diverges from the trend of insurers withdrawing from high-risk areas. Over the past year, the company has worked with homeowners, municipalities, and state governments to rebuild and reinforce structures and communities, leading to continued coverage availability where other insurers have exited.

Return to Paradise, CA

One of the most notable examples of Mercury’s risk-based approach occurred in Paradise, California. Destroyed by the Camp Fire in 2018, Paradise underwent extensive redevelopment efforts involving revised zoning, building codes, and community-wide wildfire mitigation strategies. Mercury became the first major insurer to resume writing homeowners policies in the area, following collaboration with government bodies and the Insurance Institute for Business and Home Safety (IBHS).

Mercury’s leadership made multiple visits to assess the town’s progress and incorporated the mitigation strategies into their underwriting practices.

Responding to Ongoing Catastrophes

Despite the proactive stance, recent wildfires in areas such as Pacific Palisades and Altadena have highlighted the continued severity and unpredictability of climate-related disasters. Mercury’s President and COO Victor Joseph emphasized the need to assess risks at a granular level—examining geography, wind patterns, construction materials, and policy concentrations—rather than excluding entire zip codes from coverage.

“There are ways to significantly reduce risk even in the highest danger areas that would make these risks acceptable,” Joseph stated.

A Collaborative Approach to Rebuilding

The company underscores that successful long-term risk reduction requires cooperation across multiple stakeholders: insurers, homeowners, builders, urban planners, and all levels of government. The new climate science team, led by Bennett, is expected to enhance Mercury’s ability to navigate this complex landscape.

Bennett also holds a faculty position at the University of North Carolina at Chapel Hill’s Institute for Risk Management and Insurance Innovation. Prior to joining Mercury, he co-founded Demex, where he developed reinsurance solutions for severe convective storms including tornadoes and hail.

Company Background

Mercury Insurance (NYSE: MCY), headquartered in Los Angeles, offers a range of insurance products including personal auto, homeowners, and business coverage across multiple states. Established in 1962, the company operates through a network of more than 6,500 independent agents and employs approximately 4,100 people. Mercury maintains an “A” rating from A.M. Best and has been recognized by Forbes and Insure.com as a top auto insurer.

For more information, visit www.MercuryInsurance.com

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