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08 Oct 13 13:55

Fresh from participating in Climate Week NYC 2013, I find us nearing the one year mark of Hurricane Sandy's devastating and costly destruction along the US Eastern seaboard. Both events highlight my impression of the importance of building resilience through public-private partnerships.

Our cities, where more than half the global population lives and from which some 80 percent of global GDP comes, remain too exposed. The imperative of ensuring the resilience of our densely populated communities is all the more urgent because every dollar of loss that insurance does not cover, taxpayers do. And Sandy showed the absolute necessity of private insurance in contributing to a community's resilience following natural disaster. It is in everyone’s interest for these areas to remain insurable as weather events grow more extreme.

In a larger sense, climate change presents us with an important opportunity: we can act together to alleviate the impacts of the most severe weather events. By addressing the crisis of climate change — through prevention, preparedness and financial protection — we can make our communities more resilient. But no sector — not private insurers, not the public realm — can tackle this challenge alone in this age of climate change and costly natural disasters.

It demands partnership.

Thanks to the discussions during Climate Week NYC addressing resilience and related topics such as an actuarial sound NFIP (National Flood Insurance Program), we see that promise of a resilient, safer, more prosperous and cleaner community lies on the other side of peril. Please take a look at the broadcast coverage the Weather Channel recently afforded this important topic.

Insurance Companies Rethink Policies

With a staggering 70-billion dollars in damages due to Super Storm Sandy, insurance providers such as Swiss Re Americas are forced to rethink policies in hig...

Category: Climate/natural disasters: Climate change, Resilience

Location: New York, NY

1 Comment

Calm_b4_Storm - 29 Oct 2013, 10:01 p.m.

It seems like there is push back on the strengthening of rates that the NFIP was undertaking. Costal policy holders seem to decry that it is not fair to suddenly pull the rug out from under them (even if their subsidized coverage is paid for by others). Is there room for a "fair" compromize? What would that be? Means tested subsidies? Government purchase, similar to that seen in New Zealand with earthquake or in NY and NJ post Sandy?

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