Currently showing: Climate/natural disasters > Climate change


10 Oct 13 18:18

In the US, natural catastrophe losses roughly double about every 10 years. Even if we ignore the impact of climate change projections, the compounded loss rate from natural catastrophes is huge and attached to them are significant future implications. As an industry, it is incumbent upon us to play a lead role in the climate change discussion. Who else is better skilled to access, quantify, price and transfer risk than we are?

As part of Climate Week NYC 2013, I witnessed first hand the interest and importance many in our insurance industry share regarding the impact of climate change. On stage with me during a Reactions magazine panel on the issue were the President of Eqecat, Paul Little, and Michael Sillat, CEO and President of a property focused Managing General Underwriter -- plus approximately 150 insurance executives in the audience. There was little doubting the relevance of climate change to our industry. In fact, an audience member asked whether we should all be doing more to promote the climate change dialogue and foster activities to further the resilience of our communities. While I can't speak for our entire industry, I was proud to note that Swiss Re is very pro-active in advancing the climate change conversation and helps lead the way in seeking viable solutions. I pointed to our role in helping governments become more resilient -- referencing our work specifically with New York Mayor Mike Bloomberg following Hurricane Sandy. Also of note, announced recently during the Clinton Global Initiative 2013 Annual Meeting, is our role in the "100 Resilient Cities Centennial Challenge" in which participating corporations commit to supporting at least 100 cities in becoming more resilient within the next three years.

Are we doing enough? Clearly, there is ALWAYS more we can do as an industry. The first steps are to begin, then further, the conversation. Will you join us?

To learn more about Swiss Re's commitment to the "100 Resilient Cities Centennial Challenge" click on the link in the box below.

To join the "100 resilient cities" conversation visit the Rockefeller Foundation website at http://bit.ly/H3fEVD/.

Making 100 cities more resilient | Swiss Re - Leading Global Reinsurer

www.swissre.com

Pledge will support at least 100 cities in building resilience to natural...


Category: Climate/natural disasters: Climate change

Location: New York City, NY


2 Comments

Mark Way - 16 Oct 2013, 6:36 p.m.

The insurance industry is a natural voice in the conversation on climate change. For example, the ability to quantify the financial impacts from today's weather and tomorrow's climate is invaluable in the debate about how to tackle it and the risk it presents to our clients and society as a whole. At the same time insurance products are a natural component of any strategy designed to give protection against severe weather. People recover more quickly if they are insured and the same can be said for businesses and governments. The insurance industry has so much expertise it can offer to the conversation and it stands to gain when that conversation leads to action to minimize climate change and its impacts.

Rashunda Tramble - 18 Oct 2013, 8:52 a.m.

But it also boils down to what we do in our individual lives as part of an industry. For example, climate change researchers fly all over the world to present papers. What's wrong with using Skype or telepresence?:-) It probably wouldn't do *that* much to cut down on emissions, but it would make a statement. It's really been on my mind lately what *I* could do not only at my desk at Swiss Re, but in my daily life.


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