Swiss Re has long advocated the adoption of country risk management approaches, in other words the development of holistic, pro-active policies that effectively address the risks facing societies and urban environments. Given the diversity and interconnectedness of contemporary risks – whether climatic, economic or political – this is almost a no-brainer.
Climate change, for example, is a major challenge to communities since it leads to severe storms, flooding and droughts. So it makes sense that we have public officials solely dedicated to ensuring that we prepare more systematically for, say, extreme weather events.
One of the jobs of these risk management coordinators would be to be to drive the kind of public-private collaboration necessary to make available funding for adaptation at a time when it is more urgently needed than ever.
We believe that a country risk management approach will help our communities bounce back more quickly following an adverse event. This is one reason why we are supporting a Rockefeller Foundation initiative to help 100 cities around the world become more resilient. And our help will also include providing expert guidance in the hiring of Chief Resilience Officers, city officials who will be charged with developing resilience strategies for their communities.
Just recently, Swiss Re experts also contributed to an insurance industry position paper which emphasizes the importance for underwriters of a broadly-based, country risk management strategy. Entitled, "Environmental, Social and Governance Factors in Country Risk Management", this CRO Forum publication points out that an effective strategy needs to identify imbalances and inadequacies that could lead to "disruptive transformations" in a community or society.
What better way of staying on top of this challenge than through the appointment of a Chief Resilience Officer who would ensure that plans for a variety of risk scenarios are implemented in a coherent and effective fashion.
Category: Climate/natural disasters: Disaster risk, Resilience