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22 Oct 14 14:42

Did you know that most city property in New York City - except public housing and hospitals - isn't properly insured? I didn't until I checked out WNYC's story "Future Storms Could Lead to Financial Disaster."

The station interviewed Swiss Re's Alex Kaplan about the financial impact of future natural disasters. (NYC commissioned us to do a study about these risks). Alex told WNYC about the study and how we used modelling to analyze thousands of weather scenarios. For example, if a Sandy-sized storm hit NYC in 2050, the losses could reach USD 90 billion.

That's a lot of city park benches.

One of the ways a country or region could get back on its feet after a disaster would be through insurance. Take Haiti for example. WYNC's Ilya Marritz reported how even though the country was devastated during the 2010 quake, half of the cash coming into Haiti after the disater came from the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The strength and location of the quake triggered a payout of USD 7.8 million (it was a parametric policy).

CCRIF CEO Isaac Anthony told Marritz, "Mobilizing donor support can take months but you need the money immediately to get things going and that is where CCRIF comes in."

Learn more, including how NYC is using a parametric policy to protect its subway tunnels, in the full report.

Image: (MTA New York City Transit - Leonard Wiggins/flickr)


Category: Climate/natural disasters: Climate change, Disaster risk, Resilience

Location: New York, NY, United States


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