The Economist’s Climate Risk Virtual Week (September 14-16, 2021) convenes thought leaders, investors, regulators, policy makers, sustainability professionals and scientists to delve deep into conversations about the impact that climate-related risks will have on businesses and how management can respond.
On September 16 at 10:20 am ET (3:20 pm BT British Summer Time), Dr. Madhavi Venkatesan will moderate a panel on Insurance and Climate Risk. In addition to Dr. Venkatesan, the panel will consist of the CEO of Aviva Canada, the President and CEO of Swiss Re, the executive director for the Institute for Catastrophic Loss Reduction (ICLR).
With extreme weather events increasing globally, action is needed in order to build communities that are more resilient to hazards such as wildfires, floods, and storms. When natural catastrophes hit – the recovery, rehabilitation and reconstruction of communities requires financial capital.
Questions that the panel will address include:
-What can insurance companies, finance institutions, as well as policy makers and regulators do to help communities protect their property and their livelihood against climate related risks?
-What is the scope for the insurers to work with governments to create joint solutions?
-How can risk modeling and data analytics contribute, incentivize better building practices and explore new risk transfer solutions to build a more climate-resilient future?
-What future challenges lie ahead and what lessons can be drawn from the COVID-19 pandemic to build more climate resilient communities?
The discussion has impact on the broader discussion of climate change adaptation and mitigation as well as equity–Common but Differentiated Responsibilities (CBDR) as it applies to the Paris Agreement. The poor will not be able to afford insurance and risk their further marginalization.
