Global Insurance Firms offer Resiliency Tools to Climate Risk Cities
In the wake of Super Typhoon Haiyan and the 1 year anniversary of Superstorm Hurricane Sandy, global metropolises are struggling to end the climate change debate and focus on climate change solutions. In a unique overlap of interest,s non profits and global insurance agencies have teamed together to create a framework for assessing risk which if implemented, could save lives and dollars.
The new report provides a scaled prioritization list, a strategic planning framework, and a toolkit for local communities to host workshops with multiple stakeholders in their redevelopment process. The report aims to find a common global method for evaluating and addressing climate risk in response to the increasing frequency of catastrophic storms. As megalopolises are frequently located in coastal areas and represent ties to international communities, this framework addresses the multinational impact of and response to storms in urban economic centers.
Insurers have a role to play alongside planners and policy makers by setting the rates which determine which, if any, populations can live in coastal areas. Ceres, an American NGO, recognized this role and took the initiative to expand the alliance of stakeholders in climate change risk assessment and management. This global initiative is the first step in aligning global with local policy for adaptation planning.