Insurance for Climate Adaptation - Opportunities and Limitations

In this background paper submitted to the Global Commission on Adaptation, Cass Business School’s Professor Paula Jarzabkowski, Birkbeck, University of London’s Dr Konstantinos Chalkias and their co-authors make seven recommendations to maximise the benefits of insurance for climate adaptation.

Bringing Resilience to Scale - GFDRR Annual Report 2018

The frequency and intensity of extreme weather events is increasing, as is the exposure of poor and vulnerable communities. These factors highlight the continued importance of investing in Disaster Risk Management (DRM) and building resilience. As this report reflects, the Global Facility for Disaster Reduction and Recovery (GFDRR) continues to grow its portfolio at 10 to 15 percent annually. In FY18, the GFDRR portfolio totaled $252 million, approximately 90 percent of which was dedicated to ex-ante DRM which includes risk identification, reduction, and preparedness, and reduces losses and damages from disasters.

The Global Risks Report 2019 - 14th Edition

The Global Risks Report 2019, published by the World Economic Forum in partnership with Marsh & McLennan Companies and Zurich Insurance Group, presents the results of their latest Global Risks Perception Survey, in which nearly 1,000 decision-makers from the public sector, private sector, academia and civil society assess the risks facing the world.

Weather, Climate & Catastrophe Insight, 2018 Annual Report

Report from Aon Benfield UCL Hazard Research Centre

This report evaluates the impact of the disasters and extreme weather events that occurred worldwide during 2018 and provides an overview of global economic losses.

The report reveals that there were 394 natural hazard events in 2018 that generated economic losses of USD 225 billion – of which USD 215 billion was attributed to weather-related events. 2017 and 2018 were named the costliest back-to-back years for weather disasters on record.

Special report no 25/2018: Floods Directive: progress in assessing risks, while planning and implementation need to improve

Floods can cause injury and loss of life, considerable economic costs, and damage to the environment and cultural heritage. Serious floods have become more frequent in Europe. In recent years, more than twice as many flash floods of medium to large magnitude have been registered as in the late eighties. Climate change is an aggravating factor, triggering changes in precipitation and weather patterns, sea level rises and, consequently, more frequent and severe floods.

12th meeting of the World Forum of Catastrophe Programmes in Madrid

From 25 to 28 September 2018, the Consorcio de Compensación de Seguros (CCS) staged the 12th meeting of the World Forum of Catastrophe Programmes (WFCP) in Madrid.

Between State and Market: Protection Gap Entities and Catastrophic Risk

The challenges posed by the growing catastrophe insurance protection gap, particularly those of rebuilding in the aftermath of disaster, have prompted the generation of entities, which we label Protection Gap Entities (PGEs). These PGEs bring together market and non-market stakeholders in an effort to address the protection gap. They differ considerably in governance, political economies, points of origin, perils, and means of funding loss. Yet PGEs have the same broad goal:

To transform uninsured risk into insurance-based products that can be transferred into global financial markets to provide capital for recovery following a disaster.

Guide To Government Pools

Reinsurance pools seek to provide insurance where there is none or where it is not readily available, but the demand for them is not as great as it should be. To introduce this special report, Jonathan Gale, chief executive, Bermuda Reinsurance and managing director at AXA XL, writes that the industry needs to develop a broader approach to how the risk is assumed and accounted.

Climate insurance and water-related disaster risk management - Unlikely partners in promoting development?

There is a growing consensus that insurance, risk transfer, and sharing mechanisms have an important and growing role to play, particularly in offsetting the economic impacts associated with extreme events. What is less clear is the extent to which such instruments encourage adaptation programmes and policies that would serve to minimise future loss and damage and, hence, contribute to sustainable development. This paper does not pretend to offer answers, but rather contributes to the emerging discussion and brings to that discussion a water lens.

Insurance of weather and climate-related disaster risk: Inventory and analysis of mechanisms to support damage prevention in EU

Ramboll and the Institute for Environmental Studies (IVM) were contracted by the European Commission (EC) to conduct a study on the insurance of weather and climate-related disaster risk, and to create an inventory and analysis of mechanisms to support damage prevention in the European Union (EU). The study provides an overview of the use of insurance against natural disasters. It suggests general recommendations as well as specific recommendations on the role of the European Commission in addressing the issues uncovered, and encourages stakeholder’s efforts and best practices observed across the EU.