Climate and flood experts Maryam Golnaraghi and Carolyn Kousky discuss how private insurers in the U.S. can complement the NFIP's residential flood policies by better tailoring products to needs – providing low-cost financial protection – and incentivising mitigation measures.
Watch the entire #RiskConversations webinar on our flood risk research, Building Flood Resilience in a Changing Climate.
InsuranceERM has announced its first 'Most Influential on Climate Change' list, and we congratulate Maryam Golnaraghi, Director Climate Change & Emerging Environmental Topics, for inclusion in this prestigious cadre of people 'leading and shaping the insurance sector's response to climate change'.
Part of a comprehensive review of flood risk management in five mature economies, this report looks at the system in the United States. It reveals that the government is increasingly committed to building resilience to floods but that a reliance on post-disaster aid and a huge flood insurance gap remain in reality, due to low public awareness and a lack of affordable coverage. A more forward-looking approach to address the increasing level of risk and effects of climate change is recommended.
Part of a comprehensive review of flood risk management in mature economies, this report looks at the system in England, where insurance take-up is high and climate change is taken into account. It finds that the current system is in transition, with focus shifting towards flood resilience; however, progress is slow and more needs to be done to incentivise risk reduction and avoid over-reliance on structural protection and the future availability of insurance.
Part of a comprehensive review of flood risk management in five mature economies, this report looks at the system in Germany. While recognising the gradual shift towards a more anticipatory system focused on risk reduction, prompted by recent floods, it highlights the lack of strategic focus on how to achieve flood resilience and the prevailing underinsurance across the country.
Based on a major Geneva Association study on flood risk management in mature economies, this report gives an overview of the current systems in the United States, England and Germany. It finds that the need to build resilience to floods is recognised as a priority in all three countries but that the approach often remains reactive, rather than anticipatory, in reality. It also offers recommendations for governments, insurers, businesses and households to improve flood risk management systems in light of the changing risk landscape.
Infrastructure resilience is critical for countries to be able to cope with the effects of climate change, but sufficient investment is required. This research brief urges coordination among insurers as risk managers and investors, governments and other stakeholders in tackling the global infrastructure challenge.
On the mitigation side, benefits from reduced carbon emissions need to be monetizable so they can be invested in and included in ESG ratings; on the adaptation side, it needs to be clear what asset managers and insurers are protecting for.
Fiona Cousins, an engineer specialising in sustainable design, participated in an interview with the GA at the 2019 General Assembly in Buenos Aires.
There are huge opportunities for enhancing climate-risk modelling tools - and integrating them into core business - if we identify the gaps and need
