Revive, Rebuild, Recover: Creating a Sustainable NJ Coastline. Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re
|
|
- Caroline Farmer
- 5 years ago
- Views:
Transcription
1 Revive, Rebuild, Recover: Creating a Sustainable NJ Coastline Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re
2 Table of Contents / Agenda New J ersey by the Numbers Coastal Hazards Facing New Jersey Bringing in the Re/Insurance Industry Concluding Thoughts M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 2
3 New Jersey by the Numbers M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 3
4 New Jersey Facts and Figures Total population: 8.8 million people (2010 Census) Population in coastal counties: 3 million people (3 4 % of state population) The leisure, hospitality and recreation sector of the economy generated $43.4 billion of the gross state product, equating to 8.9 % (NJ Bureau of Labor Market Information 2012). Most tourism is generated by the Jersey Shore The Barnegat Bay generates $ 4 billion in annual economic activity, $2.3 billion in ecosystem services and $ 2 billion in annual wages (APP 2012). Economic sensitivity due to weather variability is 8 10 % of GSP (Lazo et al. 2011). Source: Lazo et al. (2011) M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 4
5 The Aftermath of Superstorm Sandy Severe damage to infrastructure, mass transit and the highway system On average, feet of beach lost along the coast. (Associated Press 2012) 72,000 buildings in New Jersey impacted by the storm (FEMA 2012) structures destroyed 5,0 0 0 structures suffered major damage 24,0 0 0 structures suffered minor damage Ortley Beach, NJ November 17, 2012 Source: Ocean County Police Blotter Estimated $29.4 billion in physical economic damage according to Governor Chris Christie's office Projected to rise in the coming months as full impact on economy is revealed (tourism, real estate prices) Insured losses in New Jersey estimated around $4 billion (PCS) Total NFIP losses are estimated at approximately $ 12 billion (Business Insurance ) M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 5
6 Sandy's Place in History Economic Losses from Coastal Storms in New Jersey Estimated economic losses from Sandy are 5-6 times the second largest event, the Ash Wednesday 1962 nor'easter Source: NJ.com M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 6
7 Coastal Hazards Facing New Jersey M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 7
8 Coastal Hazards Storm Surge Sandy's storm tide ranged from feet in the NY/NJ metro area Sea level at the Battery has increased inches in the last 10 0 years This sea level rise, thought to be half natural and half anthropogenic, exacerbated Sandy's storm surge A category 3 hurricane striking the NJ coast TODAY at high tide would bring a storm tide between 10 and 25 feet W ith another 1 2 feet of anthropogenic sea level rise projected to occur by 2050, another storm less intense than Sandy will be able to generate higher storm tides by mid-century Source: NOAA/ NHC M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 8
9 Coastal Hazards Wind Source: NOAA/ CPC Source: NOAA/ GFDL Sandy followed the Gulf Stream north along the southeast and Mid-Atlantic United States Research into the behavior of tropical cyclones in a warmed climate: Overall decrease in tropical cyclone frequency Increase in the frequency of the most severe (category 4 and 5) events M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 9
10 Bringing in the Re/ Insurance Industry M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 10
11 The Role of Re/ Insurance Closing the Financial Gap Post-event statistics On a typical day, Toms River, NJ, 911 dispatch received 250 calls. In the 24 hours after Hurricane Sandy, more than 1,300 calls were logged NJ Transit estimates that between a quarter to a third of rolling stock was damaged by Sandy. 7 million people affected by power losses, or 80% of the state's population. Approximately 333,922 cubic yards of Sandy-related debris was removed from only six towns in Monmouth and Ocean Counties (Asbury Park, Beach Haven, Eatontown, Howell, Long Branch and Middletown). Source: Personal M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 11
12 The Role of Re/ Insurance Enhancing Flood Insurance The National Flood Insurance Program (NFIP) has paid out $33.8 billion (real USD) in losses since Five multi-billion dollar losses have occurred since , leaving the NFIP in $ 18 billion of debt. The NFIP is without the borrowing capacity to meet potential Sandy-related losses Congressional renewal of the NFIP in mid-2012 came with a mandate to investigate mechanisms to bring in the private insurance market. Governor Andrew Cuomo created a task force post-event to investigate the potential insurance solutions to address questions which have arisen after Sandy. Traditional re/insurance solutions are possible and viable, albeit with a complicated claims process Public-private partnerships: Risk transfer solutions which provide rapid financing to a government client in the wake of a natural disaster M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 12
13 How do Parametric solutions work: MultiCat Mexico hurricane example Trigger: Hurricane of 920 mb or lower through box = payment M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 13
14 Traditional vs. Parametric Benefits to buyer Topic Traditional Insurance Parametric Solutions Use of Proceeds Speed of Payment Loss Adjustment / Administrative Process Transparency Intended to cover loss sustained Subject to loss adjustment (can be slow) Yes - buyer may need own claims adjusters Loss settlement is complex to explain Used at buyers discretion Rapid: 2 6 weeks No little claims administration needed Parametric triggers easier to explain Pricing Flexibility Limited modifications Structure can be adjusted to price Changes in Exposure Annual adjustments No adjustment needed M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 14
15 How others have used parametric solutions Country Client Coverage Size Use of Funds Form Government of Mexico USD 290 million (Hurricane and Earthquake) Cover emergency expenses following disasters Cat Bond (ILS) Caribbean Catastrophe Risk Insurance Facility USD 111 million (Hurricane and Earthquake) Provide financial liquidity for the government following disasters Parametric reinsurance and derivative State of Alabama Transaction size not disclosed (Hurricane) Pay for increased insurance costs following hurricanes Insurance University of Texas Medical Branch USD 50 million (Hurricane) Covering losses from hurricanes to soften impact to University system Insurance M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 15
16 Concluding Thoughts M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 16
17 Conclusions Good news Sandy presents the State with an opportunity to fortify the coast and its communities by implementing cohesive dune systems and stricter building codes Bad news Coastal areas are highly exposed to storm surge and damaging winds and anthropogenic climate change will exacerbate storm surge via sea level rise Good news Risk management strategies and product offerings from the private re/insurance industry can help the state of New J ersey and its municipalities both maintain the insurability of the coastal region and financially prepare for significant weather events. Rebuilding a resilient coast will be a joint effort between the government, the private sector and academia! M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 17
18 M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 18
19 "The Jersey Shore, for those of us born and raised here, is more than a summertime destination. It is in our bones and blood. It defines our state and it defines us." -- Home News Tribune, 11/11/2012 "Cause down the shore, everything's alright." -- Bruce Springsteen, "Jersey Girl" [The Jersey Shore] is our most valuable resource, natural and otherwise, on levels that go so much deeper than money. The ocean is soothing when not raging. The shore breezes cool us, when not uprooting us. It is our playground, when not leveled. It is our claim to fame, in good times, and, now, in very bad. Here's another claim: We took Mother Nature's best shot, and we're still standing." -- The Star Ledger, 11/2/2012 M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 19
20 Thank you
21 Case study Mexico: MultiCat - Funding for immediate relief efforts after disasters Solution features Insured perils: Earthquake and hurricane Payments to be used for immediate emergency relief after a disaster Parametric catastrophe bond: USD 290 million Trigger type: Index Earthquake: physical trigger (quake magnitude) Hurricane: physical trigger (barometric pressure) Time horizon: October 2009 October st cat bond launched through the World Bank s new MultiCat facility and second cat bond for Mexico Involved parties Insured: Fund for Natural Disasters (FONDEN) of Mexico Arranger: World Bank Treasury Swiss Re: Co-lead manager and joint bookrunner M. Swiss Linkin Re Global Building Partnerships a Resilient New February Jersey 2 0Shore December 2012, Monmouth University 21
22 Case study Caribbean: Caribbean Catastrophe Risk Insurance Facility (CCRIF) Solution features The CCRIF offers parametric hurricane and earthquake insurance policies to 16 CARICOM governments The policies provide immediate liquidity to participating governments when affected by events with a probability of 1 in 15 years or over Member governments choose how much coverage they need up to an aggregate limit of USD 100 million The mechanism will be triggered by the intensity of the event (modelled loss triggers) The facility responded to events and made payments: Dominica & St. Lucia after earthquake (2007) Turks & Caicos after Hurricane Ike (2008) Haiti, Barbados, St. Lucia, Anguilla and St. Vincent (2010) Involved parties Reinsurers: Swiss Re and other overseas reinsurers Reinsurance program placed by Aon Benfield Ltd. Derivative placed by World Bank Treasury M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 22
23 Case study United States: Alabama First parametric transaction for a government in an industrialized country Solution features Insured peril: Hurricane Payments to offset economic costs of hurricanes Parametric insurance: Transaction size not disclosed Trigger type: Disaster occurring within a defined box along coast ( Swiss Re Parametric CAT ) Trigger based on the maximum sustained wind speed of hurricane as the center passes through the box Time horizon: J uly 2010 J uly st parametric catastrophe risk transfer for a government in an industrialized country Involved parties Insured: State Insurance Fund of Alabama Swiss Re: Lead structurer and sole underwriter M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 23
24 Case study United States: University of Texas Custom multi-year structured cover for public university Solution features Insured peril: Hurricane Multi-year Aggregate Cover: USD 50m Covering indemnified losses from hurricane to soften impact to broader University system 3 year coverage with mandatory reinstatement No claims bonus Time horizon: April 2012 March 2015 Customized multi-year structured risk transfer for major public university Involved parties Insured: University of Texas Medical Branch Swiss Re: Lead structurer and underwriter Broker: Beecher Carlson M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 24
25 Legal notice 2012 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivatives of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. Although all the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial and/ or consequential loss relating to this presentation. M. Linkin Building a Resilient New Jersey Shore 7 December 2012, Monmouth University 25
Resilience and the Economics of Risk. NACo s Resilient Counties Advisory Board February 2016
Resilience and the Economics of Risk NACo s Resilient Counties Advisory Board February 2016 The growing burden of uninsured losses Natural catastrophe losses 1970 2014 (in 2014 USD) 450 400 350 300 Uninsured
More informationMr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company
Geneva, 23 th 25 th November 2015 Ensuring Sustainability in the Face of Climate Change by Mr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company The views expressed are
More informationINDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION. Abedalrazq Khalil, PhD Water Resources Specialist, World Bank
INDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION Abedalrazq Khalil, PhD Water Resources Specialist, World Bank Outline Introduction: Climate Change and Extremes Index Based Risk Transfer:
More informationRecovery Efforts and Legal Issues. Caroline Karp. Senior Lecturer Brown University
Recovery Efforts and Legal Issues Caroline Karp Senior Lecturer Brown University When retreat is the better part of valor: Analysis of (Some) Strategies to Incentivize Retreat from the Shore EBC/RISEP
More informationUnderstanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies
Understanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies Technical Paper Series # 1 Revised March 2015 Background and Introduction G overnments are often challenged with the significant
More informationCARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS
CARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS May 2014 NINE COUNTRIES IN THE CARIBBEAN AND CENTRAL
More informationMeeting the Challenges of Change
Natural Catastrophes - Lessons for the Indian Market from 2011 Global Experience Jyoti Majumdar Vice President, Head Cat Perils Asia Hub Swiss Reinsurance Company, Bangalore Meeting the Challenges of Change
More informationCARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE HURRICANE SEASON
PUBLIC DISCLOSURE AUTHORISED CARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE 2017-2018 HURRICANE SEASON This Document is being made
More informationTerms of Reference. 1. Background
Terms of Reference Peer Review of the Actuarial Soundness of CCRIF SPC s Loss Assessment Models for Central America and the Caribbean (i) Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA)
More informationNHO Sundwall - presentation Natural Catastrophes. Dorte Birkebæk, Swiss Re Corporate Solutions, Country Manager Nordics, 11 and 12 of November 2014
NHO Sundwall - presentation Natural Catastrophes Dorte Birkebæk, Swiss Re Corporate Solutions, Country Manager Nordics, 11 and 12 of November 2014 Table of Contents / Agenda 40 Years of Loss History Various
More informationFlood, Insurance, and Inland Marine. Andrew Castaldi Swiss Re IMUA Annual Meeting May 20, 2104
Flood, Insurance, and Inland Marine Andrew Castaldi Swiss Re IMUA Annual Meeting May 20, 2104 Thinking about Flood (Too many Tedious Slides) Audience interactive part Flood and Inland Marine Flood the
More informationHurricane Harvey Potential Impact on Auto Lines
Hurricane Harvey Potential Impact on Auto Lines September 5, 2017 Aon Benfield Auto Practice Group Agenda Agenda This presentation is designed for companies interested in learning about Hurricane Harvey
More informationPARAMETRIC INSURANCE COVER FOR NATURAL CATASTROPHE RISKS. Serghei Mărgulescu 1 Elena Mărgulescu 2
PARAMETRIC INSURANCE COVER FOR NATURAL CATASTROPHE RISKS Serghei Mărgulescu 1 Elena Mărgulescu 2 Abstract With economic losses of over USD 370 bn caused by 325 catastrophic events, 2011 ranks as the worst
More informationThe Year of the CATs
PCI THOUGHT LEADERSHIP SERIES Plan. Prepare. Protect. The Year of the CATs #HaveAPlan Follow us on Twitter Like us on Facebook Visit us at pciaa.net Copyright 2018 by the Property Casualty Insurers Association
More informationPUBLIC DISCLOSURE AUTHORISED
PUBLIC DISCLOSURE AUTHORISED CARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE 2013-2014 HURRICANE SEASON This Document is being made
More informationAdvances in Catastrophe Modeling Primary Insurance Perspective
Advances in Catastrophe Modeling Primary Insurance Perspective Jon Ward May 2015 The Underwriter must be Empowered The foundational element of our industry is underwriting A model will never replace the
More informationFlood Solutions. Summer 2018
Flood Solutions Summer 2018 Flood Solutions g Summer 2018 Table of Contents Flood for Lending Life of Loan Flood Determination... 2 Multiple Structure Indicator... 2 Future Flood... 2 Natural Hazard Risk...
More informationKnowledge FOr Resilient
Date: 14 December 2017 Place: Novi Sad Knowledge FOr Resilient society FINANCIAL RESILIENCE TO HAZARDS AND CLIMATE FINANCE: A COMPREHENSIVE APPROACH OF TOOLS AND METHODS FOR DISASTER RISK FINANCE Outline
More informationInsurance-Linked Securities
Insurance-Linked Securities Fourth Quarter 2012 Update Empower Results Insurance-Linked Securities 2012: Fourth Quarter Update Fourth Quarter 2012 Catastrophe Transaction Review The calendar year 2012
More informationCatastrophe Models: Learning from Superstorm Sandy
Catastrophe Models: Learning from Superstorm Sandy January 2013 Lockton Companies Although Superstorm Sandy was only a Category 1 hurricane, it made landfall on October 29 as the largest Atlantic hurricane
More informationThe financial implications of climate change: the North East and beyond. Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012
The financial implications of climate change: the North East and beyond Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012 Agenda Introduction Financial impacts of weather extremes
More informationCaribbean and Central American Partnership for Catastrophe Risk Insurance
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Caribbean and Central American Partnership for Catastrophe Risk Insurance Pooling Risk
More informationRisk Transfer Schemes the Example of CCRIF SPC
Risk Transfer Schemes the Example of CCRIF SPC Isaac Anthony Chief Executive Officer CCRIF SPC Fourth Forum of the Standing Committee on Finance Financial instruments that address the risks of loss and
More informationRe: Public Comments on Establishing a Deductible for FEMA s Public Assistance Program; Docket ID FEMA
Adrian Sevier Federal Emergency Management Agency Office of Chief Counsel Regulatory Affairs Division 500 C Street S.W. Washington, D.C. 20472 Re: Public Comments on Establishing a Deductible for FEMA
More informationHurricane Andrew (1992) Photo credit: FEMA
Hurricane Andrew (1992) Photo credit: FEMA 20% 18% 17.75% Florida Citizens CAT Bonds Attachment (Default) Probability Coupon 16% 14% 12% 10% 10.00% 8% 7.50% 6% 4% 2.71% 2.91% 2.89% 2% 0% Series 2012 Series
More informationCRT Supplemental Hurricane Disclosure. November 13, 2017
CRT Supplemental Hurricane Disclosure November 13, 2017 Disclaimer Notice to all Investors: This document is not an offer to sell any Freddie Mac securities. Offers for any given security are made only
More informationLessons Learned: What Hurricanes Have Taught the Insurance Industry
PCI THOUGHT LEADERSHIP SERIES Plan. Prepare. Protect. Lessons Learned: What Hurricanes Have Taught the Insurance Industry Follow us on Twitter Like us on Facebook Visit us at pciaa.net Copyright 2018 by
More informationAn Introduction to Natural Catastrophe Modelling at Twelve Capital. Dr. Jan Kleinn Head of ILS Analytics
An Introduction to Natural Catastrophe Modelling at Twelve Capital Dr. Jan Kleinn Head of ILS Analytics For professional/qualified investors use only, Q2 2015 Basic Concept Hazard Stochastic modelling
More informationSwiss Re Media Conference. Monte Carlo, 10 September 2018
Swiss Re Media Conference Monte Carlo, 10 September 2018 Today s agenda First part: Plenum presentation Making the world more resilient Moses Ojeisekhoba, CEO Reinsurance Underwriting and renewals Edouard
More informationRAA 2019: INSIGHTS GAINED FROM HURRICANE IRMA CLAIMS
RAA 2019: INSIGHTS GAINED FROM HURRICANE IRMA CLAIMS AGENDA IDENTIFYING CLAIMS DATA VALUE FOR BUSINESS PURPOSES Overview of 2017 Catastrophes and Hurricane Irma Contribution Context of major US-landfalling
More informationJamaica. October 24, Remarks Dr. Warren Smith WFCP Page 1
Remarks by Dr. W m. Warren Smith President Caribbean Development Bank at the Opening Ceremony of the Sixth Meeting of the World Forum of Catastrophe Programmes Montego Bay Jamaica October 24, 2011 Remarks
More informationEconomics of Climate Adaptation
Shaping Climate-resilient Development Economics of Climate Adaptation A Framework for Decision-makers Dr. David N. Bresch, Head Sustainability & Political Risk Management, Swiss Re david_bresch@swissre.com
More informationRISK TRANSFER AND FINANCE EXPERIENCE IN THE CARIBBEAN. Orville Grey March 2016
RISK TRANSFER AND FINANCE EXPERIENCE IN THE CARIBBEAN Orville Grey March 2016 WHO WE ARE? WHER E WE ARE? WEATHER-RELATED LOSS & DAMAGE RISING Caribbean is vulnerable to weather related hazards e.g. drought,
More informationTalk Components. Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood Main Results
Dr. Jeffrey Czajkowski (jczaj@wharton.upenn.edu) Willis Research Network Autumn Seminar November 1, 2017 Talk Components Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood
More information1. Background. CCRIF SPC s sustainability relies on certain key factors:
Terms of Reference Peer Review of the Financial Module of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe
More informationState of the Insurance Industry: 21 st Century Resilience
State of the Insurance Industry: 21 st Century Resilience The Importance of Insurance and Risk Mitigation in the Future of Cities and Towns Lloyd s Day Fullerton, California October 2, 2018 I.I.I. Mission
More informationStorm Surge Risk and Sea-Level Rise: What the Future May Hold.
Storm Surge Risk and Sea-Level Rise: What the Future May Hold. Presented by Tom Jeffery Sr. Hazard Scientist, CoreLogic Storm Surge Risk to Residential Properties 4.2 million (Gulf Coast and East Coast)
More informationSwiss Re Institute Symposium Insurance at the crossroad of technology development and growth opportunities. 31 October 2017
Swiss Re Institute Symposium Insurance at the crossroad of technology development and growth opportunities 31 October 2017 This event may be photographed, videotaped, filmed and/or recorded. A summary
More informationAccounting for Long-Term Erosion and Sea Level Rise in New England: A TMAC Recommendation
Accounting for Long-Term Erosion and Sea Level Rise in New England: A TMAC Recommendation Elena Drei-Horgan, PhD, CFM Jeremy Mull, PE Brian Caufield, PE May 2017 Establishment of TMAC, Definition, Members
More informationInsurance: Vanguard of the Resilient
Insurance: Vanguard of the Resilient Elevate Conference Salt Lake City, Utah February 12, 2019 James Lynch, Chief Actuary and Vice President of Research and Education Insurance Information Institute Washington,
More informationCATASTROPHIC RISK AND INSURANCE Hurricane and Hydro meteorological Risks
CATASTROPHIC RISK AND INSURANCE Hurricane and Hydro meteorological Risks INTRODUCTORY REMARKS OECD IAIS ASSAL VII Conference on Insurance Regulation and Supervision in Latin America Lisboa, 24-28 April
More informationPricing Climate Risk: An Insurance Perspective
Pricing Climate Risk: An Insurance Perspective Howard Kunreuther kunreuther@wharton.upenn.edu Wharton School University of Pennsylvania Pricing Climate Risk: Refocusing the Climate Policy Debate Tempe,
More informationBoosting Financial Resilience to Disaster Shocks
Boosting Financial Resilience to Disaster Shocks Good Practices and New Frontiers World Bank Technical Contribution to the 2019 G20 Finance Ministers and Central Bank Governors Process January 16, 2019.
More informationTerms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean
Terms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe Risk Insurance
More informationRationalle for the Sendai Framework for DRR Evidence from the 2009, 2011 and 2013 Global Assessment Report on DRR
Rationalle for the Sendai Framework for DRR Evidence from the 2009, 2011 and 2013 Global Assessment Report on DRR Good progress in Hyogo Framework for Action (HFA) implementation has been made, but more
More informationAn Overview of Disaster Risk Financing Instruments in the World Bank Operations
GFDRR sponsored BBL, Washington DC An Overview of Disaster Risk Financing Instruments in the World Bank Operations Eugene N. Gurenko, Ph.D., CPCU, ARe Lead Insurance Specialist March 4, 2009 Contents Disaster
More informationInsurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions
Insurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions Natural Catastrophe Losses in Asia (1970 present) 2011:Thai Floods, Tohoku EQ, Christchurch
More informationContents. Introduction to Catastrophe Models and Working with their Output. Natural Hazard Risk and Cat Models Applications Practical Issues
Introduction to Catastrophe Models and Working with their Output Richard Evans Andrew Ford Paul Kaye 1 Contents Natural Hazard Risk and Cat Models Applications Practical Issues 1 Natural Hazard Risk and
More informationAdaptation Practices and Lessons Learned
Adaptation Practices and Lessons Learned Increased Flooding Risk Due To Sea Level Rise in Hampton Roads: A Forum to Address Concerns, Best Practices and Plans for Adaptation Nov. 16, 2012 Virginia Modeling,
More informationSmall States Catastrophe Risk Insurance Facility
Small 2005 States Forum 2005 Annual Meetings World Bank Group/International Monetary Fund Washington, DC DRAFT September 24, 2005 www.worldbank.org/smallstates Small States Catastrophe Risk Insurance Facility
More informationThe Lessons of 2017 Perspective from the World Bank Group
The Lessons of 2017 Perspective from the World Bank Group Barbuda Dominica Hurricane Irma Hurricane Maria Rebuild, Rethink, Resilience: Lessons for economic and security partnerships following after the
More informationAssurant, Inc. - Climate Change 2018
Assurant, Inc. - Climate Change 2018 C0. Introduction (C0.1) Give a general description and introduction to your organization. Assurant, Inc. is a global provider of risk management solutions, including
More informationDecision-makers Barriers to Climate and Extreme Weather Adaptation for Seaports
Decision-makers Barriers to Climate and Extreme Weather Adaptation for Seaports ELIZABETH L MCLEAN, PHD AUSTIN BECKER, PHD DUNCAN MCINTOSH, PHD DEPARTMENT OF MARINE AFFAIRS UNIVERSITY OF RHODE ISLAND Chris
More informationPerspectives on Property Insurance in Connecticut
Perspectives on Property Insurance in Connecticut Shoreline Preservation Task Force Hartford, CT June 6, 212 Steven N. Weisbart, Ph.D., CLU, Senior Vice President & Chief Economist Insurance Information
More informationSandy + BW-12: Changing the Equation for Building Safer, More Resilient Communities
Sandy + BW-12: Changing the Equation for Building Safer, More Resilient Communities Grant Smith Jerry Sparks Jean Huang Ken Logsdon Stephanie Routh Session Agenda Moderators: Grant Smith & Jerry Sparks
More informationNatural catastrophes: A risk transfer concept for Italy
Natural catastrophes: A risk transfer concept for Italy AIDA Michael seminar Schwarz, on natural December catastrophes 2007 Milan, 19 January 2009 AIDA Seminar, 19 January 10 Nat Cat Insurance Solutions
More informationBY BOB WOODS PLANNING TODAY FOR TOMORROW S TERRAY SYLVESTER / GETTY IMAGES
BY BOB WOODS PLANNING TODAY FOR TOMORROW S TERRAY SYLVESTER / GETTY IMAGES As weather-related events such as hurricanes multiply and intensify, states and municipalities are recognizing the urgent need
More informationClimate Change and The Built Environment
Climate Change and The Built Environment Committee on the Effect of Climate Change on Indoor Air Quality and Public Health June 7, 2010 Frank Nutter, President Reinsurance Association of America Flooding
More informationNational Coastal Outreach
National Coastal Outreach Answering Tough Questions June 11, 2013 Why Focus on Coastal Flood Risk? 120,475,000 people or 39% of the U.S. population live in counties subject to the 1% annual chance coastal
More informationReactions to Catastrophic Events: A Look at Insurers, Consumers, and Regulators. Patricia Born, PhD
Reactions to Catastrophic Events: A Look at Insurers, Consumers, and Regulators Patricia Born, PhD Agenda Introduction Insurer Responses over 30 Years Consumer Responses Regulatory Considerations Introduction
More informationEconomic impact of Hurricane Harvey
Economic impact of Hurricane Harvey Nathaniel Karp, Marcial Nava, Boyd Nash-Stacey, Filip Blazheski 30 August 2017 Harvey will be remembered as one of the most destructive storms in U.S. history Gross
More informationLoss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
UNFCC regional expert meeting on loss and damage August 27 29, 2012 Bangkok, Thailand Loss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
More informationTwelve Capital Event Update: Hurricane Michael
For professional/qualified investors only Twelve Capital Event Update: Hurricane Michael Update Wednesday, 10 October 2018 - Hurricane Michael has strengthened to a category 4 tropical cyclone and is expected
More informationCommunity Incentives for Nature-Based Flood Solutions
Community Incentives for Nature-Based Flood Solutions A GUIDE TO FEMA S COMMUNITY RATING SYSTEM FOR CONSERVATION PRACTITIONERS The Federal Emergency Management Agency (FEMA) uses a Community Rating System
More informationAquidneck Island Resilience Strategy Issue Paper 4. Issue: RESIDENTIAL FLOODING
Aquidneck Island Resilience Strategy Issue Paper 4 Issue: RESIDENTIAL FLOODING Description of Concern: While much of Aquidneck Island s geography lies outside the reach of coastal flooding, some of the
More informationTREASURE COAST REGIONAL PLANNING COUNCIL M E M O R A N D U M. To: Council Members AGENDA ITEM 7C4
TREASURE COAST REGIONAL PLANNING COUNCIL M E M O R A N D U M To: Council Members AGENDA ITEM 7C4 From: Date: Subject: Staff September 16, 2016 Council Meeting Local Government Comprehensive Plan Review
More informationCatastrophe Risk Pooling Mechanism: CCRIF
Catastrophe Risk Pooling Mechanism: CCRIF Simon Young CEO, Caribbean Risk Managers Ltd Facility Supervisor, CCRIF Seminar on Disaster Risk Financing Mechanisms for the Mexican States Mexico City, 1 December
More informationPioneer ILS Interval Fund
Pioneer ILS Interval Fund COMMENTARY Performance Analysis & Commentary March 2016 Fund Ticker Symbol: XILSX us.pioneerinvestments.com First Quarter Review The Fund returned 1.35%, net of fees, in the first
More informationInsurance Recovery for Losses Related to Hurricane Irma
Insurance Recovery SEPTEMBER 2017 Insurance Recovery for Losses Related to Hurricane Irma Insurance for Property Damage and Business Interruption Losses Businesses and communities throughout Florida, the
More informationClimate Change Accounting: What Is the Cost? May 2015 NY - NJ. Metropolitan Waterfront Alliance
Climate Change Accounting: What Is the Cost? May 2015 NY - NJ Metropolitan Waterfront Alliance The Cost of Sandy A Wake Up Call Hurricane Sandy made it all too clear: the New York metropolitan region is
More informationGOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS
GOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS Lessons learned from around the world Wednesday, November 18, 2015 African Union Addis Ababa, Ethiopia GOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS
More information2009 NATURAL CATASTROPHE YEAR IN REVIEW WEBINAR
2009 NATURAL CATASTROPHE YEAR IN REVIEW WEBINAR JANUARY 21, 2010 Agenda Welcome/Introduction Terese Rosenthal U.S. Natural Catastrophe Update Carl Hedde Global Catastrophe Update Ernst Rauch Financing
More informationDisaster Risk Management in the Caribbean Case Study: Rapid Damage and Loss Assessment following the 2013 Disaster
Belize benefits from knowledge and experiences from the PPCR Disaster Risk Management in the Caribbean Case Study: Rapid Damage and Loss Assessment following the 2013 Disaster Photo Credit: http://gov.vc
More informationNational Association of Latino Elected and Appointed Officials
National Association of Latino Elected and Appointed Officials National Policy Institute on Emergency Planning and Preparedness August 19-20, 2016 Sheraton Hotel, Boston, MA Jeanne M. Salvatore, Senior
More informationFinancial Solutions for Risk Management. Sovereign Debt Management Forum Washington DC October 20, 2016
Financial Solutions for Risk Management Sovereign Debt Management Forum Washington DC October 20, 2016 Uninsured losses from natural catastrophes are a growing burden for governments Natural catastrophe
More informationFROM SANDY TO MARIA. INCREASINGLY DESTRUCTIVE PERFECT STORMS How to prepare for the new normal HURRICANE SANDY FIVE-YEAR ANNIVERSARY REPORT
FROM SANDY TO MARIA INCREASINGLY DESTRUCTIVE PERFECT STORMS How to prepare for the new normal HURRICANE SANDY FIVE-YEAR ANNIVERSARY REPORT On October 29, 2012, Hurricane Sandy made landfall on the East
More informationERB FUNDING: HOSPITALS AND RELATED HEALTHCARE FACILITIES
Date: October 15, 2015 REVISED April 12, 2016 ERB FUNDING: HOSPITALS AND RELATED HEALTHCARE FACILITIES ERB funding will be open for hospitals and their related healthcare facilities that satisfy the threshold
More informationClimate Change and Natural Disasters in Small Island Developing States
Climate Change and Natural Disasters in Small Island Developing States Sofia Bettencourt Rolande Simone Pryce Habiba Gitay Lead Adaptation Specialist Sr. Operations Officer Sr. Environmental Specialist
More informationAugust 2014 APTA Sustainability Workshop Boston, MA. Climate Change & Public Transit The New Normal
August 2014 APTA Sustainability Workshop Boston, MA Climate Change & Public Transit The New Normal This is what Sandy looked like on October 29, 2012 2 And this is what the MTA looked like to Sandy 3 UNPRECENDENTED
More informationREFORMING THE TEXAS WINDSTORM INSURANCE ASSOCIATION
REFORMING THE TEXAS WINDSTORM INSURANCE ASSOCIATION Daniel Sutter, Ph.D. Affiliated Senior Scholar, Mercatus Center at George Mason University Associate Professor of Economics, University of Texas Pan
More informationA Review of CCRIF s Operation After Its Second Season. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 84636 CCRIF report 4-14-10 cover.indd 1 T H E C A R I B B E A N C A T A S T R O P H E
More informationSoutheast Asia Disaster Risk Insurance Facility
Southeast Asia Disaster Risk Insurance Facility PROTECT THE GREATEST HOME OF ALL: OUR COUNTRIES SEADRIF is a regional platform to provide ASEAN countries with financial solutions and technical advice to
More information3. The global reinsurance sector
3. The global reinsurance sector The ongoing challenging economic environment also increases the profitability pressure in the reinsurance market that continues to suffer from an oversupply of capacity.
More informationSouth Carolina Property Insurance Markets
South Carolina Property Insurance Markets Issues, Concerns, Solutions Insurance Information Institute South Carolina Media & Legislative Briefing April 2, 2007 DOWNLOAD AT http://www.iii.org/media/met/scbriefing/
More informationOctober 11, 2017 Economic Recovery Briefing
October 11, 2017 Economic Recovery Briefing Overview Groundwork and conceptual framework for today s program Harvey s overall damage costs (preliminary) Immediate impact on the metro area Property losses
More informationMike Waters VP Risk Decision Services Bob Shoemaker Sr. Technical Coordinator. Insurance Services Office, Inc
Mike Waters VP Risk Decision Services Bob Shoemaker Sr. Technical Coordinator Insurance Services Office, Inc Disasters Large and Small A Convergence of Interests Public and Private ESRI Homeland Security
More informationThe Coastline at Risk: 2016 Update to the Estimated Insured Value of U.S. Coastal Properties
The Coastline at Risk: 2016 Update to the Estimated Insured Value of U.S. Properties Copyright 2016 AIR Worldwide Corporation. All rights reserved. Information in this document is subject to change without
More informationRising seas may wipe out Jersey towns
Rising seas may wipe out Jersey towns Scientists say more floods and stronger hurricanes are likely as the planet warms. May 25, 2017 By Christopher Flavelle (Bloomberg) -- Few parts of the U.S. are as
More information1.0 INTRODUCTION 2.0 APPROACH
DATE: February 12, 2015 TO: Gary Magnuson and Project Team FROM: Rena Kieval, Martina McPherson, and Lauren Jankovic, ERG RE: Final Summary of Findings from Reinsurance Industry Interviews 1.0 INTRODUCTION
More informationDEFINING THE PROTECTION GAP. 1: Decide who /what should be protected:
DEFINING THE PROTECTION GAP Introduction In recent years, we ve seen a considerable increase in disasters, both in their frequency and severity. Overall economic losses from such disasters currently average
More informationThe Caribbean Catastrophe Risk Insurance Facility. Excess Rainfall Coverage
The Caribbean Catastrophe Risk Insurance Facility Excess Rainfall Coverage Dr. Simon Young CEO, Caribbean Risk Managers Ltd. CCRIF Facility Supervisor March 2013 Rationale for Excess Rainfall Coverage
More informationOverview on ILS; NatCat exposure. Juergen Graeber, Member of the Executive Board/COO non-life
Juergen Graeber, Member of the Executive Board/COO non-life 16th International Investors' Day Frankfurt, 23 October 2013 ILS: More than simply catastrophe bonds Transfer of risks to capital markets Insurance
More informationApplicant Guidelines CCRIF Regional Internship Programme 2018
Applicant Guidelines CCRIF Regional Internship Programme 2018 About CCRIF SPC In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world, and
More informationChapter 1 NATURAL HAZARDS AND DISASTERS
Chapter 1 NATURAL HAZARDS AND DISASTERS MULTIPLE-CHOICE QUESTIONS 1. People live in dangerous areas for what reasons? a. for the views b. because of cheap land c. because the land is fertile d. for proximity
More informationInsurance Industry solutions for disaster risk financing. 22 th October 2013 Michael Spranger
Insurance Industry solutions for disaster risk financing 22 th October 2013 Michael Spranger A reminder - Asian EQ hazard Aon Benfield APAC Proprietary & Confidential 1 Seismicity and EQ hazard map Philippines
More informationRegional Economic Conditions & Assessing the Aftermath of Sandy
Regional Economic Conditions & Assessing the Aftermath of Sandy Jason Bram, Senior Economist November 29, 2012 The views expressed here are those of the presenters and do not necessarily represent the
More informationDelaware River Basin Commission s Role in Flood Loss Reduction Efforts
Delaware River Basin Commission s Role in Flood Loss Reduction Efforts There is a strong need to reduce flood vulnerability and damages in the Delaware River Basin. This paper presents the ongoing role
More informationRainy Days and Hot Summer Nights: Planning for Hazards in a Changing Climate
BREAKING GROUND 2015 Building Livable Communities in Greater Philadelphia: The Next 50 Years The Union League of Philadelphia Philadelphia, Pa. March 12, 2015 Rainy Days and Hot Summer Nights: Planning
More informationHurricanes, Coastal Restoration and Climate Finance for Small Islands KATHLEEN SULLIVAN SEALEY
Hurricanes, Coastal Restoration and Climate Finance for Small Islands KATHLEEN SULLIVAN SEALEY Hurricane Matthew battered The Bahamas from October 5 th through the 6 th, 2016 as Category 3 and 4 hurricane.
More informationGlobal Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
More information