Earth wind and fire – why mitigating climate risk is now a resilience exercise

In this episode, we take a look at the growing economic risk from physical climate change and the increasing intensity of natural catastrophes as a result of a warming planet. In Europe only around one quarter of damage from natural catastrophes have historically been covered by insurance, in Asia the figure is 13%. And in the US state of California home sales are falling through because potential buyers cannot procure mortgages due to the risk of wildfires.We discuss how the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) have been leading the way in calling for greater cooperation from governments and private sector to boost resilience to natural catastrophes.Insurers have been stepping up and we discuss some of the technologies that firms have been adopting to better assist customers, improve resilience, reduce premiums and improve claims. We also take a look at the UK’s Prudential Regulatory Authority’s rejection of measures which have boosted the uptake of insurance-linked securities in Singapore.LinksKeynote speech by Petra Hielkema at the EIOPA Sustainable Finance Conference - EIOPA The Impact of an Extreme Cloud Burst on Edinburgh Castle and How Important were Human Influences | Royal Meteorological SocietyEvents | Royal Meteorological SocietyFlooding Stockbridge, Edinburgh https://www.youtube.com/watch?v=hfq7mXVzJ1E