Introduction
The continuing growth of adverse impacts from weather and climate on public safety and economies globally has led to an increasing emphasis on associated risk management by government and corporate organizations. For example, the Global Risks 2020 report1 produced by the World Economic Forum analyzes dozens of significant risks, including weapons of mass destruction, geopolitical instability, economic crashes, and others. The report states that “...environmental risks have grown in prominence in recent years. For the first time, “extreme weather events,” “natural disasters,” and “failure of climate change mitigation and adaptation” are in the top five global risks for both impact and likelihood of occurrence within the next ten years. These topics were all prominent on the agenda at the recent WEF meeting in Davos Switzerland earlier this year.
This data from the National Centers for Environmental Information (NCEI shows the magnitude of some of these risks. For example, in 2019 alone, there were 14 weather and climate disaster events with losses exceeding $1 billion each across the United States. From 1980 to 2019, the U.S. has sustained 258 weather and climate disasters where overall damages/costs reached or exceeded $1 billion (including CPI adjustment to 2019). The total cost of these 258 events exceeds $1.75 trillion. If we count in the smaller, events, the total financial impact from weather and climate related disasters significantly exceeds this number.
The panel members in this session will discuss financial risk management for both near-term extreme weather events and longer-term climate change phenomena. As experts in relevant science and financial aspects, the panelists should stimulate an active session on this important subject. Their discussions will include some issues from the recent WEF meeting, as well as other related topics from their professional activities.
Session Organization – 60 minutes
Introduction – 5 minutes
Panelists 1,2,3,4 - 10 minutes each for prepared remarks
Q&A – 15 minutes
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