Climate Science and Insurance Risk: Making Academia-Industry Partnerships that Work

Collaborations between science and business can take many forms. The insurance industry has a variety of needs for improved information about climate and weather, particularly in the understanding of extreme events. Academia conducts public research on these and many other aspects of the climate system and produces students through our universities. A subset of insurer interests involve the need for public information and these areas are most fruitful for the development of academia-industry partnerships. In other areas, insurers need proprietary information that presents job opportunities for our students. Effective collaborations involve programs that recognize the unique needs of both academia and insurers and play to the common values and needs of each. Direct communication between scientists and decision-makers in insurance allow for the creation of effective collaborations. The Bermuda-based Risk Prediction Initiative is one example where these ideas have been successfully applied. It is not easy, but if done correctly, these collaborations can be valuable for both communities.