Property/casualty insurers have a strong interest in mitigating climate-related risks and promoting resilience investments. The industry is uniquely qualified to help address these dangers, but traditional risk transfer mechanisms are no longer sufficient on their own. Collective responsibility and multi-party cooperation – a disciplined approach is needed to anticipate and prevent catastrophic losses.
That’s why Triple-I is the first-ever “Overcoming Risks and Crisis” City Hall The day-long event, taking place on November 30, 2023 at the Mayflower Hotel in Washington, D.C., will include three moderated discussions between private sector innovators, government, academia, and other stakeholders whose engagement is essential for driving resilience Investment and behavioral changes are necessary.
“Climate risk is a formidable adversary in and of itself,” said Sean Kevelighan, chief executive of Triple-I, noting that insured losses related to natural disasters have increased tenfold since the 1980s. “Resource constraints, abuse of the legal system, economic pressures and intricate political factors compound the problem.”
Triple-I has long been a participant in the climate risk conversation, and this town hall is part of its efforts to help turn those discussions into action.It has recently been working with national institute of building science (NIBS) to Develop a roadmap Help flood risk management stakeholders drive investment in mitigation and resilience.
Learn more about the NIBS project here.
In the same spirit as the NIBS initiative, Triple-I is hosting this town hall to cross the barriers that often separate sectors that can benefit from investments in resilience to varying degrees and at different stages of the value creation chain.
“Aligning incentives for different co-beneficiaries of resilience investments is a key hurdle to overcome,” said Kevelighan. “Triple-I’s subject matter experts have been speaking and writing on these topics for years. But our industry can’t do that.” It’s all alone.”
The first panel – Climate risks are increasing – what can we do? – will be moderated by David Wessel, senior fellow for economic studies at the Brookings Institution and director of the Hutchins Center for Fiscal and Monetary Policy. The panel will discuss the current state of climate risk and share their insights as vegans and thought leaders.
second – Innovation, high tech vs. low tech: How insurance companies are driving solutions – will be moderated by Jennifer Kyung, USAA Vice President and Chief Underwriter, and will focus on how insurance companies are leveraging tools, technology and strategies to address these complex and costly challenges.
The third– From outdated regulations to abuse of the legal system: It takes a village to fix the problem – Moderated by Politico Financial Services Editor Zach Warmbrodt, panelists will dive into the legal and public policy considerations that need to be addressed to drive climate resilience.
The event is solution-focused and organized with an eye toward driving positive action among stakeholder groups and is an opportunity to meet and interact with the people who are doing the work and developing strategies and tactics. Listen, share insights, and—perhaps most importantly—get involved in risk crisis battles.
You can register and view the agenda and speaker bios here.