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An emergency management expert advises on how to reduce risk. Her top suggestion: make smarter land use choices and limit development in risky areas
Reinsurance costs have been rising fast in response to expensive disasters around the world in recent years. Reinsurers’ risk-adjusted property-catastrophe prices rose 33% on average at their June 1, 2023, renewal, after a 25% rise in 2022.
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It’s not a question of if insurance will become unavailable or unaffordable in areas at high risk of wildfires, hurricanes and other damage – it’s a question of when. A disaster risk expert explains.
A new study from the New York Federal Reserve examining the impact of extreme weather events on bank financial stability throws cold water on the heated rhetoric in the climate change space, finding that the threat from natural disasters is trivial while warning that a bigger danger to financial institutions comes from policies meant to shield them from such risks.