Building Resilience to Natural Catastrophes: Property Risks Arising From Extreme Weather

Increases in the frequency and severity of extreme weather events has had a devastating effect on local populations, property and critical infrastructure. Although predicting the scope and scale of the possible changes is proving difficult to model precisely, adapting to the changes and improving resilience will be essential.

In the World Economic Forum’s Global Risks Report 2013 our attention is drawn to the fact that the earth’s resilience is being tested by rising global temperatures and extreme weather events that are likely to become even more frequent and severe in the coming decades. The inability of nature systems to resist such changes is becoming more evident. The Global Risks Report characterises the risk of a general failure of climate change adaptation along with a persistent inability to stem rising greenhouse gas emissions as significant, and likely to materialise within the coming decade.

We work with the UN as a city member assisting cities to become more resilient. In addition, we act as a city adviser sharing our views on best practice in relation to natural catastrophe, risk management and risk transfer. This includes highlighting the importance of insurance in the recovery after an event. Our campaign on property sustainability is vital to ensuring that reinstatement after a loss is conducted in an environmentally friendly and more robust way.