Challenges and Opportunities for the Insurance Industry in Extreme Events and Climate Risk Management Proposal for the Development of Geneva Association Strategic Priorities and Implementation Plan in EE + CR By Maryam Golnaraghi, Ph.D. 13 April 2015
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Challenges and Opportunities for the
Insurance Industry in Extreme Events
and Climate Risk Management
Proposal for the Development of Geneva
Association Strategic Priorities and
Implementation Plan in EE + CR
By Maryam Golnaraghi, Ph.D.
13 April 2015
Background: Latest international developments and trends:
Policy, Regulatory, Financing, Management of EE + CR
R&D in Science of EE + CR, Data and Operational Services
Reflections: Challenges and opportunities for the insurance industry
in EE + CR
Strategic positioning and planning of GA’s research and advocacy in EE +
CR
Discussion and feedback
AGENDA
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International Framework Agreements Related to EE + CRDifferent negotiation processes, approaches, targets, focal points
and implementation mechanisms at international, regional and national levels!
Strategic engagement requires mapping and prioritization!
DRRClimate Change
Climate ServicesIV. Global
Framework for Climate Services
(GFCS) - ICBS• Operational climate
services
Sustainable Development Goals (SDGs)
II. COP- UNFCCC Agreements
• Kyoto Protocol• Bali Roadmap• Cancun agreements
Durban Outcomes• Doha Climate
Gateway• Warsaw Outcomes
Next: Paris COP 2015
I. SDGs (UN Summits)
• Post 2015 Development Agenda
• Johannesburg Implementation Plan
• Agenda 21
Next: Financing Development (Addis Ababa July 2015)
Next: UN Summit 2015
III. UN International
Strategy for DRR(UN-ISDR)
• Sendai Framework for DRR (2015-2025)
• Hyogo Framework for Action (2005-2015)
Next: Implementation (GPDRR, RPDRRs)
IPCC Reports GAR Reports
2015 Provides Unprecedented Opportunities for Strategic Positioning of
Industry’s Engagement in International DRR, Climate Change
and SDG Processes!
UNISDR—Third World Conference on DRR—Adopted Sendai Framework for
DRR 2015-2030 (March 2015, Sendai, Japan)
Third International Conference on Financing Development—(July 2015, Addis
Ababa, Ethiopia)
UN Summit on SDGs—Adoption of Post 2015 Development Goals (Sept.
Progress, Trends, Gaps in Managing EE & Climate Risks
Much to do to address underlying causes of risk!
Risk Financing and Risk TransferRisk Assessment
Hazard databases and metadata
Forecasting and projections
Loss and damage databases
Exposure and vulnerability
Statistical and forward-looking approaches
PREPAREDNESS: Early Warning Systems emergency planning
PREVENTION and MITIGATION: Sector planning (e.g. zoning, infrastructure retrofitting, building codes, agriculture diversification…)
Gov. investments, trust funds (ex ante, post disaster)
CAT Bonds, insurance and ART
Risk Reduction
Information and knowledge sharingEducation and training
Governance and Institutional Framework (Policy, Regulatory, Institutional Roles & Mandates)
(multi-sector, multi-level, multi-hazard)
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6Source: WMO DRR Program
Emergence of Parametric InsuranceLong-term sustainability, institutionalization and scale
remain to be addressed!
Caribbean and Pacific: Development of Regional Catastrophe Risk
Insurance Facilities are being linked to socio economic groupings activities –
For Risk Pooling and Diversification (CCRIF with CARICOM and PCRAFI
with SOPAC)
Asia: China, India and Mongolia (e.g., agriculture and livestock risk),
Philippines (e.g., typhoons, earthquakes and early recovery)
Africa: First catastrophe insurance pool of African Risk Capacity (ARC- AU),
and Agricultural Risk in Ethiopia and Malawi (drought)
South East Europe: Earthquakes, floods and droughts
International Development Agencies backing global entities for development of parametric insurance solutions in developing nations (Agriculture and food security, health)
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Selected International and Regional Organisations
Engaged in Insurance in relation to DRR and CRMDifferent priorities, processes, focal points, activities, coordination processes
Following the 2004 Boxing Day Tsunami in Indian Ocean:
Major developments in monitoring, detecting, modelling and issuing tsunami warnings
Efforts are coordinated by UNECO-IOC through regional and global intergovernmental coordination groups
Tsunami information is collected and processed at three designated centers (Alaska, Honolulu, Japan) –More centers are being negotiated (Porto Rico for Atlantic, France for Mediterranean)
RMS CAT modelling to quantify tsunami risk around the world