Rethinking How We Think About Disasters
Recent scenes from
“In 2023, there have been 23 confirmed weather/climate disaster events with losses exceeding
Globally, rising borrowing costs have increased the burden of climate risks, presenting a particular dilemma for developing countries that face increased climate risk yet have limited fiscal space to invest in needed infrastructure to build resilience to climate-related disasters.
As we face the full and growing proportions of the climate crisis, we will need to consider new approaches to planning for and responding to chronic and acute physical risks.
In the aftermath of the
We need a new approach to disaster recovery — one that considers the scale and scope of climate risks, prioritizes communities, and remains adaptable to a planet whose physical characteristics are irreversibly changing. We must expand how we respond to, and recover from, climate-driven weather shocks to strengthen economic and societal resilience.
A first step will be to recognize the nature of the risks we face. These risks include the Black Swan catastrophic events that fall in the low-probability, high-impact “fat tails” of statistical probabilities. As climate instability increases, once-rare events will become more frequent, more intense and more damaging. Compounding risks — where one risk factor, such as hurricane-driven winds, triggers another risk factor such as wildfires — become the norm. Even worse, these new risks include cascading impacts if global temperature increases exceed Paris Agreement goals and we breach tipping points that irreversibly destabilize weather patterns. Consider that this year NOAA recorded the highest average global surface temperature for July since global records began.
Dealing with these risks means that when infrastructure is rebuilt, it will be essential to consider a broader range of climate conditions and potential impacts than existing building codes, emergency operations plans and capital investments might suggest would be necessary.
A second step would be to recognize that affected communities should dictate the pace and priorities of recovery efforts in order to enable them to build their communities back better. Vulnerable and underserved populations are also those disproportionately impacted by disasters. In the
Directing investment to these communities is important, coupled with a place-based, community-led approach to recovery, to reduce the risk of disaster opportunism. Such an approach may be slower, as some expect will be the case in rebuilding in
A third step is to recognize that in some cases, confronting the realities of a changing planet will involve difficult questions about whether certain lands should be re-developed. For example, in
As disasters mount, we must confront hard choices about where and how to invest limited resources to create a livable future. We also need to rethink risks and how we can rebuild infrastructure that can withstand these future risks — in its full range of forms — and support community resilience. Specific answers will depend on each affected community's challenges, whether catastrophic wildfires, extreme heat, the accelerating impacts of drought and floods, or a potentially compounding combination. If we adjust our investment approach now and engage communities that are harmed or at risk, we can reduce economic and societal damage in the future.


Texas Regional Bank Acquires Smith-Reagan Insurance
Janie Slaven: TONI SAYS: Medicare Supplements vs Medicare Advantage PPO plans [The Times-Tribune, Corbin, Ky.]
Advisor News
- Retaining clients by giving them a memorable experience
- Addressing the longevity paradox
- Employers shift focus from retirement access to financial outcomes
- Helping widowed clients navigate their new financial reality
- Navigating client communication in a digital age
More Advisor NewsAnnuity News
- Farm Bureau P&C insurers post first underwriting gain since 2021
- Legacy Marketing, Malibu Life launch two fixed indexed annuities
- Changing client priorities are reshaping annuity conversations
- Solen Software acquires annuity software provider Cooperative Technologies
- MassMutual Expands Lending Options With New Secured Credit Line
More Annuity NewsHealth/Employee Benefits News
- Researchers at University of South Florida Release New Data on Managed Care (Graduate medical education funding and hospital quality: A longitudinal analysis of 881 teaching hospitals): Managed Care
- Researchers at Oregon Health & Science University (OHSU) Release New Data on Managed Care (Postpartum contraceptive use among Medicaid beneficiaries following Idaho’s abortion ban): Managed Care
- State of health care, part 3
- MOAA's TRICARE Guide: Transitioning Into Military Retirement
- High health costs squeeze workers, even if you have good insurance through a job
More Health/Employee Benefits NewsLife Insurance News