Willis Group Holdings is providing $1 million to help mobilize a global “Resilience Modelling and Mapping Forum” to address natural catastrophe risk, according to Dominic Casserley, CEO.
The Resilience Modelling and Mapping Forum is a collaboration between the global re/insurance industry and other partners, set up to enable the tools and techniques of insurance risk modelling and stress testing to be shared with wider business and society, to increase risk understanding and resilience, Willis said in a statement to announce its support of the project.
“In partnership with the global scientific community, the re/insurance sector has made enormous progress in understanding and managing natural hazard risks over the last two decades,” said Casserley, who spoke Wednesday to more than 500 business leaders convened by BritishAmerican Business, the New York City-based transatlantic business organization.
“The Resilience Modelling and Mapping Forum will help open up risk evaluation and early warning systems to all, reducing the damage of extreme weather and helping institutions and communities to close the protection gap,” he said during his speech.
“For me, there is no more critical time than now for business leaders to collaborate creatively on the challenges our societies face. The task is urgent because the world is getting riskier,” he added.
“Natural catastrophes and their ravages are part of our world. It is therefore incumbent on us to take these growing threats much, much more seriously. It is also clear that today we have the means to address these perils in ways that are new and powerful. The forum is an important part of this.” Casserley affirmed.
Willis said it has led a number of efforts to promote resilience on several levels, including the U.N.-endorsed 1-in-100 Initiative, which promotes using stress tests to help public companies and institutions better understand their financial exposure to natural disaster risk, creating an incentive for organizations to address these growing challenges.
Willis also helped in the development of the award-winning African Risk Capacity program, which brings sovereign drought protection to populations in a growing number of nations across the continent.
Source: Willis Group Holdings
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