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Linking geography, hazard and insurance

Linking geography, hazard and insurance

One of the major concerns facing the world today is climate change. Hurricanes, snowstorms, droughts, flooding and earthquakes are just some of the less predictable and more damaging weather events. These threaten homes and businesses around the world. At US$ 7bn, the most expensive event in terms of overall loss in 2014 was Cyclone Hudhud in India. Around 7,700 people lost their lives in natural catastrophes and overall losses totalled US$ 110bn.

For example, Boston saw almost six feet of snow in January, including two of the biggest snowstorms on record, and who could forget the flooding in the UK in the first half of 2014? The statistics from the World Meteorological Society show that natural disasters were five times as frequent in the first decade of the21st century as in the 1970s and point to the fact that global warming has contributed to these events. This type of weather activity is likely to increase but where, and to what extent, is not entirely clear. With this in mind, it is important that we know how to evaluate climate risk.

The risk sector utilises the expertise of catastrophe modellers and climate risk specialists to help understand the effects of natural disasters, helping to minimise losses for customer and the insurance company, and helping companies prepare better for future events. While the sector has a rich tradition of recruiting from a huge range of subject areas, those with geography-related degrees are particularly well-placed to understand changing climate risks.

On Tuesday 17 February the CII will host a free event in conjunction with the Royal Geographical Society (RGS) and the LMA Academy to explain some of the linkages between geography and risk/insurance. This event will be held in the CII’s Great Hall, 20 Aldermanbury, London EC2V 7HY.

The event will start at 2.00 pm and will feature presentations from senior professionals as well as recently-graduated staff, along with insight from the RGS and the CII. A panel Q&A session and networking with other geography graduates and companies will continue until 4.00 pm.

If you are currently studying geography or a related subject and would like to know more, email quoting CIIRGS215 to book your place. If you can’t get to London, but want to find out more, email the same address to request the podcast.

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