Uniting Disaster Risk Transfer with Sustainable Development: A Q&A with the World Bank Treasury

The World Bank issues CAT bonds for many client countries around the world. Similar to insurance, CAT bonds transfer a client’s disaster risk to financial markets. The Risk Center reached out to Michael Bennett and Naomi Cooney at the World Bank Treasury to hear about the role of CAT bonds in sovereign disaster risk financing and how the World Bank’s CAT bonds support sustainable development.Read More

Rewarding Communities that Build for the Future: A Resilience Policy Score

One step to start encouraging local governments to pay more attention to disaster costs is a community resilience policy score. This could be used by insurers to offer more competitive rates in higher scoring areas, by rating agencies in assessing bond ratings for hazard-prone locations, or by FEMA in allocating disaster aid. Read More

To Make Sure its Utilities Survive Climate Change, California Needs Liability Law Reform

When PG&E filed for bankruptcy protection in January, several observers declared the electric utility the first casualty of climate change. But as much as global warming is to blame for PG&E’s financial woes, state policy is equally responsible.Read More

Hack-for-Resilience

The University of Pennsylvania is home to the world’s first and one of the largest student-run hackathons. Over one weekend in early September roughly 1,200 students converged for PennApps. Over 3,000 students had applied to attend. This year, the Wharton Risk Center’s Policy Incubator and the Insurance Information Institute teamed up to sponsor a “hack-for-resilience” route. Read More