The benefit of resilience building 21 December 2016 David Nash Z Zurich Foundation
Agenda Why we chose to work with community flood resilience How our program works What we have achieved so far Motivation - why should an insurer (in fact any business) care about resilience building © Zurich Q&A 2
Why choose Community Flood Resilience Why Floods: – The humanitarian and physical losses from flood, in any year, are more than the losses from all other natural hazards combined – Floods are a global issue affecting almost every country Why Communities: – Every community is different and experiences flood differently, so solutions will necessarily be different for each one Why Resilience © Zurich – As an insurer we believe that pre-event action to build resilience to a hazard is more effective than post-event – Yet 87% of all disaster-related funding is targeted at relief and recovery after an event – Zurich’s risk understanding expertise can be used to shift this equation 3
Theory of Change Our aim is that communities become more resilient in the face of floods. – Resilience is defined as the ability of a community to pursue its social, ecological and economic development and growth objectives, while managing its flood risk over time, in a mutually reinforcing way. This means that a greater proportion of disaster-related funding from all sources is directed to pre-event resilience building This requires that stakeholders have the capacity: – To know how to engage in resilience building with communities AND – To be willing to redirect or prioritise resources towards this To do that, they will need good knowledge about the benefits of taking action and practical evidence of what works © Zurich Our community program – Tests resilience building activities and develops knowledge on what works AND – Invests in research, specifically to support development of solutions and to understand the benefits 4
A cross-sector Alliance Knowledge for action - Research and modeling Influence Scientific credibility Case studies Methodologies & tools Catalyze - Risk engineering - Financial resources - Influence and advocacy Global Reach Community presence Scale and reach Influence and advocacy Innovation & Technical Advice - Small and agile Innovation and ideas piloting Solutions catalogue © Zurich - Technical Innovation 5
What are achievements so far? © Zurich At the Community level: – Bangladesh, Indonesia, Mexico, Nepal and Peru: Among the most flood exposed countries in the world. We can transfer insights from these communities, both to the developed and the developing world – In Indonesia: Early Warning System with real-time flood warning implemented. Information access through website and SMS. Link to government authorities. Fully endorsed by the government disaster management agency. It benefits 17 million people. – Assessing and measuring flood risk is key to identify the right solutions. Currently no validated approach to measure what makes a community resilient. We created our own Flood Resilience Measurement Tool now being tested in 8 different countries including the US. 6
What are achievements so far? © Zurich At a Research level: – IIASA and Wharton provide new insights into flood risk management and test hypothesis that risk reduction is better than relief and recovery. – Review of cost-benefit studies: every dollar spent on risk reduction measures saves 5 dollars through avoided and reduced losses. – Insights why people do not protect themselves from flood risk even if protection measures are available: People have a false sense of security. They may overestimate the likelihood of a flood, but underestimate the losses. – Zurich-developed forensic post-event review methodology (PERC) that analyzes large flood events. 9 major floods reviewed. Findings are cross-cutting, irrespective of their geographical or development context. – We use the insights gathered through research and PERC to improve services to our customers and our in-house expertise in RE and UWR through trainings, workshops and communication. 7
What are some achievements so far? At a Public Policy Level: – We support national, regional and global public policy discussions on flood risk and resilience. We want to improve national flood insurance arrangements longer term. – In 2016, co-organized a Forum on the Financial Management of Flood Risks with OECD. The forum gathered over 100 regulators, insurers and academics, and positioned Zurich as the go-to insurer for insights on flood risk and resilience. – In 2015, North America CEO participated in a White House meeting on climate resilience and extreme weather events. He presented our approach to measuring resilience which led to further meetings regarding the role the insurance sector can play. – We are engaging with the European Commission (EC) Working Group on Climate Action (DG CLIMA), with the EC Working Group on Floods and the Rhine Commission © Zurich At a Country Level: – Flood resilience is a focus topic for Zurich Switzerland. In 2015, they launched a Natural Hazards Radar which is a publicly available tool for a property flood hazard and risk assessment in Switzerland including a set of recommendations how to manage risks. 8
Collaboration Success Development of a framework to understand what provides resilience to floods at a community level – Based around the idea that the way in which a community builds, uses and maintains its assets (the 5 capitals of the sustainable livelihoods framework) creates aspects of resilience Creation of a measurement tool to measure changes in these capitals © Zurich over time – Testing across communities in 8 countries to provide evidence that building capitals results in better resilience outcomes – Providing analysis of community data to help with solution finding 9
What motivates Zurich’s involvement? Challenge for any business is relevance to community Insurance is a risk-transfer tool, but only effective at the tail end In many places, insurance is simply not a priority spend By building resilience, communities manage risk and build prosperity © Zurich This creates relevance for insurance and opens new markets 10
Thank you © Zurich zurich. com 11
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