Category Archives: Resilience

Resilience 2018: Driven by Purpose

There is nothing quite like a “banging EP” to make me feel young again. But that wasn’t the only aspect of my most recent trip to Miami that brought out the millennial in me.

If you missed Exceedance 2018 a few weeks back, you probably also missed Resilience 2018. Embedded every year within Exceedance, RMS holds a space for policymakers and business leaders to collaborate to a very important end: ensuring local communities and regional economies are resilient to the shocks and stresses they face.

Much has been written about how millennials seek work that is meaningful (Schullery, 2013); work which solidifies their self-efficacy (Chalofsky + Cavallaro, 2013). I also blog about the relationship between aims and actions; between purpose and profit.

And there’s some truth in the generational stereotypes. After all, research suggests that impact investing continues to “skyrocket.”

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EXPOSURE Magazine: Looking Back, Looking Forward

The latest edition of EXPOSURE is essential reading for risk professionals, as we look back at what can be learned from last year’s events and look forward to the future including new challenges faced by the global risk management community and new opportunities to capitalize on.

EXPOSURE offers a unique perspective with a clear mission “… to provide insight and analysis to help insurance and risk professionals innovate, adapt and deliver.” And with a new North Atlantic hurricane season nearly upon us, and memories of HIM (Hurricane Harvey, Irma and Maria) fresh in the industry’s collective consciousness, EXPOSURE talks to the industry and paints a picture of a mature, responsible insurance sector that managed HIM with certainty and confidence. Cyber has also demonstrated its potential as a global systemic risk, and EXPOSURE looks at how events such as an outage of a major cloud services provider could generate economic losses as high as Superstorm Sandy.

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Exceedance: Time to Make Risk More Transparent

As the sun shone over the Biscayne Bay at the start of the second full day at Exceedance, our keynote guest speaker, Jeff Goodell, energy and environmental expert, investigative journalist and author of numerous books including The Water Will Come asked a provocative question in his opening slide. It simply said, “Goodbye Miami?”

Jeff said that he was at home being in the company of fellow “catastrophists” and the risk management community at Exceedance, but this is not always the case. When talking about climate change and sea-level rise, he sometimes felt as if he was Richard Dreyfuss in the movie Jaws. Dreyfuss played oceanographer Matt Hooper, a character who continually warned the Mayor of Amity Island to close the beach because of the risk of shark attacks. The Mayor ignored the advice, due to the economic impact of closing the beach … but [spoiler alert] the shark kept coming. Jeff remarked that sea-level rise is the shark, and it’s bigger and more dangerous than we first anticipated.

Jeff Goodell presenting at Exceedance

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Exceedance: Client-focused Transformation

The first full day of Exceedance clearly set the direction that RMS is taking towards transformation — as a strategic partner helping clients to succeed in a time of rapid change. Karen White, chief executive officer for RMS, made her keynote debut on the Exceedance stage, sharing her background working with technology companies during similar game-changing times, and expressing her excitement of the here and know and what lies ahead.

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The Happy Face of Retrofitting

Corina Sutter is Director, Government and Regulatory Affairs at RMS, and is based in London. She joined fellow employees from RMS and RMS clients on our annual Impact Trek in Nepal during March this year. This is Corina’s account of her time in Nepal.

When you think about strengthening a building to make it more resilient to seismic events, does “retrofitting” come top of mind? And if you have heard of retrofitting, do you know why it is more cost-effective, and in many instances more suitable than simply rebuilding? This awareness challenge is what Build Change faces in Nepal; with regards to retrofitting not everyone is aware or convinced — yet.

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Using Catastrophe Models to Promote Resilience

Arriving in Kathmandu for the 2018 RMS Impact Trek, I was already aware of the many years that RMS has provided support for Build Change and its work in areas worst hit by catastrophic disasters. Our first day in the Build Change office was a crash course in their local objectives and challenges. Day Two saw us on a field trip to nearby Kirtipur to survey common building practices. It was a lot of information to process and it was not immediately clear to me what “impact” we could make during our short visit.

But it was later in the week — when, admittedly, the jet lag finally wore off — that I finally caught on.

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A Tour of Kirtipur

Callum Higgins is senior product analyst at RMS, and is based in London. He joined fellow employees from RMS and RMS clients on our annual Impact Trek in Nepal during March this year. This is Callum’s account of his time in Nepal.

On the first day of the Impact Trek, we were based at Build Change’s office in Kathmandu, hearing about the various projects the charity is working on in Nepal from Jessica Stanford (Housing Reconstruction Program Manager), as well as the technological innovations Build Change is using to increase the efficiency of their work from Adam McDonald (New Frontier Technology Architect). For day two, the Impact Trekkers were keen to get out of the office and into the city to examine some of the typical property construction in the region and the challenges that Build Change faces in making a greater proportion of these safe from earthquakes.

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Rural Retrofitting in Nepal With Build Change

Christopher Allen is senior analyst – model development, working within the Event Response team at RMS, and is based in London. He joined fellow employees from RMS and RMS clients on our annual Impact Trek in Nepal during March this year. This is Chris’s account of his time in Nepal.

On Wednesday, March 21, eight somewhat-still-jetlagged RMS Impact Trekkers left the Summit Hotel in Kathmandu bound for the village of Dhunkharka, three hours’ drive southeast of the capital. We were going to see some of the retrofitting work that was being done by Build Change, a social enterprise partner of RMS that aims to build local capacity for safer construction practices. As we weaved our way through Kathmandu traffic (a chaotic affair at the best of times) we noticed several of the characteristics of the capital’s buildings that had been pointed out to us by Build Change over the past few days: soft story, three-floor brick masonry, new construction sprouting up with reinforced concrete columns, the occasional ground floor still occupied by goats or buffalo…

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Pete Cormier: Impact Trek in Nepal

Pete Cormier is a lead cat analyst for Liberty Mutual, and joined employees from RMS on our annual Impact Trek in Nepal during March this year. This is Pete’s account of his time in Nepal.

In March 2018, I spent 10 days with a team in Nepal at the invitation of RMS to volunteer with Build Change, a non-governmental organization (NGO) which is helping the re-building efforts following the April 2015 earthquake. The massive Mw7.8 earthquake caused approximately 9,000 deaths, 22,000 injuries and damaged more than one million homes, schools, and businesses at a cost of US$10 billion, which is about 50 percent of Nepal’s annual GDP (Source: Wikipedia).

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My Nepal Impact Trek Diary

 

Lusi Huang is a risk engineer for Chubb North America, and joined employees from RMS on our annual Impact Trek in Nepal during March this year. This is Lusi’s trek diary.

Day 1: Sunday, March 18

One of the first things that strikes me when arriving in Kathmandu, the capital of Nepal, is that the traffic is just like a bowl of spaghetti, a true jumble — there’s no traffic lights, no center line, all uneven road surfaces. Life in Kathmandu means that you just need to be patient. Another initial observation, solar power is big here, surprisingly there are a large amount of solar electricity and solar hot water panels installed on the roofs of Kathmandu domestic houses.

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