Long-term disaster funding, short-term recovery funding key to building resilient cities

Swiss Re emphasizes tailored solutions to help communities bounce back from natural disasters at the Clinton Global Initiative Mid-year Meeting.

For the first time in history more than half the global population now lives in cities, and over 80% of the global GDP emanates from them. The impact on New York City and the USD 100 billion loss caused by Hurricane Sandy clearly underlines the fact that cities are highly vulnerable to severe weather and climate change. The system caused high winds and storm surge, leading to power outages, damage to the area's infrastructure and even a two-day closure of the New York Stock Exchange and NASDAQ.

Swiss Re Americas Chair Phil Ryan (r) speaks with NYC Mayor Michael Bloomberg (l) at the Clinton Global Initiative Mid-Year Meeting on 6 May 2013. Image: Juliana Thompson / CGI

Building city resilience is now a top priority for governments and businesses alike, and insurance has a very important role to play as Swiss Re America's Chairman Phil Ryan explained during the Clinton Global Initiative's Mid-Year Meeting in New York City on 6 May.

"Insurance touches the resiliency issue for cities on many levels. Cities need to think about insurance in a different way. They need to focus on tailored solutions for long-term disaster funding as well as short-term recovery funding," Ryan said.

Solutions such as our partnership with the US state of Alabama reflect our commitment to helping areas bounce back.

Swiss Re has been a member of the Clinton Global Initiative since 2006 and participates in the organization's Annual Meeting every year.

Published 21 May 2013

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