Washington, D.C. Jan. 19, 2016 — Risk Cooperative and Lloyd’s, the world’s specialist insurance market, have partnered to move from dialogue to response on city-level risk. The Lloyd’s City Risk Index is the first ever analysis of economic output at risk (GDP@Risk) in 301 major cities from 18 man-made and natural threats over a ten-year period. The index includes: cyber-attack, terrorism; flood, freeze, heat, and other climate security risks; and market crash, among others. This summit, featuring speakers from across multiple sectors, including leading experts on resilience as well as top executives and policymakers, aims to start a meaningful process toward enhancing city-level resilience.
“Never before has there been a public-private dialogue like this, urging all stakeholders to get off the sidelines. The City Risk Index and this summit provide a great platform to facilitate moving the discussion from talking about risk and resilience, to how we can respond to a shifting landscape,” said Dante Disparte, CEO and Founder of Risk Cooperative. “Failure to meet this urgent challenge not only shoulders tax payers with unfunded losses, it leaves many cities exposed.”
The Index aims to help build understanding and shape the world’s response to the shifting risk topography. Initiating a discussion between insurers, all levels of government and businesses on the need to improve resilience to these threats will serve as an incubator for the development of broader market-based solutions. Such solutions will help shore up liquidity for programs such as flood insurance, among others.
“As the findings from our City Risk Index illustrate, the risk landscape is rapidly changing with new and emerging risks impacting governments, business and individuals across the world with increasing severity and frequency,” said Glenn Dorr, Director of Lloyd’s Northeast region. “The Lloyd’s and ASP Risk Forum marks a landmark moment for the insurance industry, as we look to engage key stakeholders and work together to build more resilient infrastructure and institutions.”
Pathways to City Resilience, hosted with The American Security Project will be held on February 17, 2016 in Washington, D.C. For further information about the summit, please visit here.
About Risk Cooperative
Risk Cooperative is a specialized strategy, risk and capital management firm founded around the question of what people would do in a world without risk? With this guiding principle, Risk Cooperative addresses the most pressing strategic questions of market expansion and innovation, strives to remove risk from management decisions and works to level the playing field for small to medium-sized enterprises (SMEs) in the capital markets. Headquartered in Washington, D.C., alongside the American Security Project, Risk Cooperative stands on three often separate disciplines of strategy, risk and investment, bringing them together as a part of our methodology to unlock value from risk. Founded in 2014 by a team of risk, strategy and capital management executives, Risk Cooperative operates across a wide range of industries helping them gain access to global markets and innovate. Risk Cooperative is a licensed brokerage across the full spectrum of risk and insurance solutions. To learn more visit www.riskcooperative.com
Lloyd’s is the world’s only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2015, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd’s, covering all lines of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.