{"id":3052,"date":"2019-02-22T18:44:19","date_gmt":"2019-02-22T18:44:19","guid":{"rendered":"https:\/\/www.dgen.net\/0\/?p=3052"},"modified":"2019-03-17T16:08:43","modified_gmt":"2019-03-17T16:08:43","slug":"oers-an-introduction","status":"publish","type":"post","link":"https:\/\/dgen.net\/0\/2019\/02\/22\/oers-an-introduction\/","title":{"rendered":"OERS \u2014 an introduction"},"content":{"rendered":"

Yesterday, we hosted the kick-off meeting for the Open Environmental Risk Standard<\/a> start up team. This is our summary of that conversation.<\/p>\n

Over 50% of what should be insured in the world, isn\u2019t<\/b><\/p>\n

Our way of assessing, managing and mitigating environmental risk is not fit for purpose.<\/p>\n

For many reasons, our exposure and vulnerability to events such as extreme weather, earthquakes, flooding, landslides, extreme heat and drought is increasing.<\/p>\n

When companies (e.g. insurers) and planners (urban planners, local and national governments) model these risks, they do so in a \u2018black box\u2019. \u00a0Everyone assumes each model is \u2018the best and most accurate\u2019 \u2014 the opposite is true.<\/p>\n

We are heading towards <\/b>
\n<\/b>a market failure \u2014 in the near future<\/b><\/p>\n

Market failure means places and things become uninsurable<\/b> or more expensive <\/b>to insure.<\/p>\n

On the ground, regions, companies and people are not risk informed.<\/p>\n

These are difficult and complicated challenges. They are also collective-action problems. Climate KIC is investing in this project to help bring us together. To address them we need to bring together very diverse skills (from risk modelling to policy to data).<\/p>\n

We believe that it is essential that we do something, that there is a coincidence of desires to create a collective response now, and that there are huge opportunities to create new solutions.<\/p>\n

The OERS project will, in the coming weeks:<\/p>\n

    \n
  1. Create and articulate a clear vision as to specific outcomes<\/li>\n
  2. Convene people across disciplines that can invent new solutions<\/li>\n
  3. Focus on needs, use-cases, business models and scenarios that help communicate the potential<\/li>\n
  4. Map out what elements we should include, and what we should not<\/li>\n<\/ol>\n

    In our meeting, we discussed from which angles we could tackle this problem to demonstrate a market failure and market opportunity.<\/p>\n

    We agreed that:<\/p>\n