News

Stronger Safer Florida Members Speak Out

In Case You Missed It: Karsner Testifies Before Congress on Natural Security and Risks of Climate Change

September 16, 2019

Andy Karsner, an expert strategist in technology, policy and finance and former U.S. Department of Energy Assistant Secretary, last week testified before the House Subcommittee on National Security, International Development and Monetary Policy about the crucial role nature plays in mitigating climate change and strengthening U.S national security.

According to Karsner, the costs of climate-related disasters are steadily increasing, exceeding $450 billion between 2016 and 2018 alone, an average of $150 billion per year. To address this, Karsner advocates for enabling markets to operate more effectively and intelligently, and sharing risks more evenly and equitably.

Much of the risk related to climate change comes in the form of flooding. Approximately $100 trillion of global infrastructure is estimated to be at risk due to inadequate insurance and risk management, while almost 1.9 million homes worth a combined $882 billion are at risk of being underwater by 2100. To mitigate these risks, Karsner suggests:

  • Building better models and assessment tools to estimate the impacts of climate change-related disasters, such as those that the world’s top insurers and reinsurers have been working on, including RenaissanceRe and AXA XL.

  • Requiring the National Flood Insurance Program (NFIP) to charge risk-based rates, which will help reduce the incentivization of new coastal construction through government subsidized flood insurance.

  • Encouraging private companies to write more flood insurance policies.

To read more about Karsner’s testimony, go to https://www.conservation.org/press-releases/2019/09/11/conservation-international-board-member-andy-karsner-to-testify-before-congress-about-national-and-natural-security-on-the-anniversary-of-9-11.

Jennifer Fennell