According to Guy Carpenter-affiliate Marsh & McLennan's 2020 Global Risks Perception Survey, climate change and related environmental issues are now the top concerns for companies and governments alike. Extreme weather events are putting an increasing strain on government finances and driving a reevaluation of how catastrophic events are funded. In the context of the rapidly changing climate, public-private partnerships are expected to play a crucial role in offsetting wide-ranging financial and socioeconomic impacts.
In the inaugural episode of The Marsh & McLennan Advantage podcast, experts from throughout the firm discuss risk factors and responses to the changing climate, through the lens of the public and private sectors.
Rob Bailey of Marsh & McLennan Advantage Insights and Ruth Lux, a Public Sector specialist at Guy Carpenter, discuss how governments are partnering with the private sector to transfer some of their exposure to climate risk to the private market. Their discussion touches on the crucial role (re)insurers play in providing affordable flood coverage in the United Kingdom, the regulatory pressures on public sector entities to address under-insurance issues and how public-private partnerships can help governments manage pandemic risks.
Rob Bailey's discussion with Ruth Lux begins at 13:45 of the podcast.