Exploring New Solutions for Addressing Climate Risk at Insuring the Future 2024
The Griffith Foundation recently participated in "Insuring the Future 2024," an event where industry professionals and regulators discussed risk-based mitigation approaches in response to evolving climate challenges. The Connecticut Insurance Department (CID) and Connecticut Insurance & Financial Services (CT IFS) combined their annual events—the Connecticut Conference on Climate Change and Insurance (C4I) and the Insurance Capitol Summit (ICS)—to create a unified conference focusing on resilience and innovation.
Moderated by Frank Tomasello, Executive Director of the Griffith Foundation, the session titled “Innovative Risk-Based Mitigation: The Role of Insurance in Resilience and Nature-Based Solutions” featured a panel of industry experts. Panelists included Superintendent Beth Dwyer of the Rhode Island Department of Business Regulation; Lawrence “Lars” Powell, Director of the Alabama Center for Insurance Information and Research; Natalie Enclade, Executive Director of BuildStrong America; and Russell Stack, Director of Catastrophe Analytics at Aon.
The panel discussed how insurance expertise can support economic stability and sustainable practices through risk-based mitigation strategies. Topics included nature-based solutions, such as coral reefs or firebreaks, as potential alternatives to traditional infrastructure for managing climate risks. Panelists also highlighted the importance of using data and modeling tools to more accurately assess these risks and to support community resilience.
A recurring theme was the value of collaboration across sectors. Panelists noted that joint efforts between public and private entities could help communities better address climate-related challenges. Additionally, the panel explored how partnerships can support proactive risk management and contribute to a more stable future. Discussions pointed to the potential for integrating nature-based solutions, data-driven decision-making, and collaborative public-private efforts to enhance resilience and long-term stability in the context of climate-related risks.
The complete program can be viewed here.