In the first five months of 2023 alone, the United States experienced 11 climate disaster events with confirmed losses of over $1 billion each. With June’s severe weather in the south, that number climbed to 12. Last year, there were 18 such disasters, costing more than $175 billion and 474 lives.
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In this age of big data, AI, and machine learning, there is more than enough information for insightful predictive modeling—leveraging climate science, actuarial data, and financial analysis—that can be used to understand organizational vulnerability to different climate-driven physical risks.
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No one has unlimited resources, so it is imperative that agencies align their climate resilience investments to where those investments can have the greatest benefit. This means evaluating the cost of inaction against the cascading impacts of inevitable disruption, with existing asset management and capital planning inputs.
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