NOAA & NSF Researching Insurance Industry’s Climate Needs — New Research Center
will support the creation of an Industry-University Cooperative Research Center focused on modeling catastrophic impacts and risk assessment of climate change to help better support the needs of the insurance sector.looks at past events while climate modeling looks to the future,” said NOAA Chief Scientist Sarah Kapnick, Ph.D. “We need a new and improved way of combining these approaches in order to address the challenges that are being accelerated by our rapidly changing climate.
Catastrophe models combine science, historical data of extremes and damages, building codes and physical asset information to estimate present and future financial damages from extreme climate and weather events. Climate projections and seasonal-to-decadal predictions have not traditionally been incorporated into catastrophe models, with early research suggesting risk due to climate change may not be accurately quantified.
NOAA and NSF share a mission to understand and predict changes in climate, weather and the ocean and coasts, including the role of human behavior in affecting and responding to these changes. The announcement of the IUCRC comes at the conclusion of a series of webinars co-hosted by NOAA and NSF that have focused on identifying research and workforce capacity needs in this space for the private and public sectors.
“This partnership between NSF and NOAA focuses on industry and academia jointly solving some of the most difficult problems we face. Predicting the risks and damages of climate-related perils such as wildfires, floods, tornados and hurricanes in a world of radically changing and intensifying catastrophic weather is essential. Using the NSF industry-university cooperative research center model, this powerful vehicle will channel basic and use-inspired research for the benefit of the U.S.
will be made later in the year. The new research center will benefit from interactions with and the experiences of the current NOAA and NSF climate science centers, including NOAA labs and cooperative Institutes.
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