The Reinsurance Association of America (RAA), a trade association representing property and casualty reinsurers, and the National Oceanic and Atmospheric Administration (NOAA), an US federal agency focused on the conditions of the oceans, major waterways, and the atmosphere, signed a memorandum of understanding (MOU).
This agreement initiates their collaboration to assess and communicate weather and climate hazard risks to important stakeholders.
Weather and climate extremes continue to pose a significant risk to communities and our economy,” commented NOAA Administrator Rick Spinrad, PhD.
“We know that certain extreme events are increasing, and we know that more people and physical facilities are in harm’s way. This partnership will help improve our ability to make the scientifically informed decisions needed to improve resilience.”
By mid-2024, the US has already experienced 15 distinct natural disasters, each causing at least a billion dollars in damage.
In 2023, the country faced a record 28 separate billion-dollar climate and weather disasters, with total damages approaching $95 billion. The need for accurate assessment and communication of weather and climate hazard risks has never been more critical.
“The RAA appreciates the opportunity to meaningfully advance our long-standing relationship with NOAA with the continued goal of reducing the loss of lives and property damage caused by extreme weather events, as well as helping American families to prepare for and recover faster from these events, through better research and data,” added RAA President Lee Covington.
“The RAA looks forward to serving as a facilitator for industry engagement with NOAA on these important issues.”
Moving forward, the MOU enables NOAA and RAA to strengthen their efforts and take more deliberate action to achieve their shared goals of protecting and assisting the American people during extreme weather events.
Under this agreement, they will enhance and create new risk-related products of significant value to RAA, the insurance industry, and other stakeholders.
Additionally, they will update and expand RAA’s premier Catastrophe Risk Management educational program with the latest climate and weather information. Finally, they will work to better understand the risks faced by communities, especially underserved and vulnerable populations.
