RISK ECONOMY: REGIONAL RESILIENCE AND THE COST OF DOING NOTHING

March 13, 2014

1:00 pm – 6:00 pm

NYU Institute for Public Knowledge, New York City

Team WXY/West 8 held a finance colloquia, which included a panel of industry experts who discussed risk, finance, and insurance based tools.  Team member, Andy Kao, from AIR Worldwide, presented AIRs catastrophe modeling framework which provides Insured Loss Calculations. Andy presented the results of our barrier scenario using the catastrophe model and Steven’s Institute’s new surge data as producing Regional Scale Savings.  The team’s barrier island scenario resulted in savings of up to XXX, while the cost of doing nothing was XXXX. Kei Hayashi, team member and founder of BJH Advisors, discussed various funding frameworks; theorizing that there are innovative ways to pool risk and consider great potential for regional savings. Much of the discussion focused on the future of the ocean as a potential frontier for innovation and economic engine.

Mr. David Paget,  Principal of Sive, Page & Riesel, P.C., discussed the formidable complexity in moving a project like this forward and the need to have projects like these discussed on the National level.   He emphasized the importance of having sponsorship of “foundations, think tanks, universities, and what they can contribute, not simply in terms of dollars, but in terms of know-how, and scientific knowledge.”   Comments and questions from the community event have been recorded and will be wholly invaluable in the team’s understanding of regional systems.

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