Rising Cost of Rising Water Webinar Series

Part 1: Can South Carolina Afford the Next Storm?

Tuesday, Aug. 18, 2020  |  11 a.m. – noon

The cost of natural disasters is increasing dramatically. How will South Carolina pay for a future of more frequent, intense flooding and storms? Featured panelists included Kim Stenson, director of the South Carolina Emergency Management Division, and Pamela Williams, executive director of BuildStrong Coalition. Moderated by Gavin Jackson, public affairs reporter for South Carolina ETV, with a special welcome from Dale Threatt-Taylor, executive director of The Nature Conservancy in South Carolina.

Missed it, or want to listen again? Watch the video below!

This first webisode drew 80+ attendees from the insurance, engineering, real estate and financial sectors.

BIGGEST TAKEAWAYS

“Don’t build in vulnerable areas … If we continue to build in floodplains and places that are probably going to be impacted by disasters, then we’re going to continue to have problems… We’ve got to change the culture [and] there’s a lot of different issues involved with that.”
—Kim Stenson, Director, SC Emergency Management Division

“Unlike repairing something that has been impacted by a disaster, if we make it stronger, we’re avoiding future damage. That’s huge. That’s a smart investment, so we need to be driving federal investments in ways that are cost effective and risk reducing.”
—Pamela Williams, Executive Director, BuildStrong Coalition

Part 2: Can Insurance Keep Up?

Tuesday, Oct. 6, 2020   |    2 – 3 p.m.

From hurricanes to megafires, the rising cost of natural disasters is all over the news. Can insurance keep up, without bankrupting their rate payers or themselves?

Featured panelists included Ray Farmer, director of the South Carolina Department of Insurance; Frank Nutter, president of the Reinsurance Association of America; and Raghuveer Vinukollu, senior vice president and natural catastrophe solutions lead for Munich Re. Gavin Jackson, public affairs reporter for SC – ETV, returned as event moderator.

Missed it, or want to listen again? Watch the video below!

Attendees from across South Carolina logged on, representing the insurance, engineering, and finance sectors along with federal legislative staff, state and local leaders, state agencies, and emergency management professionals.

BIGGEST TAKEAWAYS

“If it rains at your house […] it could flood.” 
—Director Ray Farmer, SC Department of Insurance

“[There] needs to be a paradigm shift, if you will, in thinking and exploration of the way to solve the problem of climate change in the context of providing financial resources to communities, governmental entities, as well as individuals.”
—Mr. Frank Nutter, President, Reinsurance Association of America

“We also need to think about nature-based solutions. That’s very important. Natural infrastructure is a way to reduce losses. There is a study by The Nature Conservancy and others saying that for Superstorm Sandy the amount of protection the coastal wetlands provided amounted to almost $625 million.” 
—Dr. Raghuveer Vinukollu, Senior Vice President and Natural Catastrophe Solutions Lead, Munich Re

“Insurers are beginning to change their approach… [The National Association of Insurance Commissioners] has established a special committee on climate and resiliency… They’ll be looking at insurers’ use of modeling: how insurers and reinsurers use modeling, how rating agencies incorporate climate risk into their analysis of governments and how strong a company is. They’ll also have an investigation in development of climate-related stress testing and scenario modeling. What is the worst-case scenario? Can your company withstand such a thing?”
—Director Ray Farmer, SC Department of Insurance

9/9/20: New proposal from SC State House would create South Carolina Office of Resilience, advisory board and chief resiliency officer. Read about it in The State newspaper: https://www.thestate.com/news/politics-government/article245568385.html