What does it say when the risk-takers see potential damages as too high to cover even with premium increases? It doesn’t take a genius to figure the problem will only get worse as Earth’s rate of warming increases and the price tags of climate-related disasters rise.
<p><span>Standard Disclaimer</span></p>
<p><span>Thank you to the International Swaps and Derivatives Association (“ISDA”) for inviting me to speak at a forum on climate risk, environmental, social, and governance (“ESG”) issues, the role that derivatives play in these markets, and the market and regulatory environment.</span></p>
<p><span>Thank you to FIA and SIFMA. It is a daunting task to give a keynote on a Friday that is the last day of a conference—particularly a conference that has had engaging substantive heavy content. It’s been such heavy content that some of you plunged yourselves into the freezing cold ocean after yesterday’s panels.</span><span> Please don’t do that after my speech, where I am going to talk about cyber risk and climate risk— two topics that I will admit can feel daunting.</span></p>
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