Risky business - How we adapt to climate change could ‘insure’ a better future
You might have come across the term black swan events – commonly used in the insurance space – they’re considered rare occurrences that are almost impossible to predict.
As our climate and weather patterns continue to change at pace, the unexpected is really all we can expect now. How do businesses like insurers plan for risk and implement resilience strategies in the face of uncertainty?
Leading with clarity during these high-pressure events takes a systematic approach, and for James Fitzpatrick, the Chief Technical Officer at Allianz Australia, this is his bread and butter.
James’ industry has plenty to share with leaders in other fields when it comes to planning for "unknown unknowns,” and he explains to host Dr Juliet Bourke how insurers have mapped and modelled the future in the past, how those methods are changing as climate events become increasingly unpredictable, and how the core principles behind those methods can work in other sectors.
Professor Frederik Anseel, Senior Deputy Dean of UNSW Business School, drops in to explain why practice doesn’t always make perfect when it comes to managing risk.
The Business Of podcast is brought to you by the University of New South Wales Business School, produced with Deadset Studios.
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