Click here to find a guide and to access this substantive new report from Lloyd’s.
The report can be downloaded here:
It aims to help city administrators and risk managers, as well as Lloyd’s market insurers and brokers, understand the risks that will influence the design and function of cities in the coming decades.
It provides insight into how these threats could be reduced and how local authorities and insurers are, and could be, working together to do so. The report emphasises the role insurance can play in helping municipalities transfer risks and how insurance data and approaches can help cities back better risk management decisions overall.
The report shows that more than half the world’s population now lives in urban areas, up from a third in 1950, and this is projected to reach two-thirds by 2050 .
As a result, cities are the engines of the global economy. Large cities now account for around 75% of GDP worldwide, forecast to rise to more than 85% by 2030 (McKinsey Global Institute, 2016). These two trends are concentrating populations and economic assets, increasing the impacts and potential losses from disasters.