All posts tagged financial consequences

Storm in a teacup

flood UK dec. 2015

It’s being called the “great flood of 2015”, as Britain has been pummelled by seven storms this winter, including Abigail, Barney, Clodagh, Desmond, Eva and Frank. Further, emergency services and volunteers have been working around the clock to deal with the immense damage caused by the opening of a barrier on the River Foss on Boxing Day for a four-day period, flooding a large swath of York, in a controversial attempt to stop the flood spread caused by the downpour. In total, more than 180 flood warning and flood alerts are now in place across the UK and 27 “danger to live” warnings are in effect across central and norther England and Wales.[1]www.mirror.co.uk/news/uk-news/uk-weather-nasa-satellite-image-7085048

Along with the floodgates, many questions have been raised as a result of the catastrophic financial consequences of the storms of this winter regarding the state of preparedness of the UK’s public and private sector in responding to climate change today. They concern not just how the flood defences are inadequate to handle the “new normal” of more severe and frequent extreme weather events facing the UK, but how risk management solutions such as flood insurance are failing the public as the full extent of the total uninsurable losses, and the slowness in getting EU and national grants and insurance payments to those in imminent need, is revealed. They both point to the need to explore what financial solutions are available to enable the UK to mitigate climate risk and buy time in the short term while investing in the environmental solutions that scientists have already identified as necessary to reduce climate change in the long-term (eg. replacing the use of fossil fuels with renewables and restocking carbon sinks).

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Under Construction

construction

It is said that the road to success is always under construction. But what if the construction itself must be delayed or come to a halt entirely? A construction company can try to schedule its work around favourable weather conditions, but there is only so much that can be done if Mother Nature is being disagreeable. Traditional risk management solutions such as severe weather management guidelines and liability insurance have been inadequate in insuring against the delays and increased costs associated with the effects of inclement weather on a job site. Fortunately, new industry solutions are now available to address the increasingly significant risks affecting the construction industry.

It is considered one of Canada’s most enchanting places, where the mountains meet the sea. One might alternatively spot a moose, bald eagle or pilot whale while strolling the world-famous Cabot Trail coastline. The complex habitat of norther Cape Breton Island is diverse, its natural wonders and cultural treasures drawing tourists from near and far each summer. Of course, it would not be a true Canadian summer without seeing the other all-too familiar local summer highlight though: the ubiquitous roller, the screed, asphalt raker, or stone spreader.

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