World Economic Forum’s Global Risk Report to be released on Jan 16, 2014. What Risks Top the Ranking this Year?

For the 9th consecutive year Dr. Erwann Michel-Kerjan and his team at the Wharton Business School are partners of the World Economic Forum (Davos) for the annual Global Risks Report 2014. The report looks at over 30 of the most important risks that can have global impacts in environmental, societal, economic, geopolitical and technological areas. […]

Testimony before the US Congress (September 2013)

EMK was asked to testify today before the US Senate (Banking Committee) on the future of the terrorism risk insurance program that provides $100 billion of coverage to corporations doing business in America. CLICK HERE FOR FULL COVERAGE

Should the U.S. Backstop Private Terrorism Risk Insurance – Forever? (July 2013)

In the following TIME opinion piece, adapted from his testimony before the US Congress, Erwann Michel-Kerjan, discusses the need to extend government-funded terrorism risk insurance – but with some market-oriented modifications. This article appeared end of June in Knowledge@Wharton and in MAMIC’s magazine. The terrorism risk insurance program is supposed to expire in 18 months. […]

Global Risks in 2013: The Davos Barometer

The world is most at risk from the lingering financial crisis, deflecting attention from climate change at a time of increasing extreme weather events, according to the World Economic Forum’s Global Risks 2013 report. A survey of over 1,000 experts and industry leaders has identified the top two most prevalent global risks to be severe […]

December 21, 2012: End of the World?

It’s 12.01pm. So far no apocalypse… but who knows it could just be a one-standard-deviation error on the 5125-year-long cycle Mesoamerican calendar.

How Resilient Is Your Country?

(Editorial by Erwann Michel-Kerjan, Nature, 491, Nov. 2012) — Extreme events are on the rise. Governments must implement national and integrated risk-management strategies. As the United States continues to mop up after Superstorm Sandy, we see again our vulnerability to extreme events. The destruction was massive: US$50 billion in economic losses; large-scale evacuations; thousands of […]

G20: Disaster Risk Financing is a Priority

On November 5, the G20 had its last series of meeting for the Mexican Presidency. In its final official communique, the members of the G20 declared: “We recognize that disaster risk financing policies are necessary for an overall Disaster Risk Management (DRM) strategy. We appreciate and welcome the combined efforts made by the World Bank […]

SANDY DISASTER: Who Will Pay?

Hurricane Sandy has made landfall. Its winds have pushed a lot of water inland, and combined with heavy precipitations, flood damages are likely to be very important. Who will pay for your losses? The answer is it depends on whether or not you have flood insurance covering your property. Warning: your traditional homeowner insurance coverage […]

Sandy: A Leadership Test Days only before the US Presidential Elections

“As of Saturday, Sandy is predicted to be a major hurricane that could hit the east coast of the US and inflict severe damages. For now it is mainly a TV event which one watches evolving live on TV. But has it continues to move North and becomes stronger, preparedness will be key. As many […]

Testimony before Congress: The Future of the $100bn Terrorism Risk Insurance Program

On September 11, 2012, Dr. Erwann Michel-Kerjan testified before the House Committee on Financial Services. “Thank you, Chairman Biggert. Let me open by saying that if our common goal, is to make the Nation more financially resilient to future terrorist attacks, and also to limit the spending of taxpayers’ money, then our debate should not […]