- Tokio Marine Group is the inaugural underwriting partner of the new Resilience Finance Taskforce.
- The new partnership will see Tokio Marine Group companies provide expertise and support to the Taskforce with a focus on developing commercially viable finance and insurance solutions for project portfolios that enhance climate resilience in more than 100 cities
- At the G20/U20 event in Rio de Janeiro, Brazil, the initiative will seek to convene cities, financial institutions and wider stakeholders to reduce growing protection gaps of over $100 billion USD per year1, between economic losses and insurance coverage for climate-related events
14 November 2024 — The Resilient Cities Network (R-Cities) and Tokio Marine Group today announced a new partnership which will see Tokio Marine Group provide expertise and support to the Resilience Finance Taskforce, made up of cities and private sector partners to scale up the portfolio approach to investment in city resilience. The Resilient Cities Network is the world’s leading urban resilience network, comprised of over 100 cities across six continents; including London, New York, Rio de Janeiro and Cape Town.
Tokio Marine Group will serve as the inaugural underwriting partner of the new Resilience Finance Taskforce. With financial support provided by Tokio Marine Kiln, the Taskforce will develop the frameworks and methodologies cities need to scale resilience finance. At a roundtable event at the U20 in Rio de Janeiro this week, Taskforce partners will discuss the emerging resilience finance agenda and the role of the private sector in funding resilient urban development.
Brad Irick, Co-Head of International Business of Tokio Marine Holdings, said: “The global risk landscape is becoming more volatile. The world needs better solutions for risk management, mitigation and recovery. Finance and insurance play a critical role in helping to rebuild people’s lives and businesses in the wake of devastating events. By partnering with cities to provide support where it’s most needed, we can develop solutions designed to weave resilience into the fabric of society. Our commercial partnership with R-Cities will enable us to harness our 140+ years of expertise to find innovative solutions that help strengthen urban resilience.”
Growing global risks and protection gaps
From 2018 to 2022, the average gap in economic losses and losses covered by insurance grew to over $100 billion per year, nearly 20% higher than the average over the last 10 years.
Many cities have a comprehensive resilience strategy, but do not have the capital or resources to proactively create resilient project portfolios that are attractive to investors, instead seeking incidental funding opportunities. The purpose of the Resilience Finance Taskforce is to support cities to develop holistic portfolios of resilience projects that enable investment in urban transformations and mobilize finance to address risk in these turbulent times.
“We need to put cities back in the driver’s seat, empowering them to attract investments that will allow their communities and businesses to thrive, resilient to whatever shocks and stresses may come,” said Lauren Sorkin, Executive Director of Resilient Cities Network. “Strategic investment and policy change that builds resilience is more urgent than ever. The partners aligning for the Taskforce are well-placed to do just that.”
1 https://www.swissre.com/institute/research/sigma-research/sigma-2024-01.html
About Tokio Marine Group
Tokio Marine Group is one of the world’s largest global insurance and risk players with a market capitalization of $73 billion as of June 30, 2024, a network encompassing Japan and 46 countries & regions worldwide, and over 43,000 employees. Tokio Marine Group has the capabilities to drive genuine positive change through a business model grounded in a sense of purpose and social responsibility, built on 145 years of history and an enduring culture that fosters innovation and expertise.
Composed of a diverse range of insurance and solutions businesses across the world that bring a depth and breadth of capabilities to address and mitigate the ever-evolving risks we face, we provide our clients and communities with the security they need to move forward, while working to create more resilient societies and a better tomorrow.
About Resilient Cities Network
Resilient Cities Network is the world’s leading urban resilience network. It brings together global knowledge, practice, partnerships, and funding to empower its members to build safe and equitable cities for all. Its unique city-led approach ensures cities drive the agenda to benefit the communities they serve. At work in over 100 cities worldwide, the Resilient Cities Network supports on-the-ground projects and solutions to build climate resilient, circular and equitable cities while also facilitating connections and information-sharing between communities and local leaders.
For more information, please visit https://resilientcitiesnetwork.org/.
Tokio Marine Group
Press contacts
Laura Guerin
Head of Marketing & Communications, Tokio Marine Kiln
Laura.Guerin@tmkiln.com / TMK@mhpgroup.com
Brian Norris
MHP Group
Brian.norris@mhpgroup.com / Tokiomarinegroup@mhpgroup.com
Resilient Cities Network
Press contacts
Lynette Lim
Global Director, Communications & Knowledge, Resilient Cities Network
(In Rio de Janeiro) James Neimeister / jneimeister@resilientcitiesnetwork.org
