Pitch
Climate Change has changed the nature of risk globally. It could cause the breakdown of the insurance and financial system.
Description
Make life easier/more difficult for Singapore?
More difficult
Describe the change
The effects of climate change are manifold and manifest not only in extreme weather events but lead to other issues such as increases in vector borne diseases (ie. dengue).
Insurance and financial companies will be increasingly unable to price risk as outdated models relying on historical data no longer hold true. The liabilities of insurance companies for example could increase exponentially and drive them out of business. Countries and citizens will find it increasingly difficult to gain access to affordable insurance for healthcare, businesses and assets.
How will this change impact Smart Nation Singapore in 2030?
•Income inequality is exacerbated as people are unable to recover from events like floods (even in Singapore) or other climate induced events. •Increasing stains on public infrastructure to provide for people and share the cost burden of climate change impacts.
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