NOAA, Reinsurance Association of America sign collaborative agreement to improve risk communication

Today, NOAA and Reinsurance Association of America offsite link(RAA) signed a memorandum of understanding (MOU) to collaborate on the shared goal of analyzing and communicating weather and climate hazard risks to key stakeholders. 

The MOU will allow NOAA and RAA, the leading trade association of property and casualty reinsurers working in the U.S., to better serve the public and improve natural hazard understanding and resilience in the U.S. NOAA’s climate, weather and natural hazards expertise and resources, combined with RAA’s member and stakeholder expertise in risk, provides an opportunity to both further public-private sector dialogue on risk and advance NOAA’s longstanding mission of science, service and stewardship. 

“Weather and climate extremes continue to pose a significant risk to communities and our economy,” said NOAA Administrator Rick Spinrad, Ph.D. “We know that certain extreme events are increasing, and we know that more people and physical facilities are in harm’s way. This partnership will help improve our ability to make the scientifically informed decisions needed to improve resilience.”

Halfway through 2024, the U.S. has already observed 15 separate billion-dollar weather and climate disasters. In 2023, the U.S. experienced a record 28 separate billion-dollar weather and climate disasters, totalling nearly $95 billion.

“The RAA appreciates the opportunity to meaningfully advance our long-standing relationship with NOAA with the continued goal of reducing the loss of lives and property damage caused by extreme weather events, as well as helping American families recover faster from these events, through better research and data,” said RAA President Lee Covington. “The RAA looks forward to serving as a facilitator for industry engagement with NOAA on these important issues.”

Now more than ever, the importance of properly assessing and communicating the risk of weather and climate hazards is paramount. In the 1980s, a billion-dollar weather and climate disaster occurred once every 15 weeks. That number has jumped to an event every 2.5 weeks on average over the last five years. 

Under the MOU, NOAA and RAA will work together to address the risks faced by communities nationally and internationally, and improve the usefulness of NOAA’s products and services to the insurance and reinsurance industries. 

Climate, weather, and water affect all life on our ocean planet. NOAA’s mission is to understand and predict our changing environment, from the deep sea to outer space, and to manage and conserve America’s coastal and marine resources.