Principle 5 - Inform public policy making (continued) The Reinsurance Association of America (“RAA”) that is damage-resistant, and through personal and RenaissanceRe is a member of the RAA, one of the corporate action to help minimize disruption to normal life leading trade associations of property and casualty and work patterns. RenaissanceRe worked closely with reinsurers doing business in the United States. the Working Group on Climate Adaptation sponsored RenaissanceRe Risk Sciences’ President chairs the by IBHS to develop the first Climate Change Adaptation RAA Extreme Events Committee, whose role is to review Principles, which have been signed by representatives of information to inform policy on extreme weather events. the property insurance industry to support the Biden- The RAA is an active advocate for reinsurance interests Harris Administration, Congress and local governments’ before state regulators and legislators, who directly efforts to enact smart climate adaptation policies. In 2021, regulate the insurance business. At the federal level, IBHS released guidelines for the “Wildfire Prepared the RAA actively lobbies on insurance and reinsurance Homes Designation”, mainly focused on California regulatory issues, engaging in a variety of activities that however eventually applicable to the balance of the U.S. serve its members and affiliates by representing their Also underway is research towards guidance for the collective interests, as well as providing information “Wildfire Prepared Community Designation” that will and analysis to audiences outside the industry. complement the Wildfire Prepared Home Designation & RenaissanceRe also serves on the RAA’s Climate offer loss reduction measures and adaptation activities Committee, which is responsible for reviewing proposals for homes and business threatened by wildfire. This from various government sources, with an aim to help leverages laboratory research and field research done by the reinsurance industry be a leader on climate issues. IBHS on wildfire hazards and vulnerability. RenaissanceRe actively contributed to the RAA Cat Risk Management Conference coordination and planning held in May of 2022 where the RenaissanceRe Risk Sciences President moderated and the RenaissanceRe Insurance Development Forum (“IDF”) Global Head of Climate and Sustainability participated in a panel on the ‘Industry response to Climate Change’. RenaissanceRe plays an active role within the IDF. The IDF initiative grew out of the climate change underpinnings of the UN Sendai Framework and aims to incorporate insurance industry risk measurement know-how into existing governmental disaster risk reduction frameworks, and build a more sustainable, Institute of Building Home Safety (“IBHS”) resilient insurance market in a world facing growing natural disaster/climate risk. RenaissanceRe has long been part of the IBHS, an insurance industry trade group that focuses on reducing RenaissanceRe co-chairs the IDF’s Risk Modeling the social and economic effects of natural disasters Steering Group (“RMSG”), which aims to expand access and other property losses by conducting research and to credible and consistent natural hazards risk data, advocating improved construction, maintenance and models, and expertise. The RMSG has been recognized preparation practices. The President of RenaissanceRe by the IDF as having a central role in the IDF’s priorities Risk Sciences has served on both the Executive on climate and natural hazard resilience. It involves Committee and the Board of IBHS. The organization approximately thirty organizations and aims to achieve works to promote resiliency from natural disasters and methods and practices which are repeatable, scalable, other property losses by developing an infrastructure and efficient, thereby reducing duplication of activity. KEY PROJECTS Partnering in the IDF / UN Providing technical risk analytics Funding the development of the Development Programme / advice to the Start Ready first probabilistic Sri Lanka flood German government Tripartite humanitarian financing facility, an model in an open-source format Agreement programme to innovative programme from Start to improve analysis of regional build insurance capability Network, a grouping of over 50 flood risks, enhance disaster in vulnerable countries. NGOs and civil society organizations. risk financing and community RenaissanceRe is a lead partner Start Ready will help communities resilience, and lower barriers to in the agreement’s Bangladesh in 8 countries anticipate imminent high-quality hazard and consortium, utilizing satellite extreme events and build resilience risk information. imagery to develop enhanced through contingent risk financing flood resilience solutions in the measures including insurance, Brahmaputra delta region. ultimately making countries less dependent on emergency aid. PPageage 1 199