Climate Risk Management examines how changing weather patterns and long-term climate shifts affect populations, organisations, infrastructure, and global systems. The module introduces approaches for mapping, analysing, and managing risks associated with natural hazards such as floods, hurricanes, earthquakes, and wildfires. Students will explore strategies for addressing climate-related challenges in areas such as energy and food security, public preparedness, and economic resilience, alongside emerging financial and risk-sharing mechanisms. Students will be introduced to the role of insurance in climate risk resilience. Key topics include the use and limitations of climate data, the analysis of catastrophe events, and the role of risk transfer and adaptation mechanisms within broader climate governance frameworks. The module equips students with practical tools to understand and respond to evolving climate-related risks across public, private, and community contexts.

The syllabus builds on students' understanding of fundamental sustainability and reporting requirements. The syllabus covers fundamental issues, including: Impacts of climate change on populations, organisations, and global markets. Catastrophe risk modelling and extreme event analysis. Insurance, climate resilience, and sustainability (including the role of insurance in achieving the UN Global Action Targets). Data limitations, uncertainty, and scenario-based climate risk assessment. Fintech and innovation in climate risk transfer. Nature, risk, and microinsurance in developing and vulnerable contexts.

On successful completion of this module, students will be able to: Explain the nature and drivers of climate-related risks, including physical, transition, and liability risks, and their implications for populations, organisations, and insurance markets. Analyse how natural hazard events such as floods, hurricanes, earthquakes, and wildfires are quantified using catastrophe risk modelling and extreme event analysis techniques. Evaluate the key limitations and uncertainties associated with climate data, catastrophe models, and forward-looking climate risk assessments. Compare alternative climate risk transfer mechanisms, including reinsurance, insurance-linked securities, microinsurance, and blended risk transfer products, across different risk contexts.

On successful completion of this module, students will be able to: Demonstrate an awareness of the perspectives and interests of multiple stakeholders involved in climate risk management, including insurers, policymakers, communities, and vulnerable populations. Acknowledge the ethical, social, and equity considerations associated with climate risk management, insurance availability, and protection gaps.

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The module is taught through 2 live lectures and 1 tutorial per week. Reading material is provided in advance of each tutorial for class discussion and students are encouraged to collaborate within groups. The module will include real-life examples and case studies so students can link theory to contemporary practice.