Catastrophe risks impose a significant financial burden on society, particularly when they are not managed effectively. With the renewal of a five-year strategic partnership with Travelers, the Wharton School’s Risk Management and Decision Processes Center is conducting a systematic, rigorous analysis of catastrophic risk management and financing. The Travelers-Wharton Partnership for Risk Management and Leadership will generate new research on how the public and private sectors could incentivize individuals, companies, communities, and infrastructure owners and operators to increase their resiliency.
The partnership between Travelers and Wharton builds on the success of their 2010–2015 research program, “Effective Leadership Practices in Catastrophe Risk Management in the S&P 500,” with the Risk Center and the Center for Leadership and Change Management, which identified best practices for natural disaster preparation and response. The culmination of this program will be the release of a new book — Rethinking Catastrophic Risk: How Companies Cope with Disruption (Oxford University Press). These critical projects allow Travelers to contribute to the field of catastrophic risk management through support for Wharton’s innovative research. Wharton’s partnership with Travelers exemplifies the School’s commitment to robust engagement with industry, and the generation and dissemination of leading-edge knowledge with real-world applications.