UGA, Duke collaborate with insurers to rethink climate resilience

Funded by a five-year, $1.5 million grant from the National Science Foundation, a new partnership between the University of Georgia, Duke University and leaders from the insurance and climate data industries will launch the Center for Innovation in Risk, Catastrophes, and Decisions (CIRCAD),  a new initiative focused on insurance innovation and large-scale climate risk mitigation research.

CIRCAD will convene researchers, insurers, policymakers and community stakeholders to rethink how risk is assessed, mitigated and insured in a changing climate, translating research into real-world financial and policy solutions. Using an industry-university collaborative research model, the center will include eight founding industry members that will collectively contribute over $500,000 annually to the effort.

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CIRCAD will also work on improving the climate risk models that drive insurance prices by better accounting for local-scale risk mitigation measures. This approach will incentivize communities to design and implement effective risk-reduction plans. CIRCAD faculty have unique expertise in “nature-based” solutions, including living coastlines to protect against storm surge, forest and vegetation management, and restoration of coastal marshes.

At the same time, the center will help close the gap between the research and data currently available to insurers and what they need for both short- and long-term decision-making. Currently, there is little consistency in data reporting formats, standards and platforms. CIRCAD will improve the quality and accessibility of data for insurers, policymakers and at-risk communities.

In parallel to its research mission, CIRCAD will serve as a hub for professional training and workforce development, engaging students, postdoctoral researchers and practitioners in applied, interdisciplinary learning. These efforts will strengthen the sector’s technical capacity and position insurance, reinsurance and financial services as central actors in advancing national resilience.

"This new multidisciplinary center focused on risk, insurance and disasters is a terrific opportunity to leverage strengths across campus to benefit citizens in our state and throughout the region," said Marshall Shepherd, Franklin College Associate Dean for Research, Scholarship and Partnerships and co-PI on the project. "Hazard resilience is a critical need beyond our coastlines and our students and faculty are prepared to help guide policymakers and communities."

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