Insurers are sounding the alarm bells on potential mass layoffs within US science agencies, warning that crucial weather and geospatial data could be at risk if these cuts go through. Here’s a breakdown of the key concerns:
- The Reinsurance Association of America is actively lobbying the US commerce secretary to preserve data collection at the National Oceanic and Atmospheric Administration (NOAA) to prevent more than 1,000 staff firings.
- Insurers are concerned about the potential effects of these layoffs on critical data sources like the National Weather Service and “Hurricane Hunter” jets, which provide real-time storm data vital for accurate forecasts.
- Additional cuts to agencies like Nasa, US Army Corps of Engineers, and the US Geological Survey have raised further worries in the industry, particularly around live hurricane tracking, tornado monitoring, drought alerts, and wildfire warnings.
- The insurance sector heavily relies on NOAA’s infrastructure for data collection, which includes satellites, ships, and weather buoys that they do not possess themselves.
- Interruptions to data streams from NOAA could impact rainfall and tidal data, terrain information from USGS, and essential forecasting capabilities for hurricanes, affecting insurers’ ability to assess risks accurately.
- While insurers like Munich Re are not solely reliant on NOAA data, the agency’s information plays a crucial role in their risk assessments and monitoring systems.
- Switching to private data providers could pose challenges in terms of accuracy, consistency, and cost burden for insurers and ultimately consumers.
- The historical value of NOAA data is also at stake, as consistency over time is crucial in accurately modeling perils like hurricanes.
It’s imperative that these issues are addressed promptly to ensure the continuity and accuracy of vital data sources for both the insurance industry and consumers. In a world where climate change is an ever-present reality, the preservation of these data outlets is essential for effective risk management and disaster preparedness. Let’s work together to safeguard these critical resources for a safer and more sustainable future.
Leave feedback about this