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Audio July 11, 2025

Banks Face the Financial Storm of Climate Disasters Without a Playbook

Anand Hingway, Executive Director, Enterprise Risk Management, CIBCLinkedIn profile for Anand Hingway

CIBC's Anand Hingway reveals the staggering financial risks of climate disasters, emphasizing a triple threat of higher costs, increased frequency, and multi-event exposures. He critiques the lack of preparedness in financial institutions and advocates for proactive risk playbooks, smarter insurance tools, and resilient rebuilding to protect portfolios and communities alike.

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Climate risk is no longer a future concern - it’s a daily operational hazard. Anand Hingway, Executive Director at CIBC, breaks through the noise to spotlight how ill-equipped financial institutions are in the face of natural disasters like wildfires and floods.

With over 115 billion-dollar climate events in just five years and a funding gap that can exceed 40% of damages, the financial services industry stands on shaky ground. Most firms, Hingway warns, still operate without a defined climate crisis playbook—choosing inertia over action even after major losses.

But this isn’t just a problem of reactive governance; it’s a missed opportunity. Hingwei presents a vision where financial institutions play a transformative role—not only in post-disaster relief but in building resilient, future-ready communities.

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