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SINGAPORE, Dec. 1, 2023 /PRNewswire/ -- Tokio Marine Group and Economist Impact announced the launch of The Resilient Cities Index 2023, a major new study into the most prominent risks faced by global cities. The index was devised by Economist Impact and sponsored by Tokio Marine Group, delving into 25 global cities' ability to evade, withstand, and recover from a spectrum of shocks and long-term stresses.
By 2050, over two-thirds of the global population will reside in cities. Rapid urbanisation is making this threat more urgent than ever as cities are facing evolving threats to the urban centres. The purpose of this research is to help measure the resilience of societies and cities, identify the gaps and challenges, and give insights into the opportunities and the way forward.
The Index finds that cities in the Asia and Pacific region are more vulnerable to climate change due to their geography and particular exposure to natural catastrophes and increasingly extreme weather events. In developing countries, this is often compounded by weak institutional infrastructure, and a considerable portion of the population having lower incomes. Asian cities perform comparatively well in disaster management, with Hong Kong, New Delhi, Shanghai, Singapore and Tokyo scoring high for culture of readiness. The report finds that a culture of preparedness is critical to success in disaster resilience.
Some Asian cities also performed well in the critical infrastructure pillar of the index, but there are some weak points that require strategic focus. The cities with the highest scores were Dubai, Shanghai and Singapore. These capital-rich market locations have greater opportunities to develop new infrastructure, compared with European cities constrained by decades- or centuries-old systems. Within this pillar, digital infrastructure and transportation were a drag on cities' resilience.
However, Asian cities lack resilience in other aspects within the Index's environmental pillar, which also ranks resilience related to flooding, heat stress, air pollution and decarbonisation. Among emerging Asian cities, Bangkok, Dhaka and Jakarta are poorly equipped to respond to flooding, while New Delhi and Jakarta are particularly exposed to heat risk, reflecting the challenge these cities face amid increasingly volatile weather that is driven by climate change.
Max Hirai, CEO, Tokio Marine Asia said: "The findings of the Resilient Cities Index demonstrate the need for Asia to take environmental changes more seriously if it is to mitigate existing and emerging risks facing its most global cities and their inhabitants. Extreme weather events, from typhoons and wildfires to flooding and heatwaves, are becoming more frequent and their effects more devastating. Aware that disaster mitigation is a critical social issue, Tokio Marine Group has been working towards creating a comprehensive disaster prevention and mitigation activities.
We have seen, firsthand, the vital role which insurance can play in driving market maturation in emerging economies and how, by increasing insurance penetration and providing social safety net, we can support businesses and communities back on their feet, furnished with the means and expertise to rise stronger."
Pavlos Spyropoulos, Regional Managing Director - Asia Pacific, Tokio Marine Kiln, added: "Responding to the increased vulnerability to natural catastrophes that cities in Asia are facing will require the public and private sectors to collaborate on building resilience.
Specialist insurers have the skills and expertise to help quantify and provide solutions to mitigate against complex risks. This includes, for example, supporting the development of digital infrastructure by providing cyber insurance, and creating new products to protect and build more resilient supply chains."
The establishment of Tokio Marine Resilience will promote comprehensive disaster prevention and mitigation solutions through planning, developing and providing new services. Through this business, Tokio Marine Group will contribute to building a society that is resilient against natural disasters.
Notes to Editors
The Resilient Cities Index, developed by Economist Impact and supported by Tokio Marine Group, measures cities' abilities to predict, withstand, adapt to, and recover from various changes efficiently. It evaluates 25 cities across four pillars and 19 indicators, emphasizing a holistic view of resilience. This diverse selection includes cities from Asia-Pacific, the Americas, Europe, and the Middle East/Africa, reflecting a global perspective. The index, created through extensive research and expert interviews, collected data between May and August 2023.
About Tokio Marine Group
Tokio Marine Group is one of the largest and longest standing insurance groups in the world. Founded in 1879, it comprises a strategic collection of leading insurance businesses united by a shared commitment to doing the right thing for the customers and communities. The company offers stability in a risky world, fostering confidence to explore new opportunities. With a focus on resilience, it contributes to building stronger economies and societies.
About Economist Impact
Economist Impact combines the rigor of a think-tank with the creativity of a media brand, engaging a globally influential audience through evidence-based insights that fuel debates, broaden perspectives, and drive progress. The services, previously part of The Economist Group as separate entities - EIU Thought Leadership, EIU Public Policy, EIU Health Policy, Economist Events, EBrandConnect, and SignalNoise - build upon a 75-year track record, analyzing 205 countries. They offer framework design, benchmarking, economic and social impact analysis, forecasting, storytelling, events expertise, design solutions, and market-leading media products, uniquely positioning Economist Impact to deliver measurable outcomes to its clients.
