 So I was hoping that we could start just by you unpacking what that actually is for us If you could go first Liz, you could tell us about 100 resilient cities the history of it and then what you do there Sure. Happy to you. And My name is Elizabeth Yee. We 100 resilient cities was actually Funded by the Rockefeller Foundation as part of its centennial challenge in 2013 And and really a desire to focus on urban resilience and just given the the Continued trend towards urbanization. I couldn't have thanked the previous panels better for setting me up for this today So, um, so the resilience to us is actually a very broad definition. I think I've heard that theme repeated It's it's not just climate change. It's not just poverty and access. It's it's everything So it's really creating communities that are stronger and able to withstand the stresses of city life As we continue to urbanize so air quality traffic, etc But then also to manage better after natural hazard events occurred So really the ability to bounce back quicker in terms of our program. We are 100 resilient cities We ran our first challenge for for cities in 2013 and ended up picking 32 cities We just ran another challenge and picked another 35. That's out of over 700 applications Our cities are around the world everywhere from China to Africa Australia the US and Europe so we have a lot of different cities that we are working with and Consequently a lot of different challenges that we are trying to address our program The the the benefits to the cities who apply there there are four really key Components of our program the first is we grant fund a new position in the city called a chief resilience officer And that person is responsible for the resilience building efforts in the city That person is generally one level under the mayor So a very senior person in the city who's really responsible for gathering all the stakeholders together to create a more resilient city the second part of the Program is a strategy process, and we're not trying to reinvent the wheel I would say all of our cities have some strategy of some sort in fact when we San Francisco is one of our cities and we found out that they had 67 climate adaptation plans So we are not trying to create another one of those But really try to take what they have and create a holistic plan that is beyond climate that looks at every aspect of the city And and come up with some key focus areas that we can work on And the third part of our program is the part of the organization that I run Which is the platform and and we have great partners like Swiss re helping us who've donated their time and services To helping our cities really flesh out those focus areas and come and work towards solutions to address them And then the fourth part of our organization is the network, and I think that's what I've heard talked about a lot today It's really our all of our chief resilience officers are new in their jobs some of them came from the city before some of them are completely new to city government and life and The ability for them to better understand their job by sharing knowledge and information By sharing ideas that have you know that have already been successful or not successful in their cities is really the important piece of the Network and so those are the four tenants of our program You know just for your information. We have another round of one last round of cities at least at this point And a challenge that we will probably run later this fall So to the extent that you have any cities who are interested in working with us in our program You know, please please encourage them to apply If you could do the same sure I think people might even need an introduction about Swiss re I fear I cannot be as eloquent as Liz, but and definitely not as interesting so I do work for an insurance company, but Thank you for the opportunity to do my best My name is Nikhil Daviktoria Lobo. I work for a company called Swiss re insurance As the name suggests, it's a re insurance company. So for 151 years our bread and butter business has been ensuring insurance companies Over time that business model has evolved because the idea always was why would an insurance company need insurance? if you think about it at a very localized level and I hope many of the people in this room have car or home or personal life insurance, but if something happens to you Your insurance company fulfills its response. It's it's promised to you and it has the assets to take care of you What happens is becomes more problematic when you start looking at very large events very Systemic events that create material shocks in society that an individual insurance company cannot respond to back in 1863 the impetus for the creation of Swiss re was a fire in Galarus in Switzerland A very small town, which I don't expect anyone to visit in the next in next year or so, but This fire devastated the insurance companies there and what they realized was that they needed some mechanism So that when these catastrophic events happened they had someone to turn to Fast forward 151 years. What is our business today? It's still the bread and butter of ensuring insurance companies and we do that around the world we have offices I think in 70 countries and You name an insurance company. We've probably been there since their founding But when you talk about these peak type risks You also start to recognize that that also exists not just for insurance companies, but also for corporations So about 20 years ago We became very involved in the business of ensuring the big corporations around the world and today We have a very large client base of these corporations the general motors The general electrics and you know, we can go through basically, you know it's the fortune two thousand of the world and what these companies are worried about is the same Catastrophic type events, but in this case not their insurance portfolio car insurance policies But off let's say their factories their offices even their clients not being able to purchase, let's say the goods they produce and What we've done is we basically design products traditional insurance products But also non-traditional ones to help them take that risk off. Let's say their balance sheet The last group that you may start to wonder as well. Okay, you've talked about insurance companies talked about corporations What about the public sector? about 10 years ago actually now as of this December as many of you know, there was a very material event in Asia with the tsunami and It was I think a very strong wake-up call to many people in the industry and for Swissry as well because here you had this Event the materially changed people's perceptions of risk and yet for our industry was a non-event The conclusion our board came to was that a lot of that economic risk was being concentrated on the balance sheet of the government Either through government programs to help low-income populations either through things like lost tax receipts because now people can't produce they can't pay their taxes or from emergency response and What that resulted in was the creation of my group which is solely focused on developing Risk transfer insurance instruments to help governments better protect themselves financially and therefore focus their energies on resilience and response Great I Think it's interesting. I may be I find I find insurance rather interesting myself I Think that we've already gone past this in today's discussion But it seems to me a lot of the adaptation at least the layman's understanding of adaptation is either move to Canada or Build a seawall these sort of hard solutions or run away It's more complicated than that and I was asked both of you guys to prepare Maybe a case study a very small one if you could to just give an example of something that people don't think about when they Think about what is resilience or climate adaptation if we want to use that term It doesn't even need to be climate, but and why don't you go ahead as if you don't mind? Sure I think one of our one of our favorite most seminal case studies is actually one in Medellin in Colombia and you know that Throughout the 80s and 90s I think many of us are familiar with the crime and the violence that occurred in that city and You know at some point the city kind of in the 80s 90s said enough is enough Like what do we need to do to change the way that life is here? And I think what they what they realized is that there's that the economic center of the city is the val is in the valley and that the population centers were on the hillside and Really within those hillside populations There was a lot of warring and gang factions because people couldn't reach the economic opportunity. There's no jobs It took hours to get down the hill. It wasn't safe And it wasn't easy it wasn't an easy passage So, you know what why not create transportation that goes from the center of town up to the hillside? And what they did was they actually created a series of gondolas Up the hillside and then around the hillside to connect connect the communities and connect the communities with the economic opportunity and as a result the Medellin I guess in general went from having one of the highest murder rates in the world To and to today where they have an 80% reduction off of their peak and that was because they created jobs They access to jobs they created community centers within those communities where they created gondolas so that people could gather They connected hillsides where gangs were separated before and now we're only five minutes away So it you know it automatically created some sort of community cohesion And and that's the kind of resilient solutions that we're looking to build Which is around multiple aspects around a solution That's that's what our program is focused on and and really trying to take that and port that knowledge To somewhere else that might have a very similar problem, and maybe it's not a gondola But it's you know It's another means to creating a reduction in gang violence for example something that we're also looking at in New Orleans I think one of the challenges on the discussion of resilience is it seems a very esoteric you know concept You know I having just moved from New York I've had the privilege of having to buy my first car here in Washington DC And I was struck at how straightforward the process is except until the moment you have to buy the insurance But thankfully you can buy it online, but um What I saw was that actually in some ways we already practice resilience. I presume there are people in this room who have Teenagers who are drive or are about to drive and if you think about the way we've built resilience around driving, right? We've created laws basically say you know no one under 16 should be driving because they're crazy enough anyway You know you don't want to put them behind a wheel, but once that happens You then have certain protections as parents you say well look you can use the car in this in this time You know the insurance companies put some restrictions on your car insurance and and even then there are other things you do to basically Protect yourself if you have a teenage driver including probably keeping some money in the bank because you expect them to get some fender benders And I see people nodding in the audience. So that's um You know if you take that same model What I think we want to do is take what people do is resilience day-to-day and now impart it to in our case public institutions I think a good example is I have the fortune of working closely with the city of Rio and what they've tried to do is use the technology of big data to really start to transform how people look at risk and resilience in the city and A good example is They've invested very heavily in what they call the alert Rio system which sends people early warnings about rainstorms and This means that people can make decisions Basically in real time of how they act knowing that a rainstorm is coming in for those who've had the luck of going to Rio It's one of the most stunning places on earth, but it's also Fortunately unfortunate built similarly on hillside. So rain is a very critical and disruptive element in life there What I talk about resilience we want to take it one step further though We want to build a mechanism where that same alert is also tied to in my case an insurance product So that if people cannot make the decision for whatever reason to protect themselves They know there's a fallback in some kind of insurance payment also in real time to help them Rebuild their lives after the minor or major devastating event. That's what we mean by kind of a holistic risk approach Which is what resilience really is? Yeah, I've been struck in some my travels for book reporting how much the culture of a place matters and what you talk about with with the Rio reminds me of being in Bangladesh where People have a dealt with shifting Shifting land these chars these islands appear and disappear down in the down in the deltas And so that there's a bit of resilience built into the culture in the translation there were things like Raising ducks rather than chickens because ducks float or Or more recently doing their the schools were shelters cyclone shelters There are and then mobile alert network So everyone has a mobile phone now and when a cyclone is coming they do that and this is something that people could manage They had even schools on boats Some of it was a little bit sad But it would it struck me that they're in the same with the Netherlands where people were used to living with change And so I wondered about if you could you speak to how much culture? Helps or hinders whether a place is resilient and what that means for your work And let's have you go first this time to kill just to switch it up No, I think I think the example Bangladesh is Is a very good example of how people naturally? Build risk management resilience into their day-to-day lives I grew up my entire life in the the emerging markets and You know when I started in my business and talking to governments, and this is about let's say seven years ago When pre-crisis when you used to speak to Governments particularly in industrialized countries There was often a response from the ministries of finance and I don't know if the rear admiral is still here But it's really eye-opening to hear that kind of commentary and we should be lucky We have that kind of leadership, but when you talk to ministry of finance, they would say well no we have You know we're a triple A rated country. We have lots of money We don't really need to talk about resilience or insurance because we have this great budget and we can Pay for everything if we need to Obviously the financial crisis changed people's perspectives on what is too much or too little too little money, but I think more materially it began the transformation that I knew growing up in the emerging markets that resources do become scarce and What we need to do in talking about that culture is it's very tough to overnight change the culture and make people more resilient Bangladesh has evolved that way after Generations and more than generations But what we do need to do is start looking around I think at what others are going through And this is someone talked about the politicization of the discussion And start reflecting on could that one day become our reality. So if you're a farmer in the Midwest You know what you should be looking at is no longer other farmers as the Midwest as the proxy on how you make your You know farm your family more resilient, but perhaps farmers in other countries who are now going through dramatic changes because of demographic shifts climate change changes in world trade patterns and You know to close the thought on that What I've seen in my discussions with governments is that You know when we started in this field the main buyers of these types of what we call macro insurance were countries like Haiti countries like Malawi and Increasingly we're now seeing industrialized countries particularly kind of states and municipalities paying interest to the story and saying well Tell me what you did in Malawi. Tell me what you did in Haiti because they're seeing the first stages of where The framework that we've all come to trust and assure is always there is starting to be truly tested And that's I think how you start to shift culture. It's not overnight Let's Speaking of shifting culture, let's talk a little bit more about cities and urbanization and why It's a little bit obvious perhaps to this crowd, but why it 100 resilient cities would focus on cities at all Thank you. It really stemmed. I mean initially stemmed from dr. Rodin's heavy involvement in Katrina And and sort of the recovery there But I think it's really that the fact that you know I and many of you already know the statistics 70% of the world Will be in cities by 2050 and we continue to grow into cities I think also just looking economically to take a page out of Nikhil's book I mean 80% of the world's economy is derived from cities yet only 50% of the population currently lives in cities So, you know if we expect the demographic shift ahead in the direction of cities And we're also generating a lot of our economics out of cities They're an important place for us to focus our time and resources and then most often, you know geographically We've got a lot of cities built in probably and probably not the best areas for them to built in like The rear-eyed will discuss that where you know We are in a lot of coastal areas and really trying to manage and mitigate those challenges to protect ourselves Both financially and also personally Yeah, and culturally too. I guess we had the equivalent of naval bases back Back then when we first founded these Delta cities. Yeah You said something really interesting when we had the conversation before about benchmarks the idea of benchmarking If if you can be involved with governments now and giving a reinsurance project how that could help an individual homeowner Not immediately, but again as the culture shifts. Can you explain that? Sure? Again, maybe starting with a very personal anecdote besides the car I'm now in the market to buy a house and I Welcome to Washington, DC, but You know it's interesting looking at now. How do you go about buying a house and you get you know mortgage rates and It really helps to have some transparency on mortgage rates and I remember now coming to this the question you asked about benchmarks a couple of years ago I had a conversation with the Chilean Minister of Finance and He was talking about how they did this sovereign bond issuance right the government issued bonds for Chile to finance Chile's needs And he said we don't need the money But the reason we do it is because our corporations want to issue corporate bonds, but they need a benchmark They need to know the Chilean government finances at three percent We as corporations can finance at four percent, but without that benchmark they have no reference point and It dawned on me one of the struggles. I think we have individually, but also then You know as a broader society and looking at risk is what is an appropriate benchmark? How risky am I and Part of I think the value of insurance if done correctly is to establish those benchmarks and to create that transparency And I emphasize that correctly because I don't think insurance is naturally Transparent to most of us right now, you know, what is the risk of your house most people wouldn't know what we're trying to do on the public sector side I'll give you very clear example historical one is Work first with governments so that there are public benchmarks and how risky a city is for example New York Issued a storm surge what they call a catastrophe bond two years ago and for the first time The average New Yorker has some benchmark on what is the risk of New York City to storm surge? That's remarkable. Think about it people lived in New York for her several hundred years And now they finally have this benchmark for a risk that if you look over the history has always been there I Worked on a project to ensure the government of Haiti against earthquakes hurricanes and rainfall That work allowed us to eventually Provide that same type of insurance to low-income populations in Haiti in a form for what they call micro insurance And the reason we could do that is because we have those benchmarks and they had reference points Yeah, it's I anecdotally I've had friends who My my wealthy friend who was gonna buy some some beach property and did not because he was worried about sea level rise But he didn't know how to price it in another friend is thinking about moving down to Los Angeles and the discussion They're having is we can afford this house But can we afford the fire insurance in 15 years? Do we want to raise our son here and he doesn't have a good way to figure that out? And so this is a possibility now to get there and find that intriguing So we talked also how we were gonna avoid the facile question of do reinsurers hope to get rich off of climate chaos and get to something a little bit more interesting which is Can this be a solution for the poor as well as the rich which is to say if my layman's understanding of insurance is that In order to price something improperly you actually need to price it in Well climate gets so bad that the poor can't afford it and does that mean that? There will be islands of people who have insurance and insurances clearly something that works well in the developed world Can it work in the developing world? I Think that again the kind of you know thinking about you know the people I've had the fortune to meet You know growing up, but also in my work if you talk to I think about some of the female entrepreneurs I met in Haiti for them they are making with every dollar life and death decision for their family and I'm the last person to say well. No, don't don't worry about food on the table buy insurance. That's that's a silly silly common But when you talk to people in depth, which you realize is that Beyond their immediate concerns Sometimes the most exposed people and the ones with least resources the ones who are thinking the most about how to manage their risk What I think we've struggled with and we being the reinsurance and insurance industry, but also I think governments and Corporations is how do you then turn that clear need? How do you address it by thoughtful product? So not just saying well I sell both quick insurance in Los Angeles So let me sell you the same insurance in Haiti and not in just the same price with the same policy They need something different That's going to take a lot of effort But to maybe the easy question note clearly there is a commercial business opportunity Which is good because we want it to be sustainable We want people to pour resources into this field because There are people who really need it more than the rich friend who's buying the beachfront property Excellent, and I was saving your hard question as well the 100 resilient cities Are the rich ones going to be more resilient than the others? What what does it actually mean? To be in these different geographies to have different amounts of money is this going to be a true partnership They're going to be the same same issue really If I'm glad you asked me that question when we had our organizing phone calls You know and and and kind of where I came out was you know, we as assuming the US is one of the wealthier countries We've done we've built a lot of infrastructure, but we haven't really built it resiliently And that's something we're struggling with and paying for now as a result some of our less sort of Less fortunate peers in more vulnerable communities have actually been living with these challenges like you said Nikhil They understand the risks and actually you know They they actually do it better than we do so and they have the opportunity to do new and more things now So, you know, it is actually it's a good question and something that you know I at the end of the day I actually have my money on the on the less fortunate communities because they're starting from scratch They're learning what what they need to do They've been living with these risks without any financial capacity or really capacity in general in general to do them and and you know Really at the end of the day things that contribute to resilience Don't actually cost that much. You know, we saw it In New York City, we call it the tale of two blackouts The blackout from the 70s and then the blackout in 2003 and the change in the city from one where that was very divisive and very angry And very crime-ridden to 2003 where you know people actually were helping each other and working together That's community cohesion. That's social. That's a social network that you create that doesn't cost money And so that you kind of see in in these less sort of financially advantage communities Is stronger social cohesion than potentially in a community where everyone goes into a building gets into their car drives away And doesn't have that social fabric together. So My money's my money's on the less fortunate communities at least in terms of building resilience as it relates to our program I'm reminded of two things one is the mobile phone networks versus landlines Yeah, you know the sort of the ability of other countries to leapfrog what we've done in this country and The second if we're sharing personal stories is is my dad who's a graphic designer and Early on bought a fleet of Macintosh computers They spent all their money to buy right when the Macintoshes came out These sort of black and white horrible things and within of course six months or a year they were outdated They spent all their money and they never never actually caught up with the computer age They they were too early to the infrastructure. So I think you're right that there's a lot of hope there Well, we're on the top of computers only hopefully people in the crowd will have questions And we've got a little bit of time for that, but I do want to ask the utility of big data Reinsurance is obviously insurance in general has been ahead of the the curve here So maybe you could speak quickly about that and then the model that you've shared with a hundred resilient cities explain what that is And then any other examples you might have from just this is the latest and greatest. Is it helping our resilience? Very simply, but I think big data for resilience and insurance is going to be absolutely transformational and for me it's not the angle of Just more called accurate insurance pricing, you know, but really a whole suite of effectively on-demand insurance products and Even more important than that the transparency It will bring people who buy insurance and I say that not as a vendor of insurance, but frankly on a personal level That I think will change the way I certainly know I and my family will look at our insurance and Risk pricing decisions on the issue of the cat and that which is a kind of a model. We shared with a hundred RC it's basically a GIS based model that looks at globally catastrophic risk exposures and the purpose was again to this point transparency people know they're exposed but and There's a very different thing to knowing that you have earthquake risk than to seeing it visually on a screen and I think as a side comment I used cat net to send my sister-in-law picture saying hey, did you realize I'm not visiting the beach house because you're exposed to supposed to hurricanes in Norfolk, so It really changes the way you look at risk and that was one of the reasons we wanted a hundred RC to have access to this tool I Think from our perspective big data has actually been a really great driver of resilience It's helped our cities make more informed decisions It also one of the key things we hear from our cities and our chief resilience officers when we do these workshops and strategies is We have no idea what our citizens are thinking. They don't have the data You know, it's the capacity to actually be able to share that data like you're talking about with your sister-in-law So I think you know the way that we're using it and it's I don't know if the rear-end rules here again, but still but Norfolk is one of our cities Norfolk, Virginia And we are actually working with one of our partners Palantir to aggregate five different data streams around flooding So looking at building data looking at 311 data looking at code violations looking at natural hazards in general and really trying to Aggregate all of that and bring it together so that the city has in one central place All of its information and things that used to take weeks and months to try to identify they can do in seconds And they can actually make better decisions as it relates to one of their key focus areas Which is land use planning and flooding management as the rear-end well discussed And so that's that's one way we're trying to take all this data because cities have mounds of data that they're not using and Actually make it something that tangible that they can actually do use for better decisions Another way that we're using big data is really trying it trying to use connectivity So the internet of things or everything whichever way you want to think about it You know one of one of the ways that we thought about in our cities is actually on parking And I know that that's been used elsewhere as well but you know to reduce if you put parking sensors in on parking spaces and You know with mobile phone technology being so prevalent ring really being able to say I need to park my car I look at my iPhone or and figure out where the parking spaces is are I go exactly To that spot I reduce the amount of congestion of traffic in my city. I also improve the air quality So we're using big data in in multiple different ways to build resilience Well, any questions, please answer. I'll take maybe three at once and then I'll avoid the worst one Please go ahead Hi, I'm Greta Byron. I'm actually with New America And we had our own brush with resilience in New York We partnered with an organization in New York that built a community wireless network in Red Hook And what happened there was that when the big networks all failed, which they tend to do Due to sort of cascading network failures This little scrappy kind of DIY network kept running and so when FEMA showed up They actually had to run their command center over this little scrappy mesh network in the Red Hook neighborhood And one of the things that was really interesting was observing the way that sort of centralized Disaster management from a federal level Came together with this scrappy community effort and how sort of power was shared Or sometimes not shared but usually shared and sort of how those relationships developed and It's led me to think a lot about how sort of centralized efforts kind of Mix and match with local efforts and how both can sort of be honored in that kind of Working relationship And I'm curious as to what you guys think about that and I think it's really apropos of things like the Rio command and control center Example where you do have centralized control over alerts But what about actual you know sort of ground grassroots efforts to address things like you know Why are people living in really dangerous places or could there be better wastewater management? Hi, my name is Julian specter and I was also recently in Bangladesh for a reporting trip And I was struck by how a lot of the coastal populations that are the most vulnerable to climate change are Are you know incredibly disconnected from the national economy? Maybe making a hundred fifty dollars a year kind of thing So how do you extend the the protection of the insurance network to these kind of places that maybe don't even have a Road to the mainland and you mentioned micro insurance in Haiti. I was wondering if you could talk more about Those initiatives and possibilities Nina Gardner strategy international Consulting business on sustainability. I have a question just on Probably for Elizabeth, but both of you. Has anybody actually calculated what the loss of GDP to the country and to New York was over Hurricane Sandy to try and You know make make the point that we need to you know buffer the island in somehow Help I don't know how you make you get the metros to be Safe, but I mean the metro goes down and it gets salt all over it then People can't get to work and I don't know what it cost Wall Street, but it must have cost a fortune I mean we're talking billions, so That should be Something the economic argument that we do have to invest in in all this infrastructure All right, let's let's do four and then race through them. How much time do we have? Hi Michael next following on the Aftermath of that when you talk about resilience everything Alex and I grew up on the shores of Lake Michigan And I always when it when you bring up these questions of resilience. I love this topic, but I always think of um, Hurricane Katrina in New Orleans and the levees there and how they were probably under Constructed and then I think about my my friend in Amsterdam and the Netherlands and how they've kind of expanded the size of the Netherlands and And still that's under that's underwater. I mean it's under sea level the height of that property is under Silver and I never hear about Problems and the amp in the Netherlands With flooding and this kind of thing. I also see a great commitment by the Dutch Towards resilience and this type of thing and I was just wondering if you could kind of those might be two extremes Mackenzie this might be the question you throw out, but um It's it's Katrina versus the Netherlands and why I always hear about problems in New Orleans And I never hear about problems in the Netherlands Why well I'll answer that one quickly They had some very big problems in the 50s, which is what what I've helped trigger some of the stuff They've done now and the second thing about that is is that the Dutch have agreed to evacuate certain areas in ways That were being talked about before it's called a room for the river and it's basically letting floodplains happen But let's combine. Let's I think we need to go quickly So let's talk about insurance networks in Bangladesh first to be good I think Grameen would be interesting. Sure. Um, well first um, we actually do have a program in Bangladesh An index-based insurance through Oxfam For it's at a kind of a pilot level for extreme rainfall and flooding. So to your point, I absolutely think it's critical One and we have many of these all over the world, but maybe one more interesting philosophical. I think thought on this is There was a report published by I believe on the IMF recently which looked which basically made the conclusion that well The most sorry was by S&P and that's material S&P basically said if you look at Countries exposed to natural disasters They also happen to be some of the most poor and financially weak countries in the world And therefore we need to do more, you know, they're exposed to climate. We need to help them I actually think there's a bit of a challenge S&P for some of the messes in the room I think there's a bit of a cause and effect here I believe that if we were to dedicate some proper research, we would actually find that Countries that are poorest and most exposed are potentially the ones that have historically been the most exposed to natural disasters It was a central premise of what I do when I talk to clients and say look If you're a government, you're building all these assets and building a future for people You're only one natural disaster away from losing all that And if you look at the history of Haiti or Bangladesh or many other countries Every time there's been a government that's made progress mother nature sets back the clock So I believe that actually the cause and effect is reversed It's not poverty that's bred vulnerability It's a vulnerability that's bred this poverty And so the answer is I think insurance, I think insurance can help because it builds that safety net And hopefully it allows countries to build out of the mess Perhaps you could very quickly mention the first cat bond you sold Sure I think it relates to the metro, do I have that right? Well in New York the first one was in 2006 the government of Mexico bought Again one of these cat bonds for earthquake risk at the time And speaking to the vice minister of finance and talking about the transparency issue And he said look what I really like about this is that beyond I can use this money to rebuild and help poor populations Every morning I can log into my Bloomberg terminal and see the way the market is pricing Mexico's catastrophe risk That's the kind of dialogue we want to have as individuals and as governments And perhaps you could take the two about New York I don't know if you know the figure for Sandy or perhaps you do I think it was, didn't they say it was about 50 billion dollars? About 4 billion I just didn't know the exact number Yeah somewhere in there and you did sell a bond I believe to the two MTA to deal with the subways But I think the question about the interface would be a good one for you Since it seems like your work the interface between sort of top down and bottom up This is somewhat what you do It is one component of what we do and actually has been I think probably in our short lived program Has been one of the biggest struggles is how do we get that grassroots effort and get people kind of engaged in the process of resilience building And we've used actually a lot of different technologies to do that to try to help And I think what we're realizing is using technology like for example one of our one of our platform partners is a company called Ushahidi Which was based out of Nairobi, Kenya And it's really helping our cities and our chief resilience officers understand what is citizen engagement How do you do it and you know think along those lines and so we're working with them in Boulder To try to understand and try to engage that community around actually some planning issues and to get their thoughts I also was thinking about San Francisco which is another one of our cities who's really been active in trying to get the community involved And so they've set up a specific office around the community They have been working with actually it's more DRR but they've been working with an organization called Team Rubicon To really try to help create community awareness and preparedness around disaster planning regarding earthquakes And so trying to get that grassroots effort and make sure at the same time that the city understands who those people are Make sure that they have leaders in their community so that when disaster hits they're really focused on preparing for the big one You know they know who it is they know how to get that information out and they've created the networks in advance of any disaster So that is one way that our cities are doing that I also just if I could though I kind of wanted to go to the comment on the Netherlands Which I know I don't know if you were trying to shove it under the rug, but I just I was getting the look that we might be going over time, but that's all Just two seconds on that you're right Rotterdam is one of our cities and it's been a very yeah So it's been really interesting to see because a lot of our cities have really tried to learn from Rotterdam And the way that they live with water versus kind of fighting water And I think that's the kind of the disconnected between potentially the two places But whatever I've realized actually is part of that as they've spent a lot of money and time Building the infrastructures you were saying from the 50s and really trying to prepare themselves around it But one of the things that we actually realized going through the strategy process with them And one of their focus areas is like you know we're great. We have great infrastructure We have no people we don't have any volunteerism in terms of figuring out like San Francisco is doing How to respond to that disaster if our if it doesn't work And so we're trying to figure out and we're using one of our partners to help them do some Disaster preparedness from a volunteer perspective because the community itself You know is feels very safe and protected, but they don't know how to respond So that's one thing that New Orleans does well that you know Rotterdam is working on All right. Thank you both Thank you