What makes something insurable — and what happens when the risks change?This week on Shaken Not Burned, Felicia talks to Rachel Delhaise, group head of sustainability at Convex Insurance, about how insurers deal with a changing and uncertain climate.

As climate risks grow, insurance can become more expensive or harder to find. But that doesn’t necessarily mean the risk has simply become uninsurable. Better climate science and modelling can change how risk is understood and priced; resilience can reduce potential losses; and new financial structures can change how risk and cost are shared.

Rachel explains why insurers want to insure, how insurance can act as a signal that underlying risks need to be addressed, and how insurers can use their investment capital to help build resilience, creating what she calls a cycle of insurability.

Climate change is altering the hazards we face, but it doesn't determine everything that happens when they hit. Where and how we build, what we protect and where we invest can change the outcome.

This episode is the third in our arc on the changing economics of risk.

Last week, Regula Hess from WWF joined us to explore the insurance protection gap and who pays when insurance covers only part of a loss.

Previously, our conversation with Dr Robert Johnston explored how water risk can build through decisions that might make sense individually, but can add up to something much more damaging. And why failing to recognise the full cost of those decisions doesn't make the cost disappear.

Finally, co-hosts Felicia and Giulia will put the conversations together and ask what they tell us about what causes the risk, who ends up paying for it, and what we can do about it.

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