Facing the Financial Fallout of Climate Disasters

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Banks Face the Financial Storm of Climate Disasters Without a Playbook

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.

Jul 11, 2025

Anand Hingway, Executive Director, Enterprise Risk Management, CIBC

Tags: ESG and Climate Risk

Banks Face the Financial Storm of Climate Disasters Without a Playbook

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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

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