There is now widespread recognition that the cause of the next financial crisis may not be a new type of structured product but a string of natural disasters that crushes asset values. In this month's cover story (see page 94) Silvia Pavoni looks at attempts to measure this risk so that banks can both understand and mitigate their exposures. She also discovers that the cure for climate change - a wholesale restructuring of the economy -will be disruptive and risky in its own right.
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