Leading Korean institutions announced the formation of the Industry-Academia Research Alliance on Climate Risk Management (the Alliance) in Seoul, January 16, 2025. The Alliance will serve as a global platform for advancing international collaboration and knowledge exchange in climate risk management, with a core mission to drive interdisciplinary research on theories, technologies, and policies related to climate risks.

Founding members of the Alliance include the Korean Insurance Research Institute (KIRI), Korean Reinsurance Company (Korea Re), Korea University, Ewha Womans University, Pohang University of Science and Technology (POSTECH), and Tsinghua University. Professor Feng Runhuan, Director of SEM China Center for Risk and Insurance Research, signed the Memorandum of Understanding (MoU) on behalf of Tsinghua University to formalize the collaboration.

The official signing ceremony of the MoU: from left to right: Feng Runhuan; Yongsang Choi (Ewha Womans University); Jonggu Won (General Manager of Korean Re); Chulkyung Ahn (President of KIRI); Jongsub Lee (Korea University); Minseok Song (POSTECH)

The Alliance will spearhead collaborative research, talent development, and knowledge-sharing initiatives in climate risk management. By fostering dialogue and cooperation across East Asia, the new partnership enhances Tsinghua University's global academic influence in climate risk disciplines while contributing actionable solutions for global climate governance. Key activities are expected to include joint research projects, international academic conferences, and cross-border training programs to develop globally competitive professionals in the field.

Following the official signing ceremony, the Alliance hosted its inaugural International Workshop on Climate Risk Management, co-hosted by the academic journal Risk Sciences. The industry and government leaders' session featured keynote speeches from Maryam Golnaraghi (Director of Climate Change and Environment, Geneva Association), Chunwoo Baek (General Manager of Korean Re), Kyungson Kim (Research Director at KIRI), and Jaehak Hwang (Lead Manager, Financial Supervisory Service of Korea), addressing key industry topics including expediting scaled climate transition, climate risks on the non-life insurance industry, the impact of heat waves on life insurance, and regulatory frameworks for climate-related financial risks.

The academic session featured presentations by accomplished scholars from various fields, including Kwangmin Jung (POSTECH), Yongsang Choi, Donghwi Jung (Korea University), Ruediger Kiesel (University of Duisburg-Essen), and Feng Runhuan. Discussions centered on cutting-edge topics, including climate risk modeling in insurance, current trends in climate risk models, damages from climate-related natural disasters, the role of European insurance in climate change, and catastrophe risk sharing.

About Risk Sciences

Risk Sciences is an international academic journal established by Tsinghua SEM in June 2024. The journal is dedicated to publishing cutting-edge academic research and industry practices focused on risks and disruptive technologies across a wide range of disciplines, including agriculture, economics, engineering, environmental science, finance, health, law, management, natural sciences, and public administration. It prioritizes risk-related topics with significant societal impact, such as catastrophes and climate change, digitalization and cybersecurity risks, disruptive technologies, the economic and management sciences of uncertainty, and global and societal challenges. This event was the first session of the Risk Sciences Colloquia held outside China.

Source: The China Center for Insurance and Risk Management (CCIRM), Tsinghua SEM

Editor: Ren Zhongxi