The National Oceanic and Atmospheric Administration (NOAA) and the Reinsurance Association of America (RAA) have signed a Memorandum of Understanding to collaborate on analyzing and communicating weather and climate risks to key stakeholders.

According to a press release, the MOU aims to enhance public understanding and resilience to natural hazards in the United States by leveraging NOAA’s expertise in climate, weather, and natural hazards, as well as the Royal Oceanic and Atmospheric Agency’s expertise in risk.

The partnership is expected to enhance public-private dialogue on risks and advance the Society’s mission of science, service and stewardship, NOAA said.

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“Extreme weather and climate events continue to pose a significant risk to communities and our economy,” said NOAA Administrator Rick Spinrad. “We know that some extreme events are increasing, and we know that more people and physical assets are at risk. This partnership will help improve our ability to make the scientifically informed decisions needed to improve resilience.”

By mid-2024, the United States had already experienced 15 separate billion-dollar climate and weather disasters. In 2023, the United States experienced 28 separate billion-dollar climate and weather disasters, totaling nearly $95 billion.

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“RAA appreciates the opportunity to build on our long-standing relationship with NOAA to continue to reduce the loss of life and property damage caused by extreme weather events, as well as help American families recover faster from these events, through better research and data,” said RAA President Lee Covington. “RAA looks forward to serving as a facilitator for industry engagement with NOAA on these important issues.”

The frequency of billion-dollar weather and climate disasters has increased dramatically over the years. In the 1980s, such events occurred about every 15 weeks, while in the past five years they have occurred at a rate of every two and a half weeks.

Under the MOU, NOAA and RAA will work together to address risks facing communities at the national and international levels. The partnership will also focus on improving the utility of NOAA’s products and services to the insurance and reinsurance industries.

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