There is a shortage of environmental and financial risk analysis experts that specialise in disasters or extreme shocks. An EU initiative established a far-reaching network to advance the understanding of risk involved in various financial activities such as insurance and banking.
The EU-funded RARE (Risk analysis, ruin and extremes) project addressed rare events and extremes by analysing environmental and financial risks through the use of probabilistic tools and approaches. To achieve this, it established a global network.
Further details: Novel risk models for financial disasters or shocks