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<v ->Insurers are facing over 100 billion losses</v>

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in natural catastrophes over the last five years,

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which is more than double than the five years before.

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So Joao, how are really physical risks

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impacting insurers these days?

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<v ->Well, I think it's important to say</v>

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that risk is composed by three factors,

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assets that we can't manage,

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and then vulnerability and exposure.

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And these ones we can manage,

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so this is climate change adaptation,

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where we build and how we build.

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<v ->Fantastic, Joao.</v>

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And tell me actually,

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what are insurers doing with this regard?

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How are you really managing those risks?

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<v ->We are starting to work more with our customers,</v>

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ideally starting to be with them

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in the design phase so that we can define

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the infrastructure and the projects

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considering resilience,

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considering the best materials to be facing

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climate change events.

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<v ->We heard about the Impact Center for Climate Change</v>

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at the Fidelidade.

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What are you guys really doing there?

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<v ->So it's a research center to study things</v>

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such as wildfires, floods,

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and the idea is that Fidelidade takes the role

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more as a risk mitigator, more as as a risk manager,

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and not only as a risk transfer mechanism for customers.

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And we want to not only impact Fidelidade,

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but also society at large, providing knowledge

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to reduce climate illiteracy,

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but also to support policy makers

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to have relevant data to take the best decisions

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in terms of land use planning or infrastructure rules.