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The IPCC Special Report on Managing Risk of Extreme Events to Advance Climate Adaptation (SREX report; IPCC 2012) as well as the contribution of working group II to the IPCC fifth assessment report (IPCC 2014a, b; hereafter, WGII AR5) have been important milestones marking the confluence of the fields of climate adaptation and risk managment. Both reports underscore the importance of taking a risk perspective in order to assess the different dimensions of threats linked to climate change. In addition, the enhanced linkages between disaster risk management and climate change adaptation also demonstrate that climate change is contributing to increasing climate extremes and significantly exacerbating adverse impacts. At the same time, the SREX report and the WGII AR5 point out that many non-climatic factors are fundamentally shaping the vulnerability of societies exposed to climate change related hazards; some of these issues deserve additional attention and scholarly debate. This special issue reflects on core issues as well as gaps and open questions identified in both reports, such as: (i) how to define and differentiate extreme events and extreme impacts, (ii) what is the role of vulnerability for assessments of climate-related risks, (iii) how do different types of urbanization influence risks in the context of climate change, and (iv) how to develop scenarios for vulnerability and risk in order to complement existing climate change scenarios. In addition the role of risk financing instruments generally, and micro-insurance in particular as tools for complementing risk reduction and adaptation as part of comprehensive risk management is explored.