The global insurance industry demands public-private action on climate change adaptation in developing countries Four initiatives representing more than 100 leading international insurance companies are today calling on governments worldwide to harness risk management techniques and insurance expertise to help implement climate change adaptation measures in the developing world as well as to firmly anchor insurance mechanisms as part of the future international climate change regime under the UNFCCC. The data is clear: weather-related disasters have become significantly more frequent and more extreme in recent decades and this trend will not cease anywhere in the mid-term future. Ambitious action on reducing greenhouse gas emissions remains critical in order to keep climate change within boundaries not dangerous for global human development. There is a sharpening need, however, to adapt to the unavoidable effects of climate change. This is particularly the case in developing countries where human health, social security and basic infrastructure are less robust. Given its risk management expertise and skills, the insurance industry can play an important role in supporting governments to prioritise concrete adaptation measures, incentivise loss reduction, develop products to cover emerging risks and raise awareness amongst many stakeholders. However, without a suitable enabling economic and regulatory framework, insurance risk management mechanisms are falling considerably short of their potential to deliver adaptation benefits.
See the Press Release.
Versions: French Spanish Korean
Published: 2010 | by: ClimateWise, Geneva Association, Munich Climate Insurance Initiative, UNEP FI
Global insurance industry statement: Adapting to climate change in developing countries (550 KB | 4 pages)