The report shows that climate change is about more than just extreme weather events. It analyses what insurance companies are already doing, what needs to be done in the future and where cooperation between governments and other partners is needed to succeed.
In the context of insurance and climate change, two main issues are addressed:
- Climate change is happening and calls for mitigation and adaptation measures. These differ between industrial and developping countries. From an insurance perspective, specific weather-related hasards will need to be identified, quantified and prioritized on a local level.
- The insurance industry is willing to design insurance products to support low-carbon projects. As a major institutional investor, encourage mitigation and adaptation efforts such as investing in low-carbon energy projects.
The report was drafted by a Geneva Association working group consisting of senior insurance executives and international climate change experts.
Source: Source: Geneva Association