ClimateWise advocates government partnerships with insurers

by Gill Montia

Story link: ClimateWise advocates government partnerships with insurers

ClimateWise, a group set up by insurers to respond to the risks and opportunities of climate change, has launched a global insurance industry statement that focuses on developing countries.

Prepared in collaboration with the United Nations Environment Programme Finance Initiative, The Geneva Association and Munich Climate Insurance, the statement seeks to highlight ways in which governments can help protect developing world populations and economies from natural disasters, through insurance-type approaches to risk.

It suggests the insurance industry can give support by making its expertise in risk management available to governments and by developing new products.

The body’s chairman, Andrew Torrance, comments: “With climatic disasters inflicting more and more damage, the increasing reliance of governments on foreign aid alone is unsustainable.”

He adds: “Insurers have much to offer, but this potential can only be leveraged through a partnership approach with governments.”

According to Mr Torrance, over 100 of the world’s leading insurers are standing ready to engage in such partnerships.