Tackling Climate Risk
Permanent Link:

Material Information

Title:
Tackling Climate Risk An Insurance Contribution to the COP Discussions
Creator:
The Geneva Association
Disaster Risk Reduction Program, Florida International University (DRR/FIU) ( summary contributor )
Place of Publication:
Geneva
Switzerland
Publisher:
The Geneva Association
Publication Date:
Copyright Date:
2011
Language:
English

Subjects

Subjects / Keywords:
Insurance ( lcshac )
Climate change ( lcshac )
Genre:
non-fiction ( marcgt )

Notes

Summary:
This is a background document for the Conference of the Parties 17 (COP 17) held in Durban South Africa. It emphasizes the key role that insurance plays in dealing with climate and environmental risks and how this industry can contribute in a positive way to coping with the challenges confronting humankind. A broad spectrum of scientific evidence suggests that even if an international agreement freezes Greenhouse Gas (GHG) emissions at year 2000 levels, climate change will be inevitable due to past emissions. It is therefore very important to focus on how societies can adapt to and manage the inevitable consequences with the help of private market solutions such as insurance. Building on the central messages of the Geneva Association’s 2009 Kyoto Statement and the 2010 Developing Countries Statement, this document discusses the preconditions to maximizing the insurance industry’s contribution to economic adaptation to climate risks, the significance of public-private climate initiatives on insurance outcomes, and the global insurance industry’s statement on adapting to climate change in developing countries. An international agreement on reducing greenhouse gas emissions, promotion of prevention and adaptation, promotion of mitigation, promotion of corporate disclosure and respect for fundamentals of the insurance business model are explained as being the necessary framework to fully capture the insurance industry’s potential. The next section of the document is a global insurance industry statement on adapting to climate change in developing countries. It highlights the huge potential benefits of using government action to enable the knowledge and expertise from the insurance industry to play its fullest role in risk management. Lastly, it provides examples of where insurance has already provided effective risk management solutions in developing countries, particularly those most vulnerable to the impact of climate change. The document concludes that whilst efforts at mitigation require broad international political consensus among governments, decision-making on adaptation measures will take place primarily on a national, regional or even local level where insurers’ specific risk expertise resides. Statements on adapting to climate change emphasize the role of governments in creating an enabling environment in which insurance can operate effectively. ( English )
Subject:
Climate risks and Insurance ( English )
Citation/Reference:
(2011). Tackling climate risk: an insurance contribution to the COP discussions. The Geneva Association

Record Information

Source Institution:
Florida International University
Rights Management:
Refer to main document/publisher for use rights.

dpSobek Membership

Aggregations:
Disaster Risk Reduction