Global insurance industry statement on adapting to climate change in developing countries
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Material Information

Title:
Global insurance industry statement on adapting to climate change in developing countries
Creator:
United Nations Environment Programme Finance Initiative (UNEP FI)
Disaster Risk Reduction Program, Florida International University (DRR/FIU) ( summary contributor )
Publisher:
United Nations Environment Programme Finance Initiative (UNEP FI)
Publication Date:
Copyright Date:
2010
Language:
English

Subjects

Subjects / Keywords:
Climate change ( lcshac )
Risk management ( lcshac )
Government policy ( lcshac )
Genre:
non-fiction ( marcgt )

Notes

Summary:
This statement was produced as a result of four insurance climate change initiatives involving over a hundred insurers. Its purpose is to present the potentially positive impact government policies can have on insurance initiatives. The paper emphasizes official participation in programs related to climate change mitigation and recommends the implementation of various risk management measures. The insurance industry asserts that government involvement in climate change adaptation (CCA) and mitigation is essential due to the growing urgency and broad impact of climate-related hazards. Effective solutions require large-scale responses that call for government-driven research and implementation programs. One such example is the industry’s recommendation that countries transition to low-carbon economies. The document notes that the countries most vulnerable to climate change generally have the fewest resources with which to address this problem, while also contributing the least to climate change-related problems. The statement’s crafters have considered these issues and present several recommendations for their industry to implement. It also outlines government actions required to support some of these measures. It calls on the insurance industry to prioritize recovery procedures, create loss reduction incentives, develop climate-change related insurance products, and educate insurance industry professionals. According to the authors, governments have yet to fulfill commitments made at the 2005 World Conference on Disaster Reduction; commitments necessary for the implementation of these policies. Thus, they urge governments to uphold these commitments, and to follow paragraph 8 of the UN Framework Convention for Climate Change. The statement concludes with insurance industry success stories. Several instances are presented that demonstrate that insurance companies, when given sufficient latitude and government support, can enact effective risk management solutions in countries vulnerable to the effects of climate change, but with limited inherent ability to respond to the hazards they face. ( English )
Subject:
Climate Change ( English )
Citation/Reference:
(2010). Global insurance industry statement on adapting to climate change in developing countries. Climate Wise, the Geneva Association, the Munich Climate Insurance Initiative (MCII), the United Nations Environment Programme (UNEP) Finance Initiative.

Record Information

Source Institution:
Florida International University
Rights Management:
Refer to main document/publisher for use rights.
Resource Identifier:
FI13042450

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Aggregations:
Disaster Risk Reduction