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Article

7 Dec 2016

Author:
Damian Carrington, Guardian (UK)

Insurance coalition finds industry must increase investments to fund climate resilience to minimise risks

"Climate change threatens ability of insurers to manage risk", 7 Dec 2016

The ability of the global insurance industry to manage society’s risks is being threatened by climate change, according to a new report…[which] finds that more frequent extreme weather events are driving up uninsured losses and making some assets uninsurable. The analysis, by a coalition of the world’s biggest insurers, concluded that the “protection gap”…has quadrupled to $100bn (£79bn)…a year since the 1980s…The ClimateWise coalition of 29 insurers, including Allianz, Aon, Aviva, Lloyd’s, Prudential, Swiss Re and Zurich, conclude that the industry must…help fund increased resilience of society to floods, storms and heatwaves…The ClimateWise report…says the industry must also use its risk management expertise to convince policymakers in both the public and private sector of the urgent need for climate action…Other actions insurance companies can take are to work with their customers to make them more resilient to extreme weather and encourage the development of insurance markets in poorer nations that are growing rapidly…