68 traditional re/insurers commit to Climate Risk Statement
Saturday, 11 21 2015, Category: Insurance and Reinsurance, Country: World
International insurance industry research body and think tank, The Geneva Association (GA), has reported that 68 traditional insurance and reinsurance firms have shown their commitment to manage and reduce global risks associated with climate change.
The expertise, capacity, mechanisms and willingness to help of the global insurance and reinsurance industry is seen as a vital component of the global fight to build climate resilience and adaptation, as the severity and frequency of extreme weather, and climate-related events is expected to increase, signalling a need to improve disaster resilience efforts around the world.
“Re/insurance performs a vital societal and economic function by signalling the price of risks to raise awareness, underwriting risks and redistributing the cost both geographically and financially around the world,” explains the GA.