RESPONDING TO THE CLIMATE CHANGE CHALLENGE 2022

In a statement by EU Commission President Ursula von der Leyen on the outcome of COP27, she commented: “COP27 marks a small step towards climate justice but much more is needed for the planet. We have treated some of the symptoms but not cured the patient from its fever.”

The establishment of the loss and damage fund has been hailed as a “historic moment,” although many details remain to be negotiated.

What does remain clear is that the symptoms of climate change persist.

Hurricane Ian was one of the deadliest to strike the state of Florida since 1935, and if predictions are correct could also make it the costliest storm to hit the state. A rise of secondary perils in Europe, which has been significant in the past 12 months, and unprecedented rainfall, which left a third of Pakistan underwater, are impacting the lives of people across the planet at unprecedented levels.

How will the insurance industry approach these rising threats, and will insurers need to assume a greater share of the growing global exposures?

Our second nat cat report explores the challenges weather-related events present to the insurance sector, with commentary from industry stakeholders on how Insurers can respond to the climate change crisis. With contributions from Aon, IQUW Syndicate 1856, and others.