GFIA Global Federation of Insurance Associations

Insurers around the world play an active role in protecting policyholders against the effects of climate change and in advising governments on adaptation and mitigation measures.

It is vital that any discussions aimed at addressing climate change recognise that regulation is not the only — and is often not the most appropriate — response to the issue, as governments and public authorities need to play a crucial role in enhancing resilience and adaptation measures.

GFIA believes that policymakers should ensure that any new regulatory/prudential proposals related to climate risk are proportionate and do not overlap with existing measures that already meet climate risk policy objectives.