GFIA has today published a position paper on climate change adaptation and mitigation, where it calls on policymakers to act in several areas.
Insurers have decades of experience in climate adaptation, risk modelling and in managing claims that are made as a result of climatic or weather-related events. Therefore, they should be involved in public authorities’ discussions when designing adaptation and mitigation policies at a local, national and international level.
In addition, by diversifying risks geographically through international reinsurance markets, (re)insurers can cover local risks that may not be insurable locally. This international dimension is crucial, so policymakers should promote open markets and seek to engage with the insurance community for input and guidance when discussing international trade barriers.
These two issues are further developed in GFIA’s position paper, together with key principles on the role of insurers in guiding effective and efficient adaptation and mitigation.