The Global Federation of Insurance Associations (GFIA) and insurance associations around the world are calling for stronger action on climate adaptation, as the growing frequency and severity of extreme weather events are resulting in human and economic losses and putting increasing pressure on insurance. GFIA stresses that closing the protection gap and maintaining the availability of insurance will require coordinated global action on climate adaptation.
On Finance Day at COP31, the Global Federation of Insurance Associations (GFIA) and insurance associations around the world call for:
- Stronger integration of climate risk analysis and adaptation as a priority for government spending in infrastructure and emergency response and recovery;
- Greater investment by all sectors and governments in prevention, risk reduction, post-hazard human and social management solutions, business continuity solutions and resilient infrastructure;
- Stronger public-private partnerships to share and manage increasingly severe climate risks, with governments playing a key role setting and enforcing building and land use standards and providing resilient infrastructure;
- Innovative approaches may help to reduce protection gaps and maintain the availability and affordability of insurance by mitigating the risk and addressing the drivers of underlying cost;
- A recognition of the complementary responsibilities of governments, businesses, insurers, investors, lenders and other stakeholders in building climate resilience.
Read the paper here.
