As per a new report from Reuters, former U.S. Secretary of State Hillary Clinton has called for a reform of the insurance sector at COP28, citing the unavailability of coverage amid a new wave of climate shocks.
Speaking during a panel on women and climate resiliency, Clinton observed that “we need to rethink the insurance industry.”
She added, “Insurance companies are pulling out of so many places. They’re not insuring homes. They’re not insuring businesses.”
According to Reuters, lower-income countries and workers in nations most affected by climate change are struggling to access insurance to help protect them from economic hits.
During the panel, Clinton reportedly recalled meeting Indian women who described working outdoors in construction, farming or desert salt flats, forced to work in “almost unbearable conditions” because they had no economic alternatives.
She went on, “As the climate changes, as storms increase and drought and heat increase. it’s not just … poor, hard-working women in India. It’s people everywhere who are going to be left out with no backup, no insurance for their business or their home.
“People in the United States, Europe, they’re going to wake up and say, ‘What do you mean, I can’t get insurance?'”
It’s no secret that a host of insurers have recently pulled back from climate and catastrophe-exposed property risks. In June, AIG and Farmers Group joined others that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires.
