The Geneva Association has stressed the importance of insurance – integrated disaster risk management and transfer – to mitigate the impact of climate change in a report on global extreme events and climate risk management released yesterday.
Improving risk knowledge and assessment capacities, an integrated approach to disaster management, innovation in risk transfer, and facilitating risk transfer solutions for the agriculture industry are key initiatives underway globally to combat climate related losses, according to the Geneva Association – a leading think tank of the international insurance industry.
Dr Maryam Golnaraghi, Director of The Geneva Association’s Extreme Events and Climate Risk Programme, added; “Proactive and integrated risk management is the only way to reduce the socio-economic impacts on our societies caused by our changing climate.”
Secretary General of The Geneva Association, Anna Maria D’Hulster added; “Each of the three framework agreements signed in 2015 have recognised, explicitly or implicitly, the important role of insurance in building economic resilience to extreme events and climate risks.”
Golnaraghi noted areas of integrated risk management remain fragmented despite evident moves towards progress.
For more effective risk management, the Geneva Climate Risk Programme Director said stronger strategic partnerships were needed to; “leverage stakeholders’ strengths, avoid redundancies and align priorities.”
To provide readers with an overview of key initiatives underway globally the Geneva Association assessed patterns of stakeholder engagement in international framework agreements related to disaster risk over the last 50 years, and created a map with graphic illustrations of the major developments.
