Round Table 2
Assessing, Financing and Insuring Against Climate Risk
Moderated by Aron CRAMER, President and CEO, Business for Social Responsibility (BSR)
The climate is already changing, creating economic, ecological, and social risks - both real and potential - in developing countries especially, but also in developed countries. Since it assumes risk, the insurance industry is assessing these growing risks very closely, through advanced research and risk management. Extreme natural events are among the risks involved, ranging from sudden occurrences to protracted phenomena, including floods, rising sea levels and droughts. The challenge requires both prevention and adaptation strategies.
This session will discuss the issue of climate resilience. It will stress the insurance industry’s role in risk prevention and risk management, addressing the topics of risk-sensitive investments, infrastructure and early warning systems against risks. It will also showcase insurance solutions such as green products for renewables, parametric insurance and risk advisory services. Moreover, in the run up to COP21, the roundtable will show how new partnerships between the financial and public sector could implement the “Agenda of Solutions” for tackling the climate challenge (e.g. the Resilient City initiative, regional pooling mechanisms for risk transfer, index-based insurance, etc.).