ClimateWise says insurers must not pay for failure to adapt

ClimateWise chairman Andrew Torrance will demand action to adapt and mitigate the effects of climate change at the United Nations Framework Convention on Climate Change (UNFCCC) meeting in Poznan, Poland next week.

The Allianz chief heads the insurer group demanding measures to strengthen climate change adaptation frameworks so that insurers can play a full role in reducing climate risks.

In addition to binding medium and long-term emissions-reduction targets ClimateWise has three demands it want to see addressed in a new global framework:

  • All countries committing to implement national adaptation plans.
  • A long-term international arrangement for collecting and sharing climate risk data.
  • A review of synergies between adaptation and mitigation measures.

Torrance said: ““The insurance sector is one that most directly experiences the impacts of climate change. ClimateWise members are ready to explore how best to extend the benefits of their expertise to those affected by climate risk, and governments must create the framework in which this can take place. Insurance cannot be an alternative to adaptation, rather robust adaptation is a necessary condition for insurers to play a full role. ”

The meeting is on 8 December and is expected to attract 8,000 participants.