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Ensuring Our Future Requires Insuring Today

As climate-related disasters increase, insurers need to rethink their approach to insuring against the risks posed by climate change. If they want to stay in business, they must make combatting climate change part of their business model.

This piece was written for the Diplomatic Courier’s 2nd annual COP edition, COP27: The Sustainability Roadmap.  Learn More

Hurricane Ian’s devastation is pushing already strained insurers in Florida to the brink of collapse, and demonstrated that rate increases and restricted coverage are not enough to protect their bottom line from threat of climate change here and now.

Key takeaways:

The Cost of Doing Nothing | The status quo leaves insurers to retreat from the barely profitable property and casualty market while millions of people enter into extreme poverty without the benefit of insurance to help communities rebound from climate events.

Leveraging the Power of Insurance | By pushing to align insurance requirements and regulations, like climate resilient building codes, insurers can influence consumer behaviors. promoting the adoption climate resilient codes on a wider scale.

Using Insurance to Build Back Better | Insurance access is key to a healthy economy, ensuring both businesses and governments can facilitate capital investments, maintain operations, and recover from costly disasters in timely fashion. Requiring stronger guidelines and rethinking the risks they underwrite could increase profitability for insurers while saving lives.

Read Full Article   This is a summary. Additional details are outlined in the full article, published by the Diplomatic Courier.

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