Patrick M. Liedtke, Secretary General and Managing Director of The Geneva Association said, “The core principle of risk management and loss prevention is that in most cases ‘prevention is better than cure’. If governments, especially in the developing world, can implement robust risk management and loss reduction measures then a significant amount of both human suffering and economic loss could be prevented.”
Professor Peter Hoeppe, Head of GeoRisks at Munich Re and Chairman of MCII commented, “Developing countries are most vulnerable to climate extremes, even though they contribute little to greenhouse gases. These are precisely the areas which have the fewest tools to manage and transfer the risks they face and they often lack the financial resources to adapt to climate change.”
Achim Steiner, UN Under-Secretary-General and UNEP Executive Director said, “The insurance industry is making it clear: it has the expertise and the creative solutions to assist vulnerable countries and communities manage the risks of climate change. But it is a partnership that works both ways. Governments need to act on this opportunity and harness this reservoir of risk assessment skills. Secondly, the insurance industry needs a fighting chance of success. In other words governments need to back big cuts in emissions in line with the scientific reality”.
Notes:
About ClimateWise
ClimateWise is the global collaboration of leading insurers focused on reducing the risks of climate change. Launched in 2007 by HRH The Prince of Wales, and facilitated by the University of Cambridge Programme for Sustainability Leadership, ClimateWise brings together over 40 international members from Europe, North America, Asia and Southern Africa all of whom abide by the ClimateWise Principles. For more details, visit www.climatewise.org.uk.
About The Geneva Association
The Geneva Association is the leading international insurance economics “think tank” on insurance and risk management issues. Its members are 90 CEOs of the world’s leading re-insurers. The objectives of the Association’s climate-linked research have been to identify and analyze issues of specific relevance to the insurance industry, such as the likely range of future claims costs, and external challenges to be addressed at the political, educational and social levels. For more information, visit www.genevaassociation.org.
About Munich Climate Insurance Initiative (MCII)
The Munich Climate Insurance Initiative (MCII) was initiated by Munich Re in April 2005 in response to the growing realization that insurance solutions can play a role in adaptation to climate change, as suggested in the Framework Convention and the Kyoto Protocol. This initiative is formed by insurers, climate change and adaptation experts, NGOs, and policy researchers, intent on finding solutions to the risks posed by climate change. For more details, visit www.climate-insurance.org.
About United Nations Environment Programme Finance Initiative (UNEP FI)
The United Nations Environment Programme Finance Initiative (UNEP FI) is a strategic public-private partnership between UNEP and the global financial sector. UNEP works with nearly 200 insurers and reinsurers, banks and investment firms, and a range of partner organizations, to understand the impacts of environmental, social and governance issues on financial performance and sustainable development. Through a global programme encompassing research, training, events and regional activities, UNEP FI identifies, promotes and realizes the adoption of best environmental and sustainability practice at all levels of institutional operations. To learn more, visit www.unepfi.org.
Source: UNEP Press Release dated September 6, 2010.
