IAA Resource and Environment Working Group Releases a Discussion Paper on Climate Change, Insurance and Vulnerable Populations
This paper discusses the key consequences of climate change and its impact on those most likely to be adversely affected. It also addresses methods of financing recovery efforts for vulnerable populations, and the role of insurance in this process.
The paper points out the limitations of both private and public sector insurance approaches to climate-related risk management, which all-too often focus on recovery from the damages rather than minimizing the consequential damages. As a result, the entire risk management process should be addressed. Preparedness is paramount to control the extent of damages, including preventive actions and adaptation efforts, such as the use of resilient buildings and effective land use planning. To those who are most vulnerable, the risks represent major threats to life, health and property across the world, making the methods of mitigating and financing them vitally important.
This activity supports the IAA's mission to inform and influence global stakeholders, assure the reputation of the profession, and advance the competency of the profession. Further, it contributes towards achieving one of the IAA's strategic objectives to promote the advancement of scientific knowledge and the skills of the actuarial profession.
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