CHINA URGED TO LEARN FROM NEIGHBOURS

China should look at what its Asian neighbours are doing in terms of developing professional risk-transfer mechanisms, according to the head of climate risks at Munich Re. Ernst Rauch explained: “Not only do these mechanisms help stabilise economies, they also accelerate the recovery from natural catastrophes. Without such mechanisms it takes years and years to recover from such disasters.” He highlighted that while the effects of climate change had only recently been seriously taken into consideration by certain governments, the insurance industry had been following the pattern of climate change for more than 30 years and was keen to help governments see the broader picture.