INDUSTRY WELCOMES UN INITIATIVE TO SUPPORT MOST VULNERABLE AGAINST CLIMATE RISKS

Insurance industry representatives have welcomed a new initiative launched by the UN at the COP21 conference in Paris aimed at strengthening the world’s most vulnerable countries ability to deal with climate risks. The initiative – Anticipate, Absorb, Reshape - will focus on the most vulnerable people and communities in Small Island Developing States, Least Developed Countries, and African countries. The initiative will mobilise funding, knowledge and partnerships over the next five years, and will work alongside partners such as Africa Risk Capacity to ensure that by 2020 more than 30 countries are provided with $2bn in coverage against drought, flood and cyclones, including $500m in adaptation funding. The UN said 150 million Africans will be directly insured through the scheme. XL Catlin chief executive Mike McGavick attended the launch in his capacity as chairman of The Geneva Association, and offered the insurance industry’s support for the initiative.