UN Urges Insurance Industry to Take Leadership in Climate Change Response
The insurance industry is a key actor in forging new instruments to anticipate and manage climate risks, Secretary-General Ban Ki-moon said today, urging the industry to continue to work with the United Nations to manage and reduce such risks and ultimately ensure a more sustainable world for all.
"The world needs your leadership to meet the climate challenge," Mr. Ban said in remarks at a high-level meeting on resilience with insurance industry leaders and other stakeholders at UN Headquarters in New York this morning.
Emphasizing that the "impacts of climate change will affect every aspect of our lives," the Secretary-General noted that the insurance industry played a key role at the Climate Summit he hosted in 2014 and was instrumental in mobilizing momentum for the Paris Agreement in December 2015.
Climate change "profoundly affects" the core business of the insurance industry because the industry will be faced with "mounting claims of a magnitude not yet seen" and also because the industry's investment decisions can give rise to unexpected risks.