Microinsurance Network industry members commit to innovative, sustainable solutions for climate change

Monday, December 14, 2015
As the COP21 concluded in Paris, a global climate agreement was announced setting a binding 2-degree target for rise in global temperature. The Microinsurance Network has confirmed its commitment to reduce the impacts of climate change by enhancing resilience of low-income people.

The members of the Microinsurance Network also highlighted that finding solutions for the reduction of climate change impact, is not only a part of their aforementioned inherent mission to enhance the resilience of low-income households, but that it also presents business opportunities and ensures the safeguard of private insurance markets. While climate change poses potential threats to the insurance industry, it also offers prospects for innovation and developing creative products and services to minimise the causes and effects of extreme weather events.
 
The Microinsurance Network industry members have committed to climate adaptation and mitigation by investing and raising awareness on long-term infrastructure resilience to disasters, as well as realising their crucial role in expanding the scope and type of insurance data and models to improve risk reduction and resilience.

The Network has stressed the need for innovative, sustainable and effective partnerships with businesses, the public and private sectors, as well as civil society, to help relieve the burden of low-income households in the face of environmental hazards.
 
Read the Microinsurance Network’s full position statement here.