Generali’s Post

The Insurance Development Forum's (IDF) initiative to raise a multimillion-dollar infrastructure fund to assist developing countries in coping with the consequences of climate change is of paramount importance. In a world where climate change is increasingly felt, there is an urgent need for resilient and sustainable infrastructure in emerging and developing economies. I have always put emphasis on the importance of collaborative efforts like the IDF's, where insurers and international bodies unite to support nations that are already experiencing the impacts of climate change. This initiative showcases the insurance / takaful industry's ability to bring neutrality and objectivity to the climate discussion through its expertise in risk modelling and pricing, ultimately contributing to a more efficient and proactive approach to climate resilience. Pakistan also needs to be a part of such programs being quite vulnerable to the adverse effects of climate change. Ekhosuehi Iyahen Jan Kellett Michael Bennett Arup Chatterjee https://ow.ly/ZqeH50Q2esq #ClimateChange #ClimateResilience #Ecosystem

Rowan Douglas CBE, CEO of Climate Risk and Resilience, is at New York Climate Week and attended the signing yesterday between Lloyd's and the United Nations Capital Development Fund (UNCDF) to scale a project we supported in 2022 to help fight climate change in the Pacific. We supported the launch of two parametric insurance products in Fiji, Tonga and Vanuatu, leading to a successful payout to 1,037 vulnerable people after heavy rainfall. This new partnership with Lloyd’s aims to improve access to insurance for climate vulnerable countries, initially focusing on Fiji and Pacific island countries, with the ambition to scale to other regions, including Asia and parts of Africa. At the event, Rowan said: “‘Insurance is more than an industry, it's our shared global system for distributing risk across communities. We have built a new toolkit with satellites and mobile phones and can demonstrate that it works; now what we need to accelerate is scale. Today’s event is an important step.” Lloyd’s signed the MOU on behalf of the SMI’s Insurance Task Force. We're a key member, represented by CEO David Howden. Read the full announcement https://ow.ly/cNvs50POk6H #ClimateRisk #ParametricInsurance #ClimateChange #insurance #ForceForGood

On behalf of The Sustainable Markets Initiative Insurance Task Force, Lloyd’s is pleased to announce a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries. Setting out a commitment to designing innovative insurance products that will deliver financial resilience against climate shocks, a Memorandum of Understanding was signed yesterday during New York Climate Week at an event hosted at Lloyd’s New York offices. Initially focussing on building and scaling solutions across Fiji and the Pacific Islands, the partnership will also seek to replicate the model in other Small Island Developing States (SIDS) and Least Developed Countries (LDCs). Lloyd’s CEO John Neal comments on the partnership: “Insurance has a vital role to play in building resilience against climate-related risks. This partnership with the UNCDF underpins the Sustainable Markets Initiative’s mission to develop a coordinated global effort to mitigate climate and natural catastrophe risks as we progress towards a more sustainable future.” Read the full announcement here 👉 https://lnkd.in/e9ujWQqG #ClimateWeek2023 #ClimateAction

Some great insights and recommendations in this report, many of them are not new, and as an ex Govt employee I know that many of my colleagues and I have wanted a number of these recommendations to become a reality for some time. Sadly policy, governance and planning changes are never easy (doesn’t mean they shouldn’t be done!). Nevertheless, having the ICA put it all down in one clear document is very welcome and I hope this paper becomes a regular reference doc for my Govt friends and that the Insurance industry does all that it can to support resilience and preparedness.

Important considerations for climate adaptation policy and climate mobility decision making

With our team having been involved in property assessments Australia wide following the devastating floods of 2022, it’s really pleasing to see conversations, investments, and policy recommendations focused on resilient building. The recent ‘Building Australia’s Resilience’ report issued by the Insurance Council of Australia focuses on how we can build back better, stronger, and away from harm. At the front line, we have seen the devastating impact on individuals and communities, not to mention the recovery costs nationwide. Learnings from recent events have a great potential to positively influence future building codes, funding, and land use planning to ultimately minimise the impact of climate change on people and communities. #buldingresilience #climatechange #floodrecovery #buildbackbetter https://lnkd.in/gE8dcaeG

This year’s theme for Environment Day is “Restoring Our Land” and it is important that we ask ourselves the question above to ensure we’re part of the sustainability, preservation and restoration of our land. The earth is ours, let’s protect it. #environmentday #worldenvironmentday #worldenvironmentday2024 #june5th #insurance #insurance_solutions #insuranceindustry #anchor #wednesday

#Series: What do you know about insurance and climate adaptation? Insurance offers an opportunity to build the financial resilience of low-income vulnerable households to climate-related disasters in Africa. There must be collaboration between insurance companies, government agencies, the private sector and civil society organizations to develop solutions that address the challenges and barriers faced in utilizing insurance as a climate adaptation mechanism. InsuResilience Global Partnership InsuResilience Solutions Fund (ISF) #climateadaptation #insurance #climateriskmanagement

There is growing need for insurance in adapting to climate change. Follow our educational #Series dubbed "What do you know about insurance and climate adaptation" to understand the interlinkages between insurance and climate adaptation, and benefit from the opportunity it presents. #Climateinsurance #Climateriskmanagement #climateadaptation #climatesolutions #climateopportunites

This morning our CEO Andrew Hall launched the Insurance Council’s recently published report, ‘Building Australia’s Resilience’ at the Climate Adaptation Conference alongside Senator Jenny McAllister, Assistant Minister for Climate Change and Energy, and Russell Wise from CSIRO. This report sets out the #policy recommendations for how we can build on existing initiatives to create a more #resilient Australia, lessening the impact when disaster strikes and ensuring we don’t continue to put homes and communities in harm’s way. Read more: https://lnkd.in/g9K2azQp #ClimateAdapt2023 #ClimateChange #Insurance #BuildingResilience