There is growing recognition of the important multi-faceted role that the insurance industry can play in enhancing the resilience of individuals, businesses, communities and nations to climate change and other natural catastrophes.

The insurance industry’s capabilities include:

1. Risk assessment – modelling, mapping, analysing risk exposure metrics
2. Risk mitigation and loss prevention pre-event
3. Risk transfer via insurance, reinsurance, and related capital markets vehicles (e.g., catastrophe bonds)
4. Loss recovery– including the expedited release of recovery funds post event
5. Institutional investment, particularly in resilient infrastructure

For these benefits to be realized, however, it is critically important to have the right legal, regulatory and government policy environment in place.

This report is intended to raise awareness of the importance of the proper legal, regulatory and policy environment in promoting resilience and by extension sustainable economic development. By providing an initial catalogue of the issues and areas of interest that must be addressed, we intend to stimulate further, more detailed work that will translate into improvements in the relevant environments.

Read the full report here.