The task force aims at enabling a shift within the insurance industry from a sole focus on providing risk transfer products and services as a means to protect the insured, to an emphasis on prevention through DRR incentives, awareness, capacity and financing.
Climate change jeopardises socioeconomic stability and sets back efforts at development. Until recently much of the dialogue on climate change has been on climate risk mitigation actions and solving for decarbonation to prevent damage from getting any worse. However, climate change mitigation is only one part of the story. The impacts of climate change are here to stay, and we need to also focus on preventing new risks and reducing existing risk.Read more
We need to increase our ability to recover from specific disasters; reducing vulnerability and promoting resilience (both physical and financial) to catastrophe. Climate risk adaptation is vital to make society resilient to the impacts of climate change. Meanwhile, disaster risks beyond those related to climate-change also require greater attention to mechanisms for preventing these risks from materialising and limiting their impact when they do.
The task force has defined 3 key focus areas to increase focus on disaster risk reduction: