In what was the hottest year on record, natural disasters resulted in insured losses of over USD 100 billion. Moreover, 62% of global economic losses were still uninsured in 2023. Insurance plays a vital role in risk transfer, decreasing the size of losses, and incentivising investment to reduce loss potential, which in turn lowers the cost of insurance, safeguards industry sustainability and counteracts widening protection gaps. Achieving a virtuous circle requires governments to invest and collaborate closely with private and public sectors to prepare effectively for a sustainable future — "the day after tomorrow.“
In this session, we will take a closer look at today’s economic and insurance market environment and discuss what the re/insurance industry can do to manage increasing climate impacts through climate adaptation efforts, new products that help close the protection gap as well as analytic tools that can provide greater transparency on our climate exposure.
