Synergisms between climate change mitigation and adaptation: an insurance perspective |
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Authors: | Evan Mills |
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Institution: | (1) Lawrence Berkeley National Laboratory, MS 90-4000, Berkeley, CA 94720, USA |
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Abstract: | As the world’s largest industry, the insurance sector is both an aggregator of the impacts of climate change and a market
actor able to play a material role in decreasing the vulnerability of human and natural systems. This article reviews the
implications of climate change for insurers and provides specific examples of insurance-relevant synergisms between adaptation
and mitigation in the buildings and energy sectors, agriculture, forestry, and land use. Although insurance is far from a
“silver bullet” in addressing climate change, it offers significant capacity and ability to understand, manage, and spread
risks associated with weather-related events, more so today in industrialized countries but increasingly so in developing
countries and economies in transition. Certain measures that integrate climate change mitigation and adaptation also bolster
insurers’ solvency and profitability, thereby increasing their appeal. Promising strategies involve innovative products and
systems for delivering insurance and the use of new technologies and practices that both reduce vulnerability to disaster-related
losses and support sustainable development. However, climate change promises to erode the insurability of many risks, and
insurance responses can be more reactive than proactive, resulting in compromised insurance affordability and/or availability.
Public–private partnerships involving insurers and entities such as the international relief community offer considerable
potential, but have not been adequately explored.
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Keywords: | Energy efficiency Climate change Insurance Risk management Economic development |
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