The largest federation of re/insurance companies and industry players in Europe is urging policymakers to safeguard the implementation of the Paris Climate Change Agreement.
Michaela Koller, the federation’s director general, said that European insurers welcome the coming into force of the Paris Agreement to limit any global rise in temperature to below two degrees above preindustrial levels.
“Significant steps must now be taken by policymakers to ensure that the agreement is fully implemented and adhered to,” Koller said in a statement.
“It is also essential that appropriate action is taken by public authorities to better protect societies against the effects of climate change that have already begun to manifest themselves,” she added.
Koller said European insurers are already “heavily involved” in protecting communities against climate change impact.
According to Koller, insurance companies provide advice to policymakers on climate change adaption projects, such as the building and maintenance of flood defences and the drafting and enforcement of building codes.
“Many insurers also engage in risk awareness initiatives, and several have developed apps to inform consumers of extreme weather events or whether their properties are under potential risk from such events,” Koller said.
In October, Insurance Europe said in an insight briefing that the insurance sector is especially sensitive to the risks posed by climate change.
“In particular, the sector is concerned that continuing global increases in temperature could make it increasingly difficult to offer the affordable financial protection that people deserve and modern society requires to function properly,” the federation said.
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