Insurers should share insights on climate risks

The insurance industry should share its insight into climate risks, said Swiss Re at a UN summit.

Rick Murray, managing director at Swiss Re, provided introductory remarks at the United Nations Climate Risk Summit.

Murray noted: ‘There is an important role for the insurance industry to share its insights into the risks of climate change. Climate change challenges our industry in myriad ways -- the property coverage damage and mortality losses that arise from natural catastrophes, as well as the exposure that continues to grow as climate-related liability litigation gains momentum. The industry's deep knowledge and expertise based on its claims experience need to be shared.’

“There is an important role for the insurance industry to share its insights into the risks of climate change.

Rick Murray, managing director at Swiss Re

Topics discussed by the conference participants included the far-reaching economic impacts of climate change, the responses of a growing number of U.S. and overseas investors, and the vast financial opportunities that energy efficiency and other technologies offer for reducing greenhouse gas emissions and creating economic growth.

Managing director Ivo Menzinger, responsible for Swiss Re's climate change activities, said: ‘While we need to be alert to the risks, it is encouraging to see, how the focus of the debate has moved from the downside of climate change to the opportunities associated with transitioning to a low-carbon economy.’