Risk transfer and climate insurance at the local level
The insurance industry is an important stakeholder in climate change adaptation and disaster risk reduction due to its extensive experience in risk management—from identifying, assessing, preventing and reducing risk (e.g. catastrophe risk modeling, land use planning, building codes), to financial risk transfer (i.e. insurance). Financial risk transfer in the form of insurance and other risk financing solutions provide economic security to local governments and communities and safeguards sustainability efforts against weather-related disasters. Examples include catastrophe insurance, micro-insurance, social safety nets, and municipal budget reserves for disasters. This webinar, from the Resilient Cities webinar series from ICLEI – Local Governments for Sustainability, explores risk reduction and risk transfer strategies for cities through a global expert opinion and a local government view.
This webinar is part of the 2015 Resilient Cities webinar series.
Butch Bacani, Programme Leader of the UNEP Finance Initiative’s Principle for Sustainable Insurance Initiative (PSI)—the largest collaboration between the United Nations and the insurance industry— discusses the work of the PSI, particularly research and activities relevant to building climate and disaster-resilient cities and communities. These included the PSI Global Resilience Project and the AXA-PSI global survey report on how cities and small/medium enterprises are building climate resilience. Download his presentation here.
Lykke Leonardsen, Head of Climate Unit from the city of Copenhagen shares the city’s experience in risk reduction and risk transfer through insurance. Lykke discusses the benefits and limitations of risk transfer strategies in the form of insurance for cities. Download her presentation here.