There is growing recognition of the important multi-faceted role that the insurance industry can play in enhancing the resilience of individuals, businesses, communities and nations to climate change and other natural catastrophes. This includes: risk assessment, such as modelling, mapping and analysing risk exposure metrics; risk mitigation and loss prevention pre-event; risk transfer via insurance, reinsurance and related capital markets vehicles (e.g. catastrophe bonds); loss recovery, including the expedited release of recovery funds post event; and institutional investment, particularly in resilient infrastructure.
This report is intended to raise awareness of the importance of the proper legal, regulatory and policy environment in promoting resilience and by extension sustainable economic development. By providing an initial catalogue of the issues and areas of interest that must be addressed, it intends to stimulate more detailed work that will translate into improvements in the relevant environments.