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COP26: An opportunity for re/insurance & ILS climate leadership

On Monday November 1st 2021 at the United Nations (UN) Framework Convention on Climate Change Conference of the Parties (COP26) in Glasgow, United Kingdom, it became clear that this is a moment in time where the insurance, reinsurance and insurance-linked securities (ILS) industries have an opportunity to display climate leadership.

One of the clearest signals of this is the inclusion of insurance and disaster risk financing in U.S. President Biden’s announcement of the President’s Emergency Plan for Adaptation and Resilience (PREPARE), which he called a “whole-of-government initiative” and the cornerstone of “the U.S. Government response to addressing the increasing impacts of the global climate crisis in order to enhance global stability.”

The PREPARE plan explains that the United States will integrate “climate risk considerations” into multilateral efforts, while also striving to “mobilize significant private sector capital for adaptation.”


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