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Weather-related disasters impacting Africa surged by 75% from 2014 to 2023, exacerbating the disaster risk insurance gap. Insurers could play a crucial role in helping businesses and individuals absorb losses from flood, drought and climate-induced epidemics. But data gaps, limited risk transfer tools, and a lack of regulations for transferring risk hinder climate insurance growth. Regulatory authorities, underwriting insurers and development finance institutions convene in a roundtable to ensure the insurance sector is prepared to cover losses for millions that could be affected by climate change.
Key points:
- What kind of regulatory framework is needed to help the insurance sector absorb climatic risks?
- How could development finance institutions bring new instruments for risk transfer?
- What can insurers do to optimise underwriting and risk strategies?