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Insurer perspectives on climate change adaptation Results of a global survey – A sneak preview [email protected] UNEP FI December 2011 UNEP FI’s approach to insurance and climate change adaptation Insurance industry • How is the insurance industry contributing to the climate resilience of economies and communities through its risk management and risk transfer products and services? What are examples of effective solutions and how can these brought to scale? National and local governments • What actions by national and local governments are needed by the insurance industry to develop and scale up risk management and risk transfer products and services for vulnerable communities? Intergovernmental process • How can the intergovernmental process – specifically the next international climate change regime under the UNFCCC – mobilise the insurance industry to develop, implement and scale up risk management and risk transfer solutions for vulnerable communities, particularly those in developing countries? Highest climate risk in the past 20 years in developing countries Future regional vulnerability of human populations to climate change Regions with a high CDVI are expected to be most negatively impacted by climate change. The CDVI is based on ecological and demographic models . © McGill University Source: Samson, J. et al. (2011) Geographic disparities and moral hazards in the predicted impacts of climate change on human populations. Global Ecology and Biogeography. The insured and uninsured world Overview of property insurance premium per capita Insurance groups: Highly insured countries (> USD 1,000 ) Well insured countries (USD 101 - 1,000 ) Basically insured countries (USD 11- 100) Source: Munich Re, property insurance premium (non-life including health), per capita in 2008 © 2011 Münchener Rückversicherungs-Gesellschaft, Geo Risks Research, NatCatSERVICE – As at May 2011 Inadequately insured countries (< USD 10) Survey Background • • • • 67 participants 24 countries 56 companies 33 from developed countries; 32 developing countries Question 1 - climate change? Insurance Belief in ClimateinChange Top Influential Factors for Believing Climate Change Influential factors National Policy and Regulations 16 1% 4% 19 International policy and regulation Media 27 Yes Insurance industry intiatives 30 Insurance Claims Data No N/A 38 Scientific and Climate Evidence 61 0 10 95% 20 30 40 Number of Respondents 50 60 70 Question 3 – insurer action: processes Lines of insurance Response to Climate Change in the Past 5 Years Risk underwriting 35 Risk quantification and modelling 34 Loss prevention measures 31 Risk research 31 Product development 26 Risk mapping 26 Risk survey 26 Loss reduction measures 22 Claims management 18 Traditional reinsurance and retrocession 18 Insurance-linked securities 13 0 5 10 15 20 25 30 Number of Respondents 35 40 Question 2 – relevance of climate change? Aviation, Marine and Transport Insurance Credit and Surety Insurance 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 10 years 10 years later Motor Insurance 2.5 2.0 Relevance now 2.5 2.0 1.5 10 years 1.0 1.0 1.0 0.5 0.5 0.5 10 years 10 years later Now 10 years later 2.5 2.0 1.5 1.0 1.0 10 years 10 years later 0.5 now 10 years 10 years later 10 years later Accident and Health Insurance 1.5 0.0 0.0 10 years 3.0 2.0 0.5 now 10 years later 2.5 1.0 0.5 10 years Agroforestry Insurance 1.5 10 years now 3.0 2.0 now 0.0 0.0 now 2.5 0.5 10 years later 1.5 1.0 0.0 10 years 1.5 Engineering Insurance 1.0 now 1.5 3.0 1.5 0.0 2.0 Property Insurance 0.5 2.5 2.0 10 years later 3.0 3.0 2.0 0.0 now 2.0 1.0 3.0 3.0 2.5 1.5 Life Insurance Average Relevance of Climate Change to Risk Management and 2.5 2.5 Transfer Activities Over Time 0.0 0.0 Financial Lines Insurance Casualty and Liability Insurance 0.5 0.0 0.0 now 10 years 10 years later now 10 years 10 years later Question 4 – insurer action: products Types of Products Offered Related to Climate Change Credit and Surety 1 18 3 Life 20 13 Agroforestry Products Financial Lines 1 20 21 6 Casualty and Liability 26 5 Accident and Health Transport 4 Engineering 4 Index 32 32 5 Motor Indemnity 29 38 14 Property 0 5 48 10 15 20 25 30 35 Number of Respondents 40 45 50 Question 7 – making it real. Benefit Benefit per Risk Management Solution 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.46 Land use 2.46 Flood 2.34 2.31 2.29 2.29 2.24 2.10 Zoning Conservation Infrastructure Drainage Disaster Irrigation Risk Management Solution Question 7 – making it real. Cost Effectiveness Cost-effectiveness per Risk Management Solution 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.49 Flood 2.41 Drainage 2.20 Conservation 2.19 Infrastructure 2.12 1.98 1.93 1.86 Irrigation Land use Zoning Disaster Risk Management Solution Question 8 – to do´s for government - locally Degree of Effectiveness Degree of Effectiveness per Government Action at the Local Level 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.47 Drainage 2.40 Flood 2.36 Landuse 1.40 1.28 1.19 Subsidies Insurance Regulations Disclosure Government Action Question 8 – to do´s for government - nationally Degree of Effectiveness Degree of Effectiveness per Government Action at the National Level 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.47 Disaster 2.45 Infrastructure 2.40 Climate PolicyDialogue 2.02 1.98 1.91 Insurance Regulations Disclosure Subsidies Government Action Question 8 - to do´s for government internationally Degree of effectiveness Degree of Effectiveness per Government Action at a International Level 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.50 Weather 2.44 Research 2.38 Models 1.56 1.44 1.33 Subsidies Drainage Irrigation Government Action Preliminary conclusions • Insurers are already adapting to climate change, across lines of business and internal processes • Insurers are already helping societies and economies adapt to climate change • These activities can be expanded and up-scaled through public-private collaboration • There are ideal roles for local, national and international government bodies to play