Summary of the OECD’s paper on the insurance sector’s contribution to climate adaption
On 28 March, the Organisation for Economic Co-operation and Development (OECD) published a paper on the insurance sector’s contribution to climate adaptation. In the paper, the OECD explores how the insurance sector contributes to risk reduction through climate adaptation and identifies potential approaches for policymakers, regulators and supervisors to help them further support that contribution.
The secretariat of Insurance Europe prepared a summary (below) of the paper as some of its content is relevant in the context of the ongoing European Commission (EC) Climate Resilience Dialogue (CRD), in which the insurance sector is well represented. As such, the paper could inspire the discussions within the Dialogue and, subsequently, certain sections of the upcoming CRD report on reducing the climate protection gap. In particular, the OECD’s considerations in respect to the industry’s role in climate adaptation and impediments to the industry’s contribution in risk reduction and adaptation could be of interest.
OECD paper on the insurance sector’s contribution to climate adaptation.pdf