Ahead of the start of COP26 talks on Sunday, a document issued by the UK presidency highlighted the need for a step change in adaptation on the ground and support for those suffering loss and damage. 

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Within the document it acknowledges the important role disaster risk finance and insurance can play in helping prepare for and respond to climate impacts.  

The document is the latest signal of the increasing recognition of insurance as a tool that can play an important role in improving the resilience of vulnerable communities.  

COP26: The Insurer Daily Bulletin | Edition 1 - Download here

A core goal of the event is to mobilise finance for developing countries most exposed to climate change impacts. Insurers have a core role to play here in helping develop solutions that can facilitate investment.  

G20 leaders met ahead of the start of COP26 talks but delivered relatively little clarity around how they would meet net zero emissions targets, while the pledge to mobilise $100bn a year in climate finance has not yet been met.  

“Conversations around adaptation and resilience are fundamentally tied to the zero by the middle of the century and keeping the 1.5°C target within reach,” explains Insurance Development Forum secretary general Ekhosuehi Iyahen. 

“This means countries coming forward with ambitious 2030 emissions reductions targets that align with reaching net zero by the middle of the century,” she said. 

“Securing a successful outcome will not be an easy task. That said, there is a role and a space outside of that process and steps that can be taken by businesses, civil society actors and foundations in a positive direction in support of our common objectives.  

“There is an element of fatigue when talking about what is needed,” she continued. ”It’s simply time to get on with it.” 

Wednesday is a key day for discussions around finance while adaptation and loss and damage issues will take centre stage next Monday. 

In today’s edition we hear from Richard Dudley, Aon’s newly appointed global head of climate Strategy, who warns that the economic impact of climate related events has hit $5trn since the turn of the century and is now growing by an annual average rate of about 5 percent. 

Dudley believes the industry is now much better positioned to address the rising protection gap and says there will be a much greater chance of succeeding if working in collaboration with the public sector.  

We also round-up the latest insurance-related news to emerge from Glasgow and the associated virtual discussions taking place around COP26.