Building a Climate Resilient Future for Insurance

This report is a collaborative effort involving the UN Climate Change High-Level Champions, the UN Race to Resilience, the Adrienne Arsht-Rockefeller Foundation Resilience Center, and Marsh McLennan, supported by research from Oliver Wyman. It outlines the urgent need for the insurance industry to enhance adaptation and resilience in response to climate change impacts. The report identifies barriers that prevent insurers from prioritizing risk reduction and presents five actionable recommendations to overcome these challenges. These recommendations include prioritizing resilience as a strategic imperative, collaborating with the public sector, improving climate-related data accuracy, creating industry standards for rebuilding, and advocating for supportive public policies. The report emphasizes the commercial value of supporting adaptation and resilience, highlighting that insurers possess the necessary tools to expand their roles beyond traditional risk transfer. By addressing these barriers, the insurance industry can significantly contribute to societal resilience and capitalize on new market opportunities.