PRESS RELEASE: Jamaica to host international Conference on Inclusive Insurance in October
Climate resilience: nature-positive insurance and disaster risk reduction
Current events in the lead-up to COP27 highlight the urgent need for climate resilience. From the recent floods in Pakistan and Typhoon Noru in the Philippines, to the devastation of Hurricane Ian in Florida, these catastrophic events turned people’s lives upside-down in a matter of minutes.
But it isn’t just the immediate physical impact of these events that causes chaos; the aftermath and lack of financial security is causing turmoil for those affected, particularly those most vulnerable. But what can the insurance industry do to mitigate the impact of climate change? And what practical solutions can be applied to help insurers invest in and protect the future of our planet?
Over the last three decades, Bangladesh has recorded the fastest and most stable rate of GDP growth among developing countries. It aspires to become a high middle-income country in 2031 and a developed country by 2041 but in order to achieve these goals, it will need decisive policy actions to cater for the changing needs of a growing economy, a diverse working population and the impacts of climate change.
However, with poor insurance penetration and the majority of the workforce employed in the informal sector, it is incumbent on public-private partnerships and development partners to continue working in tandem to drive forward meaningful and sustainable measures that will help close the people protection gap.
For further insights on the inclusive insurance landscape in Bangladesh, dig into our latest country briefing note. Our monthly country reports are available to download free of charge for members but also for non-members to purchase on our website.
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