The Federal Insurance Office will accept input for 75 days and then come up with recommendations for better pricing the risks that climate change posed to insured properties and activities, John Morton, Climate counselor, U.S. Treasury
said.
“The question is, how do we … better understand and begin to price the risk inherent in the underlying activities,” he said.
Steve Bowen, managing director and head of Catastrophe Insight on the Impact Forecasting team at Aon, said: “As larger-scale disasters occur with more intensity and subsequently result in greater impacts, this has put a spotlight on areas where gaps lie in humanitarian and insurance protection. This is true regardless of whether a country is identified as developed or emerging. Hurricane Ida’s catastrophic impacts in the United States highlighted how much work is yet to be done to better insure around inland and coastal flooding. An even greater gap is found in Haiti following the major earthquake that once again has the country facing a challenging recovery. How governmental bodies work with private sector groups to improve hazard protection and aim to better and more smartly rebuild will be key to lowering future natural peril risk.”
“Australia will contribute 10 million dollars to India’s initiative towards disaster-resilient infrastructure. We’re exploring further collaboration with India, including on low emission technologies, ensuring economic growth as we transition to a clean energy future,” she said.
Prime Minister Narendra Modi had announced a global Coalition for Disaster Resilient Infrastructure (CDRI) at the UN Climate Action Summit held in New York in September 2019.
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