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Vanuatu to push international court for climate change opinion

Vanuatu, with a population of some 280,000 people spread across roughly 80 islands, is among more than a dozen Pacific island nations facing rising sea levels and more regular storms that can wipe out much of their economies.

“In response to the catastrophic levels of climate change loss and damage faced by this small Pacific nation, Vanuatu recognises that current levels of action and support for vulnerable developing countries within multilateral mechanisms are insufficient,” the government said in a statement on Saturday.

Global reinsurers in a quandry on incorporating Climate Change Risk

“If re/insurers are not properly accounting for the impact of climate change in their catastrophe modeling and pricing today, it could lead to significant unexpected volatility in their earnings and capital, resulting in pricing corrections that could have implications for the cost of reinsurance purchased by primary writers, thereby hitting their profitability and risk profiles as well,” added the report.

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