“Through this initiative, we are showcasing the world’s most innovative and impactful insurance-based climate adaptation projects, applying a simple and clear framework for industry engagement,” said Egypt’s United Nations Climate Change High-level champion Dr. Mahmoud Mohilddin of COP27 said.
Julian Enoisi, Global Head of Public Sector Risk Solutions at Guy Carpenter, said: “Through effective financial investments and targeted interventions on the ground, the global insurance industry can become more resilient to a hotter, more volatile planet.”
The campaign includes 17 projects directly involving MMC and Arsht-Rock. These projects include piloting a community-based catastrophe insurance model for vulnerable people in New York City, a mixed capital financing structure in Santiago, Chile, and integrated disaster risk reduction and micro insurance in Mexico and India. Includes insurance programs.
The campaign was launched to coincide with the recent COP 27, according to a release. Following the conference, UN High Level Climate Champions, Arsht-Rock, MMC and other supporters will invite reinsurers and insurers around the world to join. In scaling resilience projects.
The new development comes after environmental group Insure Our Future called Guy Carpenter, a subsidiary of Marsh McLennan, last month for acting as a broker for the controversial East African Crude Oil Pipeline (EACOP). . The group met with reinsurers in Baden-Baden, Germany last month to discuss how reinsurers can play a major role in influencing the shift away from coal, oil and gas production. .