Kathmandu. Zurich Insurance Group has called for stronger public-private partnerships in managing the risks posed by climate change.
The report titled Climate Risk: Strategies for Building Resilience in a More Volatile World’ states that Zurich Insurance should move forward to explore the aspects of reforms to manage the economic losses caused by climate change. Citing data from the International Chamber of Commerce, Zurich said natural disasters such as hurricanes, floods and wildfires caused by climate change have caused nearly $2 trillion in economic losses worldwide over the past decade.
Zurich urged governments and insurers to cooperate on three main issues. “Public-private mechanisms must be created to control and mitigate risk, increase insurance coverage through the collaborative policy framework, and facilitate risks posed by climate change,” Zurich said.
Zurich has been making efforts to update building codes, make the highest use of weather data, and expand insurance coverage. Zurich’s report says that although the damage is increasing, the scope of insurance has not increased. “Many households and businesses are still not involved in insurance,” the report said. – Agency
