What does climate change mean for health and life insurance?

Investigating key risk areas that may impact the insurance industry The Geneva Association and the philanthropic foundation Wellcome publish a comprehensive report examining climate change and the risks it poses to life and health insurers However, this issue is less understood than climate change. Corresponding exposure in the property and casualty sector.

Property and casualty insurance companies are grappling with an increase in claims due to damage caused by climate change. However, as highlighted in the report, the impacts of climate change will continue to impact humans through similar acute and chronic risks, from respiratory illnesses caused by wildfires to increased risk of illness from disease-carrying insects. It is also invading the health of people.

The report highlights that while health and life insurance companies have not yet faced significant impacts from these risks, future projections suggest such impacts will intensify and require innovative approaches to insurance. ing. Recommendations include focusing on prioritizing preventive measures and implementing parametric insurance models.

Judd Aris, Managing Director of the Geneva Association, emphasized the importance of addressing the human element of climate change, saying: ” Alice pointed out the multifaceted nature of climate impacts and highlighted the need to reduce risks to keep them insurable.

Similarly, Adrita Bhattacharya Craven, lead author of the report and Director of Health and Demographics at the Geneva Society, highlighted the increasing challenges that climate change poses to both mortality and morbidity. He emphasized how important it is for the insurance industry to work together broadly to effectively address the health risks associated with climate change.

Madeline Thomson, Head of Climate Impact and Adaptation at Wellcome, also commented on the report, citing the insurance industry's unique position in tackling this issue. She advocated for further research into the health impacts of climate change to enable the development of appropriate insurance products, particularly for vulnerable populations in high-risk countries.

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