MAPFRE Chairman and CEO, Antonio Huertas opened the InsuResilience Global Partnership Forum, with a key note address, as part of the United Nations (UN) COP25 Climate Change event in Madrid.
Currently, less than 20 percent of catastrophic damage in Latin America is covered by insurance. In the case of floods, coverage levels are even lower at less than 10 percent. This means that there is a large protection gap in Latin America, which continues to grow in some countries.
It was against this backdrop that Antonio Huertas called for action.
“Climate change is real”
During his key note address he said, “Climate change is real, and it is having an increasing impact on people’s lives. The challenge we face is so great that a combined approach is needed to address it: national and regional governments, international organizations, the private sector, academia and civil society.”
He added: “This is something that must be addressed; it is crucial for Latin American governments to better recognize the role and benefits of insurance as an efficient tool to protect and compensate for this type of catastrophic risk.”
“Latin America could benefit more from insurance to better protect its societies from climate change. Climate risk coverage helps people affected by extreme climate events to reduce their vulnerability and better manage their resources.”
Initiatives over the two week COP25 event
MAPFRE has presented a series of initiatives over the two week COP25 event to highlight the issues and its commitment to climate change and the protection of the environment, in an attempt to educate society at large about the importance of both companies and citizens being aware of their impact and of the need for them to act decisively.
InsuResilience Global Partnership is a public-private initiative created in 2017 together with the support of the G-20, and is aimed at addressing the development of tools to help provide climate risk coverage for vulnerable people in developing countries.