The Geneva Association calls on UN COP delegates to take action on disaster risk reduction

Press release:

In light of the implications of our changing climate, The Geneva Association is calling on delegates now meeting in Warsaw for the United Nations Climate Change Conference of the Parties to recognise the importance of countrywide disaster risk reduction measures and risk-conscious urban planning and building standards. In a report published in June, the Association provided a series of case studies to show the effective forms of collaboration between governments and insurers that create greater physical and financial resilience from disasters.

John Fitzpatrick, Secretary General of The Geneva Association said, “Societies and governments must be prepared to extract learnings from extreme events. While the world is receptive in the wake of the Haiyan catastrophe, the global governors present at the COP19 meetings have the ability and the opportunity to increase disaster risk resilience globally through the creation of an effective successor to the Hyogo Framework for Action. In the coming days, the decisions they make will be influential in the life prospects for many people around the world, they must seize this opportunity to do so.” Extreme weather events are becoming more frequent and more severe and at the same time the development of coastlines and other areas exposed to natural catastrophes is continuing without serious consideration for these increased risks. In the Philippines, the Association believes that an opportunity has arisen from the disaster to rebuild a more resilient economy and communities. Elsewhere, it is vital to use disaster-risk conscious practices for new or replacement infrastructure and developments. Doing so will build resilience over time such that within a couple of decades a more disaster resistant community will evolve.

“Investment in rebuilding in a more risk conscious and risk resilient way will be recouped many times over when further disasters occur and its impacts are reduced,” commented Michael Butt, Chairman of Axis Capital and Co Chairman of The Geneva Association’s climate risks and insurance working group. “By doing this, human, physical and economic disaster impacts are reduced and the country can recover quicker, becoming increasingly robust in a virtuous cycle of economic growth and resilience. In the developing world, forms of micro-insurance can also help reduce individual financial vulnerability to events such as Typhoon Haiyan and accelerate an individual’s recovery. The insurance industry stands ready to collaborate with governments on the development of more resilient communities and infrastructure and wherever possible will provide its financial shock absorption function that reduces the financial burden on governments and increases the recovery of individuals and economies alike. ”

Typhoon Haiyan

Members of the leading international insurance think tank, The Geneva Association, are saddened by the human
and economic devastation caused by Typhoon Haiyan in the Philippines.
Haiyan has shown again that natural catastrophes affect developing world countries disproportionately in terms
of human and economic impact. The scarce resources available to developing world countries are exhausted in
the wake of disasters by the need to rebuild communities and their economies. Furthermore, the financial burden
of rebuilding the devastated areas will fall largely on individuals and the government with foreign aid providing
limited external support.
ENDS

For further information, please contact:
Anthony Kennaway
Head of Communications
+41 789 20 56 77
anthony_kennaway@genevaassociation.org