How is the African insurance industry responding to climate change?

Date: 6 June 2023, 13:00 CET (Paris) / 2PM EAT

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The insurance industry is exposed to the risks of climate change and that risk is increasing. Insurers should be aware of these risks and the potential impact on their business.  A 2019 global survey found that 72 percent of insurance companies believe climate change will affect their business, but 80 percent of them have not taken significant steps to lessen climate risks. Moreover, insurance companies invest the money from the premiums they collect in the financial markets. They have $582 billion invested in fossil fuels investments that could be devalued as climate risks increase.

As natural disasters become more frequent and more costly, insurance companies are facing big challenges. If insurers are to weather the storms ahead, they’ll need to make some changes. The insurance industry needs to make substantial changes to deal with its own climate risks. Some of these changes could also enable insurance companies to help speed the transition to a net-zero society.

Climate Change and the African Financial Sector Webinar Series
The African Development Bank (AfDB), Global Center on Adaptation (GCA) and the Secretariat of Making Finance Work for Africa Partnership (MFW4A), in collaboration with the African Financial Alliance on Climate Change (AFAC), are convening a series of webinars on Climate Change and the Financial Sector to raise awareness around the risks and opportunities. The series will consist of four (4) webinars addressing specific subjects.

This 3rd webinar will discuss policy initiatives and business decisions at the level of the insurance industry to enhance the resilience of African economies.