Dr. Maxime Souvignet, MCII project manager, spoke at the SDG Global Festival for Action of ideas on why climate action is needed to achieve the Sustainable Development Goals (SDGs).
With climate change, extreme weather events are hitting harder and more frequently. Hurricanes are vastly stronger, droughts are worsening, and heat waves are striking farther and longer. And with these devastating disasters, the poor and vulnerable around the world are most affected.
Climate risk insurance, when combined with other mechanisms, can be part of a solution to buffer the devastating effects that a changing climate can have on people’s livelihoods, such as loss of harvest or destruction of homes.
The Munich Climate Insurance Initiative (MCII) and the German International Cooperation (GIZ), together with local authorities and private sector partners, develop new insurance solutions that are linked to all of the phases of the disaster risk management cycle. Based on a comprehensive risk analysis of extreme weather events and their direct and indirect effects on people, the environment, and the economy, new measures are also being devised. These are designed to have a positive impact on all of the phases in disaster risk management – an integrated, effective approach which uses the full potential of each phase. Through this approach, it creates the opportunity to prepare long-term for climate change and its serious consequences.
MCII is an insurance innovation lab that is constantly looking for new ways to further develop climate risk insurance. Learn more about MCII here.