“Through this initiative, we are showcasing the world’s most innovative and impactful insurance-based climate adaptation projects and applying a simple and clear framework for industry engagement,” said Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt, COP27.
“We are proud to be engaged in this work today, partnering with government and insurers to build public-private partnerships that help communities build resilience to climate change,” said Guy Carpenter global head of public sector risk solutions Julian Enoizi. “Through effective financial investments and targeted on-the-ground interventions, the global insurance industry can help increase our resilience to a hotter, more volatile planet.”
The campaign features 17 projects, wherein MMC and Arsht-Rock are directly involved. These projects include a pilot for a community-based catastrophe insurance model for vulnerable populations in New York City, a blended capital funding structure in Santiago, Chile, and integrated disaster risk reduction and microinsurance programs in Mexico and India.
According to a release, the campaign launched to coincide with the recent COP 27. Following the conference, the UN Climate Change High-Level Champions, Arsht-Rock, MMC, and other supporters will engage with re/insurers globally to invite them to participate in scaling the resilience projects.
This new development comes after the environmental group Insure Our Future called out Marsh McLennan subsidiary Guy Carpenter last month for serving as the broker for the controversial East African Crude Oil Pipeline (EACOP). The group last month met with reinsurers in Baden Baden, Germany to discuss how they can play a major part in influencing the shift away from coal, oil and gas production.