August 18, 2023

Physical climate risk: Enhancing shock absorbers

13 minutes

Trevor Allen, Head of Sustainability Research

Sumati Semavoine-Jain, Sustainability Research Analyst

BNP Paribas London Branch | Global Markets (Recorded 18 August 2023)

Physical climate risk is rising in intensity and frequency globally.

(Re)insurance plays the essential role of shock absorber, protecting from a natural disaster’s second-round impacts on economic activity and the wider financial system.

However, given increasing and more chronic insured losses, the protection gap is rising, leaving parts of the economy and of the world highly vulnerable.

There is room for (re)insurers, high-risk industries, public sector and regulators to mitigate risk and seize opportunities, we argue.

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By BNP Paribas Global Markets