Important development in the preliminary negotiations for the 2009 climate summit

A major step forward has been achieved in the preliminary negotiations for the 2009 climate summit in Copenhagen. In the UNFCCC climate negotiations in Bonn, an agreement has been reached on the framework for insurance solutions for developing countries. Consequently, the chances are good that such insurance solutions for weather-related catastrophes in developing countries will be integrated in a new climate protection convention for the years following 2012.

Prof. Peter Höppe, Head of Munich Re's Geo Risks Research unit: "The decision reached in the climate negotiations in Bonn makes it very likely that insurance solutions will be incorporated as one element of climate change adaptation measures in the new climate convention on which the world will hopefully agree in Copenhagen."

Within the framework of the climate negotiations, Munich Re's initiative, the Munich Climate Insurance Initiative (MCII), submitted proposals on the design of insurance solutions and the avoidance of risks. The proposals include the establishment of an international risk pool financed by greenhouse gas emitters to cover losses caused by weather-related natural catastrophes in poor and exposed countries.

Click here to access a press release on the decisions reached in the climate negotiations in Bonn.