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Geneva Association publishes final report on the study "The insurance industry and climate change – Contribution to the global debate"


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    On 2 July, Thomas Blunck, member of the Board of Management at Munich Re, spoke at the London press conference of the Geneva Association in Lloyd’s Old Library, alongside other representatives from the insurance industry. The conference was held to mark the publication of the research report "The insurance industry and climate change – Contribution to the global debate". The study underlying the report examined the management of the risks caused by climate change and the economic opportunities that may arise from actively tackling the problem.

    The Geneva Association (International Association for the Study of Insurance and Economics), chaired by Munich Re’s CEO, Nikolaus von Bomhard, is made up of 80 CEOs from the world’s most important insurance companies. The think tank’s objective is to research the growing importance of global insurance activities for economic growth and social development.

    In London, Blunck said: “The insurance industry was the first to identify and draw attention to the risks that may result from the consequences of global warming. It has since developed many products that can mitigate the consequences of climate change or take account of adaptation to the changed conditions.” He added that the 400-page work proved the significance of the insurance industry’s role in the debate on climate change.

    The report takes a concrete look at the management of these risks as well as the business and economic opportunities that may arise from actively tackling climate change. In addition, it explains why the insurance industry needs to be more involved in the political processes when it comes to mitigating the effects of climate change. Blunck congratulated the Geneva Association on the report, which he believed would become a standard work for the whole insurance industry in the coming years.

    The most important results of the research report can be taken from the press release (below). Further detailed information on the activities of the Geneva Association, and the report itself, are available on the think tank’s website, which can also be accessed via the link below.

    Press release of the Geneva Association, 2 July 2009 (PDF)
    Report "The insurance industry and climate change – Contribution to the global debate" (PDF)
    Geneva Association website

    This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.