(Pakistan Point News - 22nd Sep, 2020) DUBAI, 22nd September 2020 (WAM) – The Ministry of Climate Change and Environment (MOCCAE) and the Insurance Authority organized a virtual awareness workshop to explore climate-related opportunities and challenges for the insurance sector.
Themed ‘Studying the Insurance Sector’s Opportunities and Risks in Light of Climate Change Challenges’, the event drew the participation of 50 insurance companies and other relevant stakeholders for an in-depth discussion about the potential role of the insurance sector in minimizing the risks and maximizing the benefits amid the climate crisis.
Fahed Al Hammadi, Acting Assistant Undersecretary for the Green Development and Climate Change Sector at MOCCAE, said: "In line with its mandate, MOCCAE works relentlessly to create a unified Federal platform for climate mitigation and adaptation efforts. Last year, the Ministry launched the National Climate Change Adaptation Program in collaboration with public and private sector stakeholders. The nationwide multisectoral initiative seeks to boost the UAE’s climate resilience through assessing the impacts of climate change on key sectors – energy, health, infrastructure, and the environment, identifying the risks that demand urgent action, and providing feasible solutions."
MOCCAE introduced attendees to the program to educate them about its goals, activities, outputs, and outcomes. The workshop, supported by the Global Green Growth Institute (GGGI), was one of the key milestones of the adaptation program focused on the insurance sector.
Meanwhile, the Insurance Authority provided an overview of the impacts of climate change on the insurance sector and of the government’s endeavors to increase the sector’s resilience to ensure its sustainability and growth.
To enhance stakeholder awareness, the workshop delved into the fundamentals of the insurance sector through the lens of climate change. GGGI highlighted the important role of insurance in helping meet the Sustainable Development Goals (SDGs), specifically SDG 2: Zero Hunger, SDG 3: Good Health and Well-being, SDG 8: Decent Work and Economic Growth, and SDG 13: Climate Action.
Furthermore, the participants examined the process of carrying out climate risk assessments and developing an adaptation action plan for the UAE’s insurance sector by 2021 with the aim of positioning the country as a regional pioneer in climate risk insurance.
Notable insurance companies in the UAE also shared their climate action efforts to understand the current state of play of the insurance sector in the context of climate change.
Following the workshop, the stakeholders completed a survey whose results will be used as an input into the situation and gap analysis to be completed by end-2020.