Reinsurer not happy with Climate Conference Results

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Reinsurers take the main catastophe risk from Primary Insurers and they will undoubtly be looking at mitigating their risks. One of them is Munich Reinsurance and from their perspective, the recently concluded climate summit in Durban “yielded disappointing results that fail to reflect the world climate’s dramatic situation.”

Prof. Peter Höppe, Head of Geo Risks Research at Munich Re, stated: “Durban has had the effect of postponing efficient climate protection even further. Another nine years will pass before binding reduction targets might come into force, and even then it is still very unclear how the reduction targets will finally turn out.”

Munich Re also pointed out that the meager results came “in spite of resolute negotiating efforts on the part of Germany and the European Union – efforts without which the summit would probably have yielded no results at all.”