Severe storms, record heat waves,intense droughts, and floods—the impact of climate changerises every year and economic and financial losses rise withit. Insurance plays a major role in helping businesses inadvanced economies mitigate the consequences of the changingclimate and prepare for policy changes ahead. But insurancein emerging markets isn’t yet able to make the samecontribution, despite the fact that natural disastersdisproportionally affect people and firms in thesecountries. Recently, however, a number of new business anddonor initiatives have begun to create innovative approachesto using insurance to address climate change.
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