UNEP Forum Calls for International Taskforce on Climate Resilience and Transition Insurance
The United Nations Environment Programme (UNEP) has proposed the creation of an International Taskforce on Climate Resilience and Transition Insurance following its Forum for Insurance Transition (FIT). The initiative aims to bring together insurers, regulators, governments, businesses, civil society, and international organisations to address climate-related risks and gaps in insurance coverage.
The FIT communiqué, titled “Insuring the Transition”, highlights the insurance sector’s role as risk managers, risk bearers, and institutional investors, emphasizing that these functions should be integrated into international policy frameworks and national strategies. The taskforce will assess climate-related risks across regions, sectors, and income levels, offering guidance on loss prevention, market development, and equitable risk-sharing strategies.
The initiative seeks to expand access to affordable insurance for vulnerable households, MSMEs, and critical sectors such as agriculture, while supporting the transition to clean energy, resilient infrastructure, and nature-positive solutions. The communiqué also warns of a global insurability crisis that could restrict access to financial services and disrupt economic activity.
According to broker Aon’s figure, global economic losses from natural disasters reached $368 billion in 2024, with nearly 60% remaining uninsured.