Climate change risk is, by its very nature, massively disruptive, and nations are responsible for an increasing share of the costs as communities and businesses rely more and more on state natural disaster relief. Put simply, insurance penetration is falling behind rising loss trends, and the situation is only going to deteriorate going forward, especially as climate change causes weather events to become more extreme.
The 2020 Marsh & McLennan Climate Resilience Handbook presents a selection of perspectives from Marsh & McLennan businesses offering insights from their work helping clients confront climate change and navigate a course through risk to opportunity. Marsh & McLennan's video features commentary from climate change experts throughout the business. In this excerpt from the video, Ruth Lux, Head of Public Sector, EMEA at Guy Carpenter, discusses what governments can do to identify and build resilience against climate risks.