In this report from Marsh McLennan developed for COP 29, Guy Carpenter experts join colleagues from other Marsh McLennan businesses to discuss how recent developments—from rising temperatures to historic flooding—raise critical questions about infrastructure resilience and climate risk management.
Many communities and critical infrastructures are ill-equipped to handle extreme weather events, which are expected to increase as the climate warms. Insurance can provide financial protection, but a significant protection gap exists, particularly in developing countries and even in developed nations.
A holistic approach to risk management focuses on financially viable solutions that provide protection for individuals and entities. This involves 3 integrated components: risk assessment, risk adaptation and risk financing. This approach emphasizes a “total cost of risk” perspective, combining risk finance and climate adaptation to create effective pathways for resilience, which will vary by region and risk characteristics.
Authors and Contributors
Guy Carpenter
- Sandra Hansen, Head of International Peril Advisory
- Katy Reyner, Assistant Vice President, Global Peril Advisory
Marsh
- Lara Whitmore, Project Manager, Climate and Sustainability
Marsh McLennan
- Swenja Surminski, Managing Director, Climate and Sustainability