Physical climate risk: Enhancing shock absorbers

Trevor Allen, Head of Sustainability Research 

Sumati Semavoine-Jain, Sustainability Research Analyst  

BNP Paribas London Branch | Global Markets (Recorded 18 August 2023) 

• Physical climate risk is rising in intensity and frequency globally. 
• (Re)insurance plays the essential role of shock absorber, protecting from a natural disaster’s second-round impacts on economic activity and the wider financial system. 
• However, given increasing and more chronic insured losses, the protection gap is rising, leaving parts of the economy and of the world highly vulnerable. 
• There is room for (re)insurers, high-risk industries, public sector and regulators to mitigate risk and seize opportunities, we argue. 

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