Advancing adaptation through climate information services: results of a global survey on the information requirements of the financial sector
Financial institutions need more developed information services regarding the physical impacts of changing weather patterns. The survey showed that with the risks of climate change expected to increase, financial service providers need enhanced access and availability of climate information to further enhance related risk management within their industry. The influence of these financial institutions worldwide could in this way play a key role in accelerating the implementation of adaptation measures by the private sector more broadly. The report, sponsored by the German Federal Ministry of Education and Research, presents the results of an international survey undertaken by the Climate Change Working Group (CCWG) of UNEP FI and the Sustainable Business Institute (SBI), Germany. A total of 60 institutions from all continents took part in the survey, including both developed and developing countries. “As a leading insurance group we can observe in our data base in some regions a change of loss patterns from weather catastrophes in the past decades”, said Ernst Rauch, Head Corporate Climate Centre at Munich Re and a member of the CCWG. “To secure risk transfer to the private insurance sector in the future, the understanding of potential impacts from climate change on losses from atmospheric perils is essential. The relevance of climate data and their interpretation for business purposes will play a more and more important role in the future”.
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