What's the damage? Loss, damage and micro insurance
Date: 25 September 2012
Time: 6.30pm - 8.00pm
Venue: Weil, Gotshal and Manges, 110 Fetter Lane London EC4A 1AY
A4ID is delighted to welcome three expert speakers to lead a discussion on climate change-related loss and damage: how losses associated with climate change might be compensated and how vulnerable groups can mitigate their loss by insuring themselves against climate change-related harm.
Dr Swenja Surminski (London School of Economics), Christoph Schwarte (Legal Response Initiative) and Aaron Oxley (Results UK) will consider the legal and regulatory issues stemming from the loss and damage framework under the UNFCCC, and look at how micro insurance might assist the poor, exploring the legal environment which could drive its development in emerging economies.
According to estimates from the global reinsurer Munich Re, weather catastrophes have caused almost 1,200,000 fatalities since 1980 and led to direct damages amounting to US$610 billion in low and lower-middle income countries. At the Cancun Climate Change Conference, the international parties established a work programme to consider approaches to address loss and damage resulting from the effects of climate change in developing countries, including financial coping mechanisms such as micro insurance.
Whilst micro insurance evidently holds great potential in allowing the most vulnerable to manage climate change risk, regulation is both sketchy and limited. Insurance is a new concept to many in the developing world, and the lack of micro-finance regulation at government-policy level raises concerns that customers who purchase insurance may be left unprotected
To register for the event, please follow this link.
Dr Swenja Surminski is a Senior Research Fellow at the London School of Economics, joining the Grantham Research Institute and the Centre for Climate Change Economics and Policy in 2010. Prior to this, Swenja worked for the Association of British Insurers (ABI) as a Climate Change Adviser and coordinated their response to the 2007 summer floods in the UK. Swenja has been a member of the European Insurance Industry Climate Change Taskforce (CEA) and of the London Climate Change Partnership Steering Group, and regularly publishes papers on climate change and insurance.
Christoph Schwarte is the Executive Director of the Legal Response Initiative, a legal response network that provides legal advice to developing countries and NGOs involved in the international climate change negotiations. Prior to this Christoph worked as a lawyer at the Foundation for International Environmental Law and Development (FIELD) and served with the International Tribunal for the Law of the Sea for six years. He is also a founding member and trustee of the UK based environmental justice organisation Capacity Global and has published papers on climate change litigation and negotiations.
Aaron Oxley is the Executive Director of RESULTS UK, a grassroots advocacy organisation based in the UK that generates the public and political will to end the root causes of hunger and poverty in the developing world. Aaron has a decade of experience in building microfinance and microinsurance organizations in developing countries to provide financial services to people in some of the poorest communities in the world.