Menu

A new joint report by The Geneva Association – a global association of insurers – and Wellcome – a global charitable foundation – sheds light on the impacts of climate change on people’s health and how health and life insurers can address the risks.

“Climate Change: What Does the Future Hold for Life and Health Insurance?” shares firsthand insights from health and life insurance experts.

According to the report, the health-related impacts of climate change and what they mean for insurers are relatively less explored. These include acute risks such as respiratory issues from wildfires and strokes from heatwaves, as well as chronic risks, where ongoing temperature change affects the likelihood of ill health, for example by increasing the range of disease-carrying insects. Air pollution, another consequence of the fossil fuel burning that drives climate change, has also been shown to increase risk of many health problems.

The report highlights that the impacts for health and life insurers have so far not been significant but are likely to increase as the effects of climate change become more frequent and severe.

For insurers to play a measurable role in protecting society from the health impacts of climate change, the report recommends that they innovate, for example through parametric insurance; prioritise prevention by incentivising behaviours that benefit the climate as well as health; and address data challenges to measuring climate-related health risks.