Special Session on Climate Change and the Insurance Sector organised by OECD and The Geneva Association

The 21st Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change took place in Paris from 30 November to 11 December 2015. COP 21 achieved a new international agreement on climate change, applicable to all countries, aimed at keeping global warming below 2°C. The (re)insurance sector can make an important contribution to supporting climate change mitigation and adaptation and this potential role was recognised in the text of the agreement.

In this context, the Organisation for Economic Co-operation and Development (OECD) and The Geneva Association organised a special session of the OECD Insurance and Private Pensions Committee to explore the potential contribution of the (re)insurance sector to managing the financial risks of extreme events and climate change and investing in the transition to a low-carbon economy as well as the insurance regulatory issues that may arise as a result of climate change. This document provides the main findings of this event.