Insurers can help reduce the effect of climate change: Raveem Ismail
Africa Specialty Risks, which is filling the protection gap in Africa, believes insurers can incentivise their clients to reduce the dangers of climate change. This was said by Raveem Ismail, the head of parametric underwriting at Africa Specialty Risks (ASR), for a Voices of Bermuda article.
Insurers can require customers to make their homes and businesses more resilient, says Ismail, who took part in the Bermuda Climate Summit earlier this year,.
He explained that providers of renewable energy can now get protection from ASR which protects them when the market price of energy drops below the cost of production, among other programmes.
Ismail said: “There is long-term resilience being introduced by the entry of the insurance sector.”