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Climate Change Resilience: Role of Insurers in Bridging the Gap Between Climate Change Science and Heterogeneous Stakeholders

  • Lara JohannsdottirEmail author
  • James R. Wallace
Reference work entry

Abstract

Climate change science, including the analysis of weather-related trends, is of importance to reduce risks threatening sustainable development. For a long time this has been acknowledged by the insurance sector. Through their expertise in policgecy design, risk assessment, management, loss prevention, claims handling, and responsible investment, the insurance sector has the potential to bridge the gap between climate change science and stakeholder expectations. Therefore, their role is critical with regard to knowledge transfer and climate change resilience. This chapter investigates the role of insurers in bridging the gap between climate change science, manifested in international climate change targets and goals, and actors on different institutional levels in different locations around the world that need to respond to the climate targets and goals. Five different types of knowledge-action gaps which insurers may bridge are explored: (1) the gap between scientific knowledge and policy making, (2) between “North” and the “South,” (3) between the rich and the poor, (4) between global, regional, and local knowledge, and (5) between scientific knowledge and public awareness. The role of insurers in bridging the gaps is explored in the context of climate change impacts on the insurance sector and the consequent actions. The paper draws on literature from multiple disciplines and by using practical examples from the insurance sector.

Keywords

Climate change Insurer Insurability Knowledge transfer Resilience Stakeholder 

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Authors and Affiliations

  1. 1.Environment and Natural Resources, School of BusinessUniversity of IcelandReykjavíkIceland
  2. 2.Group Communications and Corporate ResponsibilityAllianzMunichGermany

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