This article from Insurance News Australia discusses how Guy Carpenter’s Karl Jones, Head of Strategic Advisory, Asia Pacific, will join other industry experts on August 31 for a key panel session on climate change ramifications during the World Insurance Congress in Australia (WICA 2023).
In the article, Karl mentions how there is a great deal of variability around the impacts of climate change across Asia, due to differing rates of insurance uptake.
While Australia and New Zealand have good levels of insurance penetration, “across Asia, we see many markets with significantly less coverage,” Karl said.
While the increasing cost of risk and insurance is often suggested as a challenge, Karl goes on to say that governments can support the industry and communities by changing the way insurance taxes are applied.
“All stakeholders have roles to play in reducing the cost of risk,” he said.